<span>a. A very successful band wants to record a song you wrote. You can sell the rights to the song or keep the rights and collect a percentage of the price of each compact disk sold.
</span>Passive income is e<span>arnings that an individual derives from a rental property, limited partnership or other enterprise in which he or she is not materially involved.</span>
Answer:
C) Operating expense of $800,000 and liability of $800,000
Explanation:
As based on accrual basis, an expense is the amount recognized and provided in the period to which it relates, if not paid then it is a liability and an expense.
Whereas a contingent liability is the one which is provided only in notes as the probability of its occurrence is estimated to be less than the probability of its non occurrence.
A contingent liability, when is sure to be incurred, and even the amount is known, then it is recorded as and when know, and not delayed.
Here, in the given instance the recall has to be made, and it is 100% sure, also the amount is know that is $800,000 and thus, it shall be provided in operating expense, and in balance sheet as a liability.
Answer:
option (B) Costs outweigh benefits by $1,600
Explanation:
Given:
Software costs = $10,300
Employee training cost = $8,200
Expected hardware upgrade cost = $12,100
Expected benefits from the inventory tracking system = $29,000
Now,
The total cost of the inventory tracking system
= Software costs + Employee training cost + Expected hardware upgrade cost
= $10,300 + $8,200 + $12,100
= $30,600
Since the cost is more than the benefit, the cost outweigh the benefit
the difference of outweigh = Cost - Benefit = $30,600 - $29,000 = $1,600
Hence,
the correct answer is option (B)
Answer:
General Journal Debit Credit
1. Loss on investment $2,000
[$37,000 - (1000 * $35)]
Investment in GE stock $1,600
2. Retained earnings $35,000
(1000 * $35)
Property dividends payable $35,000
3. Property dividends payable $35,000
Investment in GE stock $35,000
Hey there! Your answer is $1,283.33. Have a wonderful day:)
