If an applicant for insurance informs his broker of all material facts regarding the risk, and the broker does not pass those facts along to the insurer, it's possible that the insurer can legally deny any subsequent claim

The following is the adjusted trial balance from the worksheet for Tuttle Photography

Tuttle Photography Adjusted Trial Balance For the Year Ended December 31, 2016 Accounts Debit Credit Cash $ 15,000 Accounts Receivable 30,000 Prepaid Insurance 7,500 Office Supplies 3,200 Building 160,000 Accumulated Depreciation-Building $ 12,000 Equipment 75,000 Accumulated Depreciation-Equipment 8,500 Land 40,000 Accounts Payable 12,000 Salaries Payable 2,000 Unearned Revenue 25,000 Mortgage Payable 100,000 Common Stock 21,290 Dividends 23,000 Service Revenue 289,000 Salaries Expense 61,000 Depreciation Expense-Building and Equipment 6,150 Office Supplies Expense 14,040 Insurance Expense 14,000 Utilities Expense 20,900 Total $469,790 $469,790 Using the information provided in the worksheet above, prepare an income statement for Tuttle Photography. What will be an ideal response

If rivalry among firms forces companies to rationalize costs, it is a negative force

Indicate whether the statement is true or false