It usually takes about a week or so. So don’t be worried
Answer:
Simple interest is paid only on the original amount borrowed.
Answer:
B) Trusts (except those that are exempt)
Explanation:
The only three entities that are allowed to select a fiscal year are: estates, C corporations and tax exempt entities.
Trusts, along with partnerships, S corporations and personal service corporations mus use the calendar year as their taxable period or the tax year of their owners. Some trusts can change to a different calendar year if they can establish a business purpose for doing so.
They are referred to as installment notes
Answer:
$5,000
Explanation:
Under the accrual accounting method, revenue is recognized and recorded in the books once the recognition criteria is met i.e once the goods or service has been delivered.
Under this system as well expenses are recorded once incurred.
As such, the time of cash payment does not affect the recognition of revenue. When revenue is earned and cash is yet to be paid, the entries required are debit accounts receivable and credit revenue.
On payment of cash, the entries are posted between cash and accounts receivables.
