He business creditors are owed money by Greg for giving him loans to start is business. Creditors do not require the money loaned immediately but are due to receive the funds they lent out back. The amount owed to creditors by the business/business owners are found under the liabilities section of the companies balance sheet.
Answer: Option B and C
Explanation: In simple words , contingent liabilities refers to the liabilities the occurrence of which depends on the happening of an event that may or may not occur in the future.
These are recorded in the accounts only when the payment is to be made in future and that payment could be reasonably estimated.
Hence the correct option is B and C
The three items that are included in the substantiation requirements are:
- Date Placed in Service
- The total mileage; and
- Vehicle Type.
<h3>What is IRS guidelines?</h3>
Internal Revenue Service Guidelines are guidelines that individuals and corporates must follow in order to be compliant with the requirements of the IRS.
Thus, it is correct to indicate that according to the IRS Guidelines, the three items that are included in the substantiation requirements are:
- Date Placed in Service
- The total mileage; and
- Vehicle Type.
Learn more about substantiation requirements at:
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Answer:
This reflects the influence of Labor force in the external environment on the organization
Explanation:
The labor force of a society refers to the total number of people who are willing an able to work in that particular society.
If the labor force has good qualities such as quality education and good skills, the talent pool available to ACME Global will definitely be of good quality.
This shows the influence of the labor force in the external environment on the organization
Given: Beginning inventory 360 units @ $65 each
Purchase:
1. 540 units @ $68 each
2. 270 units @ $70 each
Sales: 900 units
To calculate: cost of goods sold as per LIFO method (Last In First Out).
LIFO = stock coming in last will go out first.
Solution:- Cost of goods sold is calculated as follows:
270 units @ $70 each = 270*70 = $18900
540 units @ $68 each = 540*68 = $36720
900 - (270+540) = 90 units
remaining 90 units will be sold from inventory at the beginning
90 units @ $65 each = 90*65 = $5850
So, total cost of goods sold = $ (18900+36720+5850) = $61470.
