All the following are true about schedule rating except:
A) used in rating some commercial buildings
B) analyzes each property individually
C) starts with a rate for a standard building in the same city as the building being rated
D) the rate is looked up based upon a few rating factors such as construction type and territory
D
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Indicate whether the statement is true or false.
Cruits, Inc. prepared the following income statement BEFORE adjustments:
Cruits, Inc. Income Statement For the Month Ended September 30, 2011 Sales revenue $30,000 Expenses Rent $5,000 Utilities 2,000 Salaries 8,000 Depreciation 3,000 Total expenses $18,000 Net income (loss) $12,000 Required: Determine the net income or loss AFTER adjustment given the following additional information for the month of September: a. Salaries earned but unrecorded and unpaid equals $1,000. b. Depreciation for the month should be an additional $2,000. c. Customer work completed, but not yet billed or collected equals $4,000.