Question 21 (1 point) A company's employees work overtime in February to finish an order...
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Question 21 (1 point) A company's employees work overtime in February to finish an order that is sold on February 28. The office sends a statement to the customer in early March and payment is received by mid-March. The overtime salaries should be expensed in February March the period when the workers receive their cheques either February or March depending on when the pay period ends Question 22 (1 point) Which of the following is true regarding depreciation? Depreciation allocates the cost of a capital asset (property, plant, and equipment to the accounting periods over which it is used Accumulated depreciation has a normal debit balance. Depreciation expense will typically will be shown on the statement of financial position. Depreciation is a valuation concept: that is, we allocate costs to reflect the actual change in the value of the asset. Question 23 (1 point) On December 1st, a company signed a 6% three-month $40,000 note payable. All payments will be made in the following year. How much is interest expense for the month of December? $2,400 $0 $200 $600
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