Answer:A safe deposit box, also known as a safety deposit box, is an individually secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, post offices or other institutions. ... In the United States, neither banks nor the FDIC insure the contents.
Explanation:
Answer:
An assembly line is basically just a series of workers who assemble identical items in a line. One of the first uses of the assembly line was in Henry Ford's car factory.
Answer: Option E
Explanation: In simple words, it refers to the situation in which two rival companies in an industry cut their prices with the objective of cutting the others customers and gaining a higher market share.
Generally it is performed for short term so that other firm could be demolished from the market but a company having strong reserves can perform it for a long term as well.
It is more evident in industries where the products of two companies are close substitutes of each other and there are few firs in the industry.
Answer:
Dr Income Tax Expense 120,000
Cr Deferred Tax Liability 120,000
Explanation:
Deferred tax liability can be defined as the tax liability which has been due for the current period but has not yet been paid such as installment sales receivable.
Fell Corporation journal entry for to adjust the deferred tax liability
Dr Income Tax Expense 120,000
Cr Deferred Tax Liability 120,000
$2,000,000 x .4 = $800,000
$800,000- $680,000 = $120,000
Answer:
Debit Advertising expense $916.67
Credit Prepaid Advertising $916.67
Being entries to recognize advertising expense incurred for 5 months.
Explanation:
When an amount is paid in advance, the entries posted are
Debit Prepaid Advertising
Credit Cash account (with the amount prepaid)
As the expense is incurred, entries required would be
Debit Advertising expense
Credit Prepaid Advertising (with the amount incurred)
Expense incurred in 5 months
= 5/6 × $1100
= $916.67
Hence the entries required will be
Debit Advertising expense $916.67
Credit Prepaid Advertising $916.67
Being entries to recognize advertising expense incurred for 5 months.
