An organization looking for general agreement on ethical practices might:<u> establish an ethical code of conduct.</u>
<h3>What is
establish an ethical code of conduct?</h3>
Ethical code of conduct can be defined as a set of guidelines, policy, rules and regulation that a person is expected to follow and abide by in an organization.
This code of conduct enables us to know the organization norms and values as well what is right and what is wrong which in turn means that it enables us to know the right things to do and thing to to avoid.
The code of conduct encourage ethical act which is to be honest and to have integrity among others and as well discourage unethical behavior in an organization which is why most organization has ethical code of conduct that enables their employee or workers to known the ethical ways they should behave.
Therefore an organization looking for general agreement on ethical practices might:<u> establish an ethical code of conduct.</u>
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Given:
<span>MAY 8 - Crump company purchased $1,850 worth of inventory on account from Payne industries ; the terms were 3/15, n/eom.
MAY 9 - Crump also paid freight charges of $95
Payne granted crump a $150 purchase allowance
MAY 17 - Payment in full
Debit Credit
May 8.
Purchases 1,850
Accounts Payable 1,850
May 9
Freight-In 95
Cash 95
Accounts Payable 150
Purchase returns and allowance 150
May 17 - Payment goes beyond the discounting period. No discount is given.
Accounts Payable 1,700
Cash 1,700
(1,850 - 150 = 1,700)
</span><span>"3/15, n/eom" This means that Crump can avail 3% discount when it pays on the 15th of the month and n discount when it pays at the end of the month. </span>
Answer:
3.36 years
Explanation:
The cash outflows and the cash inflows are shown below:
In year 0 = $4,300
In year 1 = $550
In year 2 = $970
In year 3 = $2,600
In year 4 = $500
When we add the first three-year cash inflows, it would be $4,120 Now we subtract the $4,120 from the $4,300, so the sum would be $180 as if we added the fourth-year cash inflow to the initial investment, then it exceeds.
Therefore, we subtract it, and the next year's cash inflow will be $500.
= 3 years + $180 ÷ $500
= 3.36 years
Answer:
sale on account
Explanation:
When a sales is made and payment is expected at a future date, a sales on account occurs, e.g.:
January 2, 2020, 5,000 units sold at $10 each to ABC company, credit terms 2/10, n/30. Cost of goods sold is $30,000
Dr Accounts receivable 50,000 (5,000 x 10)
Cr Sales revenue 50,000
Dr Cost of goods sold 30,000
Cr Merchandise inventory 30,000
After the invoice is collected, the journal entry would be:
January 30, 2020, invoice collected from ABC company
Dr Cash 50,000
Cr Accounts receivable 50,000
The government wants to impose the smallest excess burden possible. My recommendation would be to increase the property tax only on residential property because taxpayers are allowed to deduct property taxes from federal income tax inability, thus reducing the amount they must pay in federal taxes.
Explanation:
- To increase tax revenue it can either increase the property tax on residential property or increase the property tax on all property. The government wants to impose the smallest excess burden possible.
- to increase the property tax only on residential property because taxpayers are allowed to deduct property taxes from federal income tax inability, thus reducing the amount they must pay in federal taxes.
- The examples of federal taxes are,
- The Income taxes. Income taxes can be charged at the federal, state and local levels.
- The Sales taxes. Sales taxes are taxes on goods and services purchased.
- Payroll taxes.
- Property taxes.
- Estate taxes,etc
