Answer:
maybe he earned 5000 more
Explanation:
5000+5000=10000
Answer:
c. seller receives cash sooner than if credit is granted directly to the customers
d. may allow seller to increase sales volume
Explanation:
When a customer uses a credit card, the bank that issued the card pays the seller immediately, and later, the bank recovers the money plus interest from the customer.
So this method allows for a faster collection of cash (basically immediatly) than if the seller granted the credit directly to the customer.
Credit cards also allow seller to increase sales volume because many people lack the cash necessary to pay down the full value of the purchase.
Answer:
b. Liability, $9,000,000; expense, $0.
Explanation:
An asset retirement obligation (ARO) refers to an obligation with respect to the acquisition , construction, development, etc. The liability should be recognized the liability at the present value that should be expected to be paid for settling the obligations
Here the $9,000,000 million represents the liability
Also the journal entry is
Asset Dr
To liability
(Being the asset placed is recorded)
There is no expense should be recorded in the income statement
Answer:
a) a monetary unit for measuring and comparing the relative values of goods.
Explanation:
In the case when the economist said that money could be treated as the store of value so this means that it represent one of the functions of money which can be stored and retrieve later onwards
Also it is a monetary unit that could be used for measuring and also compared the goods value
Therefore the option a is correct
Answer:
c. $45,000 liability
Explanation:
Fair Value of Plan Asset = Return on asset + employer contribution - Benefit paid
= $22,000 + $40,000 - $0
= $62,000
Projected Benefits Obligation = Service cost + interest cost
= $17,000 + $40,000
= $57,000
Pension asset / (liability) = Opening pension asset/ Liability + Plan asset - Projected Benefit Obligation - Amortization
= $2,000 + $62,000 - $57,000 - $52,000
= -$45,000
= $45000 Pension Liability
