ssi can be shared with people who have the right security clearance.
With Straight line of amortization, the amount applied toward the principal remain the same each month, with the interest amount varying according to the outstanding loan balance.
<h3>
What is amortization?</h3>
- Spreading payments across a number of time periods is known as amortization in business.
- Both the amortization of debts and the amortization of assets fall under this umbrella phrase.
- In the latter instance, it refers to spreading out the cost of an intangible asset over time (for instance, throughout the course of a 20-year patent term, $1,000 would be recorded each year as an amortization expense if $20,000 was initially spent producing a product).
- As defined by an amortization schedule, amortization in the context of lending is the division of loan repayments into a number of cash flow instalments. Unlike other repayment plans, this one includes principal, interest, and occasionally fees if they weren't paid at origination or closing.
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Answer:
In 2017
Net Income and Retained Earning are overstated by $100,000
Expenses and Payables are understated by $100,000.
In 2018
Inventory, Net Income and Retained Earning are understated by $57,000
Expenses are overstates by $57,000
Explanation:
Accrued Salaries is Recorded as follow
Dr. Salaries Expense
Cr. Salaries Payament
Non recording of this entry will result in understatement of Expenses and Payables by $100,000 over statement of Net income and retained earning by the same amount.
Treatment of Office supplies of $57,000 as expense will overstate the expenses and understate the the inventory, Net income and Retained Earning.
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