Answer:
$38,198
Explanation:
Recognization principle state that the total amount paid in the first year will be the sum of the amounts given as a whole which will inturn be considered as paid for the employees.
Therefore for the first year, the vacation pay and the pension right will be :
$23,125 +$15,073
=$38,198
Therefore the total cost of vacation pay and pension rights to be recognized in the first year will be $38,198
Answer:
the number of units that should Sandoval include in its year-end inventory is 29,600 units
Explanation:
The computation of the number of units that should Sandoval include in its year-end inventory is given below:
= Opening units + units purchased + units at consignee location - units damaged
= 26,000 + 2,600 + 4,600 - 3,600
= 29,600
Hence, the number of units that should Sandoval include in its year-end inventory is 29,600 units
This is the answer but the same is not provided in the given options
Answer:
Vendor's account/ accounts payable
Explanation:
Merchandise is an asset to the company. An increase in assets is debited to that particular merchandise or inventory account.
Since the merchandise was bought on credit, liabilities will increase. An increase in liabilities is credited to the specific vendor's account who supplied the goods on credit.
A contract with a customer must meet all of the following criteria:
Has approval and commitment of the parties.
Rights of the parties are identified.
Payment terms are identified.
The contract has commercial substance.
Collectability of consideration is probable.
