Answer:
hold Chance but not the company liable
Explanation:
In this scenario Chance is an independent contractor so his actions are not representative of the companie's.
When an independent contractor causes damages while working the company will not be held liable for his negligence.
So in this scenario where Chance negligently runs a stop sign and causes an accident and Judy is injured. Only Chance is liable
Answer:
$44,300
Explanation:
The account payable had a beginning balance of $11,400
The company purchased $52,000 worth of supplies
The ending balance is $19,100
Therefore the amount in which the company paid to the creditors can be calculated as follows
= $11,400+$52,000-$19,100
= $6,400-$19,100
= $44,300
Answer with Explanation:
The analysis includes the assessment of Non profit organization's efficiency both in fundraising and spending, economy of operations and the effectiveness of the operations. This can be explained with an example. For example if the non profit organization has an objective to increase the book reading habit because it believes that the people who read more are not violent personalities and in this way they can reduce the crime rate. So it has established number of libraries in different communities. Now we will look at at what cost it has acquired these libraries (Economy), how much people have visited these libraries (Efficiency) and whether the crime rate in the community has sufficiently fallen or not (Effectiveness). So this helps in understanding whether the objective was met or not.
However when we analyze the financial statement of profit making organizations then we use many profit and efficiency ratios to assess the performance of the organization. These ratios can also be helpful if the NGO is in business as well. But most of the NGOs rely on grants and these grants are subjective to their previous performance.
The NGOs are also required to publish reports according to the grant provider's enforced accounting principles, rules and guidelines. Just take the example of US-AID program that requires the Non profit organization to publish financial reports in specific format and enforces different Generally Acceptable Principles to be used in preparing these financial reports. So yes it is much more different in analyzing the financial statements of Non profit organization and profit making organization.
Answer:
$15,400
Explanation:
Given
70% of sales are collected in the month of the sale, and the remainder are collected in the following month.
Considering the month of July with Accounts receivable balance (July 1, 2018) $20,000
Sales = $24,000
Cash collected = 20000 + (70% × 24000)
= 20000 + 16800
= $36,800
Account receivable balance (1 August, 2018)
= 30% × 24000
= $7,200
For the month of August
Sales = $14,000
Cash collected = 7200 + (70% × 14000)
= 7200 + 9800
= $17,000
Account receivable balance (1 September, 2018)
= 30% × 14000
= $4,200
For the month of September,
Sales = $16,000
Cash collected = 4200 + (70% × 16000)
= 4200 + 11200
= $15,400
The total cash collected from Sales which is made of 30% from the previous month's sales and 70% of September sales is $15,400
Answer: $690
Explanation:
The 2018 year- end adjusted balance of Salaries Payable will be calculated as:
= January 1, 2018 balance + Adjustment on December 31, 2018
= $0 + $690
= $690
Note: Salaries accrued at December 31, 2018 will be:
= (Number of days from December 29 - 31) × Salary per day
= 3 × $230
= $690
Therefore, the balance on salaries payable is $690
