The following statements fulfill the criteria.
Explanation:
- She issues an account statement annually that lists all the transactions made through a customer’s account that year.
<u>This is her responsibility to keep a record of the transactions and make them availabl</u>e.
-She allows customers to withdraw money only if the institution has sufficient cash reserves during the day.
<u>This is also following standard policy of the company</u>
-She provides details to customers regarding the money deposited in their accounts.
<u>This is also in terms with the privacy policy of most firms for consumers to have this information.</u>
Answer:
Returned goods
Explanation:
The returned goods process is the process in which the goods are returned due to several reasons i.e damaged of the product, demand lacking, the customer is not satisfied with the product as the company does not meet the customer demand to the level of their expectation
Therefore this process we called returned goods
And this is the answer but the same is not presented in the given options
Answer:
Sales Tax:
Sales tax is levied only on retail sales. Since the inventory is purchased by Mr. & Mrs. CS for their store, it will not qualify to be a retail sale. Property tax is calculated on the property. In our question, property tax will be calculated on the book value as on 31st December.
Step-I: Solution to the problem where sale is not a retail sale:
No, Mr. and Mrs. CS are not required to pay any sales tax on the purchase of inventory, since it is purchased for store and not qualifies to be a retail sale.
Step-II: Property Lax liability on Inventory:
Now, Mr. and Mrs. CS will be required to pay property tax on the book value of inventory left on 31st December. They can minimize their property tax liability by adjusting the time of their purchases. If they could have purchased the inventory in January, then the inventory could have been sold throughout the year and the book value of the stock left as on 31st December would have been lesser. Thus, the amount of tax would also be lesser
Answer:
The correct answer is b. $1,300,000
Explanation:
The computation of unearned service revenue is shown below:
= Outstanding service contracts for 2011 + Outstanding service contracts for 2012 + Outstanding service contracts for 2013
= $380,000 + $570,000 + $350,000
= $1,300,000
The other amounts are not considered in the computation part. So, it is ignored.
Thus, the $1,300,000 is the amount which should be reported as Unearned Service Revenues in Eaton's December 31, 2010 balance sheet.
Hence, the correct answer is b. $1,300,000
A percentage lease is a lease where the rental is based on a percentage of the monthly or annual gross sales made on the premises, usually coupled with a base rent. This is a common lease type for retail stores operating in leased spaces, where the tenant pays a base rent regardless of profits/losses plus a percentage of revenue earned as a result of conducting business on the premises.
