The resources owned by David's Spa and Salon total $148,000. The total amount of debt that it owes to others is $87,000. Which of the following is correct?
A) David's owners' equity is $87,000.
B) The owners' equity in David's is $61,000.
C) David's liabilities are $148,000.
D) The firm's liabilities are $61,000.
E) The firm has more owners' equity than liabilities.
B
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A) value-based price policy B) temporary price cut policy C) skimming price policy D) penetration price policy E) one-price policy
When preparing a statement of cash flows using the indirect method, an increase in wages payable is subtracted from net income
Indicate whether the statement is true or false