The part of Mateo's goal that is missing in regards to buying the guitar in two months is the amount that is saved towards the goal.
<h3>What detail is missing?</h3>
The scenario painted talks about the amount that Mateo earns per week which is $500. Earning this amount, he should be able to purchase the guitar in 5 weeks if he devotes it all to the guitar.
He however says he can only buy the guitar in two months which means that the entire amount is not going towards the guitar. The missing detail is the amount that is saved every week.
Find out more on saving at brainly.com/question/341992.
Answer:
The correct answer is letter "A": paid and recorded in an asset account before they are used or consumed.
Explanation:
A Prepaid Expense is an asset on the Balance Sheet. These expenses are paid in advance in full for goods that have not been received yet or services that have not been rendered still. For accounting purposes, the amount reported as a current asset decreases every month until the total amount of the prepaid expense is used up.
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Answer: Interest on a Note Payable is most appropriately accrued: "B. as of the end of each accounting period during which the note is a liability.".
Explanation: As long as the Note Payable remains a liability and has not yet reached its due date, according to the accrual principle, at the end of each accounting period the accrued interest must be recognized, and when the Note payable reaches its expiration it must remain with balance 0 the interest not accrued account.
