Mixed because if everything its mixed up you won't no how much u have of something.
Answer: Pharaohs journal $
Date
December 31, 2017
StaffBonusexpensesDr384,900
Accruede liability Cr384,900
Narration. Staff bonus due as at date.
February 15,2018
Accrued liability Dr 384, 900
Bank Cr. 384,900
Narration. Payment of staff bonus due
Explanation:
In line with the acrual concept of recognising expenses at the period they are due for payment. The staff bonus will be recognized as an expense to the income statement in 2017 and accrued as liability in the balance sheet if it's not paid.
The payment in 2018 will be a debit to the liability account and credit to the cash or bank account.
Answer:
With respect to this lease, for 2018 Ogleby should record interest expense of $57,058 and depreciation expense of $107,225. The right answer is c
Explanation:
According to the given data we have the following:
PV of lease=$750,578
Annual payment=$180,000
Rate of interesr=10%
The interest expense would be calculated as follows:
Interest expense = ( PV of lease - Annual payment ) * Rate of interest
Interest expense = ( $750,578 - $180,000 ) * 10%
Interest expense = $57,058
Therefore, With respect to this lease, for 2018 Ogleby should record interest expense of $57,058 and depreciation expense of $107,225.
Answer:
Kim Ping and Abdel will have trouble when it comes to equality in a joint venture. There is always one partner who earns more than the other.
Kim Ping and Abdel will face<em> "conflict of interest." </em>Every individual has his own purpose in making a profit.
Explanation:
"Join venture" refers to the<em> merging of two parties</em>, including their resources, in order to accomplish a project or start a new business. This means that the company profits and losses will be shared by both parties.
However, it is said that "there is no such things as equal partners." There is always a chance that one party will earn more than the other, or the other party will contribute more than the other.
There is also a possibility of "conflict of interest" in such situation. Every partner has his own beliefs and style of running a business. This will cause a conflicting interest in both parties.
These are the possible problems that Kim Ping and Abdel might encounter.
