One advantage to doing business as a "C" corporation is that profits pass through to the shareholders and are taxed only at the owner level.

A company has a petty cash fund amount of $300. When replenished, it has petty cash receipts of $33 for gas expense, $31 for postage expense, $11 for supplies expense, and $12 for miscellaneous expenses. Assume the cash balance is not over or short. In the journal entry, Cash would be credited for ________.

A) $87 B) $76 C) $64 D) $75

Firms must amortize the difference between the issue price and the face value as an adjustment to interest expense over the life of the bonds

Indicate whether the statement is true or false