Answer:
Sharing Economy
Explanation:
Based on the information provided within the question it can be said that this is an example of the Sharing Economy. This term refers to a different and unique way of distributing goods and services that is different from the traditional methods or models that companies use today when dealing with hiring employees and/or selling their product. Which is what Carol and Evans are doing by developing their own software.
The payee has a legal obligation to submit the funds.
Explanation:
Once a transaction is agreed upon it becomes a legal obligation of the payee to pay the business owner.
<u>Accounts receivable are thus counted in the balance sheets as liquid funds or current funds as they are converted into cash in less than an year is most cases. </u>
In such a case that doesn't happen, they are counted as long term assets of a company. Any potential income guaranteed by legality is counted in the balance sheet as assets.
Answer: The correct answer is "D. A shareholder's S corporation stock basis will increase when the shareholder acts as guarantor on a corporate indebtedness.".
Explanation: The statement D. A shareholder's S corporation stock basis will increase when the shareholder acts as guarantor on a corporate indebtedness. is <u>FALSE</u> because a shareholder's S corporation stock basis does not increase when the shareholder acts as guarantor on a corporate indebtedness.
Answer: First Bank Corp journal $
August 1 2018
1.Trico Dr 21m
Creditor Cr. 21m
Narration. Issuance 21m, 9%, 6 months promissory note to Trico
Dec 31 2018
2. Trico Dr. 1,890,000
Interest income Cr. 1,890,00
Narration Interest payable on promissory note to Trico
December 31 2018
3 Bank Dr22,890,000
Trico. Cr. 22,890,000
Narration. payment of promissory notes and interest due on maturity.
