Answer:
inventory 50,000 debit
accounts payable 50,000 credit
--to record purchase of goods--
accounts payable 50,000 debit
notes payables 50,000 credit
--to record teh issued promissory note to setle the account--
cash 50,000 debit
discount on note payable 4,000 debit
notes payable 54,000 credit
--to record the discounted note--
Explanation:
a) we record the purchase as always.
b) we are trading a liability for another. We do not receive for the note.
c) we discount on the note and we are goind to declare the interest expense at maturity or year-end against this discount.
Answer: e
Explanation :
A balance sheet is a statement of the financial position of a business that lists the assets, liabilities and owner's equity at a particular point in time. In other words, the balance sheet illustrates your business's net worth.
The balance sheet may also have details from previous years so you can do a back-to-back comparison of two consecutive years. This data will help you track your performance and will identify ways to build up your finances and see where you need to improve.
A balance sheet reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure . the balance sheet is divided into two sides (or sections). The left side of the balance sheet outlines all a company’s assets. On the right side, the balance sheet outlines the companies liabilities and shareholders’ equity. On either side, the main line items are generally classified by liquidity. More liquid accounts like Inventory, Cash, and Trades Payables are placed before illiquid accounts such as Plant, Property, and Equipment (PP&E) and Long-Term Debt. The assets and liabilities are also separated into two categories: current asset/liabilities and non-current (long-term) assets/liabilities.
<u>Answer:</u>Money received today can grow at compound rate.
<u>Explanation:</u>
The time value of the money increases based on the interest rates. So dollar earned today has more value than dollar earned tomorrow. The time value of money concept is used in financial decision making. If $1 is received today it can be invested and the rate of interest on that investment is an added value to $1.
Money can earn interest so any amount of money received today is better than receiving the same amount in the future.
Answer:
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I think it's most likely to be these:
1. summary
2. introduction
3. main body
4. closure
5. conclusions and recommendations
I hope it helped you!
