Answer:
a lender pays off your existing loans with a new one at a lower interest rate.
Explanation:
Answer:
Cash inflows for the year is $14,369.00
Explanation:
Cash inflows in year comprise of the cash revenue and the portion on revenue on account(accounts receivable), received in the course of the year.
Cash revenue=$7,682
Cash collections in respect of accounts receivable= $6,687
Cash inflows during the year=$7,682+$6,687=$14,369.00
The balance yet to be collected and expected to be collected in year 2 is the difference between the cash collections and total accounts receivable
balance of accounts receivable =$12,117-$6,687=$5,430.00
Answer:
b. To depart from GAAP, all Kate needs to do is to describe the departure, its approximate effects, and the reasons why compliance with GAAP would mislead.
Explanation:
The Code of Professional Conduct known as Rule 203 of the AICPA states that "a member should not approve any statements that do not follow Generally Accepted Accounting Principles ( GAAP)." However, it makes one exception. It permits the auditor to issue a statement explaining the reasons for the departure.