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3 years ago

Which of the following statements about the recording of interest on notes receivable is correct?

Business

1 answer:

Vadim26 [7]3 years ago

5 0

Answer:

c. Interest on notes receivable is recognized when it is earned, which is not necessarily when the interest is received in cash.

Explanation:

Accrual principle of accounting is applied when it comes to recording of interest on notes receivable.

Accrual principle states that revenue or expense is recognized when it incurs or occurs not when it is paid or received.

Thus, Interest on notes receivable is recognized when it is earned, which is not necessarily when the interest is received in cash.

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Joint products are:

s344n2d4d5 [400]

Answer:

The correct answer is option A.

Explanation:

Joint products are those products are manufactured through the same process using common inputs and are somewhat equal in value.

they cannot be produced separately.

For instance cream, butter and cheese are joint products made from milk.

Gasoline, kerosene and fuel oil are joint products made from crude oil.

4 0

3 years ago

Infotech offers its employees long-term employment with a focus on individual responsibility. as a result, its workers are loyal

Goryan [66]

The management style Infotech most likely is applying is theory Z.
This theory was proposed by Dr. William Ouchi, and it was based on the Japanese principles of management, thanks to the boom of Asian economy in the 1980s. By giving the employees a lot of incentives, as well as responsibility for their work, productivity and morale are increased.

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4 years ago

When a contractor seeking external projects prepares to submit a proposal, it is really conducting a small project with the prim

irina [24]

Answer: True

Explanation: By conducting a small project as a proposal, a contractor is actually showing in a small scale that he is both capable, is the right man for the job (external project) and is able to ensure the external project is completed with its goals and objectives accomplished. It is these goals that drive the project, and all the planning and implementation . As such, the project has to be compelling and complete.

True gives the answer to the question.

3 0

3 years ago

Read 2 more answers

Frank and Bob are equal members in Soxy Socks, LLC. When forming the LLC, Frank contributed $57,000 in cash and $57,000 worth of

Paul [167]

Answer:

The gain (loss) related to this transaction will Bob report on his X4 return is $38,000

Explanation:

Solution

Given that

The value of land = 57,000

Less: Bob's Adjusted Basis in the land is = -$23,000

The Built in Gain allocated to BOB = $34,000

Now,

The consideration in sales = $65,000

Less: Land Value is = -57000

Both members gain to be allocated= 8000

Hence,

The Total Gain Allocated to BOB is = 34000+(8000*50%) =

34000 = 4000

= 38,000

Note: The original $34000 of built-in gain on the contributed land must be given to the contributing partner which is Bob.

The remaining $8000 of gain must be shared equally between Bob and Frank.

So, Bob will report $38000 gain ($34,000 + (50% × $8,000)) from this transaction on his returns

3 0

3 years ago

Lisa owns stock in company abc. company abc sent out an earnings report and gave each of the stockholders an amount of money bas

sp2606 [1]

Large companies and corporations usually have this kind of method. Company abc gave a common stock (also known as common stock) to each and every stockholder in the company. It represents ownership in a corporation. Stock holders are also given the right to vote and chose among themselves the board of directors.

8 0

3 years ago

Read 2 more answers