Answer:
Karen must recognize income of $20,000 in 2019 and $500 in 2020
Explanation:
Accrual basis of accounting states that income must be recognized in the period when it is earned and expenses must also be recognized when it is incurred.
Therefore, since the goods was sold in December 2019 and $500 interest was paid with the principal in April 2020, Karen must recognize income of $20,000 in 2019 and $500 in 2020.
Answer
If a health inspector comes for a health inspection and there is no manager present the employee on duty should ask for identification.
Explanation:
Food inspector can come any time for inspection usually they come according to posted facility hours. Late night bars with food can be checked till 11:00 pm.
Train your manager, front desk operator, chef or person in charge to check the inspector's credentials. Because some people have tried to enter restaurants as health inspectors but they were not from the health department. Chef and other trainees should follow the inspector when he goes to the kitchen or back door areas.
Manager or person in charge should assist him and answer politely if asked anything by him. If you will be polite and cooperative, an inspector will cooperate with you. He will give you time to give an explanation before he encircles the wrong things.
Answer: debit to Product Warranty Expense for $750
Explanation: 5% of $15000 =
5 ÷ 100 × $15000 is $750.
This is an expense and so will be a debit.
Answer:
The firm paid $630000 dividends in 2019
Explanation:
Retained earnings is the amount of net income that is not distributed to stockholders and is ploughed back into the business. It is a capital reserve account and appears in the equity section of the Balance Sheet. To determine the amount of Dividends, we will trace the change in Retained earnings and deduct the increase in retained earnings amount from the Net Income to arrive at dividends for the year.
Increase in Retained earnings = 4000000 - 3700000 = $300000
Thus, out of the Net Income of $930000 earned in 2019, $300000 was transferred to retained earnings. The remaining was paid as dividends.
The dividends in 2019 are = 930000 - 300000 = $630000
<span>The largest cattle rancher in a given region will be unable to have a __________ when sufficient numbers of smaller cattle ranchers provide sources of competition.
Monoply
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