Equipment costing $37,200 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,200 per year. On June 30, the company lends its chief financial officer $42,000; principal and interest at 5% are due in one year. On October 1, the company receives $12,800 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Required: Indicated by how much net income in the income statement is higher or lower if the adjustment is not recorded. (Do not round intermediate calculations.)

marketing strategies should be established before marketing objectives are decided. t/f

The amberssen specialty company is a chain of twelve retail stores that sell a variety of imported gift items, gourmet chocolates, cheeses, and wines in the toronto area. amberssen has an is staff of three people who have created a simple but effective information system of networked point-of-sale registers at the stores and a centralized accounting system at the company head- quarters. harry hilman, the head of amberssens is group, has just received the following memo from bill amberssen, sales director (and son of amberssen’s founder). harry—it’s time amberssen specialty launched itself on the internet. many of our competitors are already there, selling to customers without the expense of a retail storefront, and we should be there too. i project that we could double or triple our annual revenues by selling our products on the internet. i’d like to have this ready by - giving, in time for the prime holiday gift-shopping season. bill after pondering this memo for several days, harry scheduled a meeting with bill so that he could clarify bill’s vision of this venture. using the standard con- tent of a system request as your guide, prepare a list of questions that harry needs to have answered about this project.

Why is efficiency an important economic goal?