Which of the following statements concerning flexible spending accounts is false?
A)
They are also known as cafeteria plans.
B)
Unspent funds may be held over for subsequent years.
C)
Employees may voluntarily contribute pretax dollars to this account.
D)
Expenditures from the account are subject to IRS restrictions.
B
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On January 1, 2017, Streuly Sales issued $29,000 in bonds for $20,700
These are six-year bonds with a stated rate of 12% and pay semiannual interest. Streuly Sales uses the straight-line method to amortize the Bond Discount. Immediately after the issue of the bonds, the ledger balances appeared as follows: Bonds Payable 29,000 Discount on Bonds Payable 8,300 After the second interest payment on December 31, 2017, what is the balance of Discount on Bonds Payable? A) debit of $7,608 B) debit of $8,992 C) debit of $6,917 D) credit of $8,300
Rimsone, Inc. purchases 8,500 shares of the company's own $6 par common stock for $8 per share. Journalize the transaction
What will be an ideal response