Answer:
a. Provide the journal entry for the vacation pay
Debit Vacation and Holiday expense $49,000
Credit Vacation and Holiday payable $49,000
<em>(To record earned Vacation and Holiday expenses)</em>
b. Provide the journal entry for the pension benefit
Debit Pension expense $30,000
Credit Pension liability $30,000
<em>(Being pension benefit recognition)</em>
Explanation:
- The earned vacation and holiday expense has to be recognized in line with the accrual principle of accounting.
- The pension benefit was also recognized in line with the accrual principle of account. The pension plan is a contribution of 6% of employee salaries, which amounted to $500,000. So, 0.06 x 500,000 = $30,000.
in a traditional economy resources are controlled by the people resources are used in their natural state
<h3>What is a traditional economy?</h3>
A traditional economy can be described as a kind of economic system whereby the traditions as well as the customs, and beliefs is been used in shaping the goods as well as the services of the economy produces, in the manner of their distribution.
In this case, it should be noted that Countries that use this type of economic system are often rural and farm-based, hence traditional economy resources are controlled by the people resources are used in their natural state
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Answer:
Reports net income and then adjusts it for items necessary to determine net cash provided or used by operating activities.
Explanation:
FASB is an acronym for Financial Accounting Standards Board. The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors. It was founded in 1972 but began operations fully on the 1st of July, 1973 by replacing the Accounting Principles Board (APB) and American Institute of Certified Public Accountants (AICPA).
When the operating activities section of the statement of cash flows is reported using the indirect method, the FASB requires that, you report net income and then adjusts it for items necessary to determine net cash provided or used by operating activities.
Hence, the indirect method for the preparation of the operating activities section of the statement of cash flows reports net income and then adjusts it for items necessary to determine net cash provided or used by operating activities.
Some examples of operating activities are cash revenue from the sales of a product, cash paid as an expense for merchandise etc.
Answer:
Acculturation
Explanation:
Acculturation refers to the change which occurs in response to the assimilation of the two cultures. The change can be social, psychological or cultural. This involves the adoption and incorporation of new values from the new culture. The more prevalent culture dominates the adoption of the culture. The new culture is adopted, practiced and participated in.
Answer: (C) a firm that chooses not to borrow money to invest in new machinery because government borrowing has contributed to high interest rates
Explanation: Due to government's excessive borrowing and spending and a decrease in taxes, this causes a rise in interest rates and leads to crowding out.