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Rina8888 [55]
3 years ago
14

Which management assertion is usually most relevant for liability accounts? 1. Completeness. 2. Existence.3. Rights and obligati

ons. 4. Presentation and disclosure. 5. None of the above
Business
1 answer:
katovenus [111]3 years ago
8 0

Answer:

The right answer is 3. Rights and obligations.

Explanation:

Liability accounts include all those financial obligations that a company has with suppliers, accounts payable, taxes, among others.

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mart [117]

Answer:

Nursing or famous singer

Explanation:

because I want to inspire other people and make them happy.

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Suppose that a rap grouprap group called RG 2RG2 has released its first CD with LiveLive Records at an intended list price of​ $
GuDViN [60]

Answer:

D) The recording label should expand the production and distribution of RG 2RG2​'s first CD.

Explanation:

According to the law of supply and demand, since the customers are willing to pay a price higher than equilibrium price, that means that their is a shortage of the product or service and that the supply should increase in order to get the price back to equilibrium price.

7 0
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People pay taxes for many reasons. Which of the following is NOT one of those reasons? A) civic duty B)moral reasons C)fear of I
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6 0
3 years ago
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On August 2, Jun Co. receives a $7,000, 90-day, 11.5% note from customer Ryan Albany as payment on his $7,000 account. Prepare J
Likurg_2 [28]

Answer:

Oct 31

Dr Cash $7,201

Cr Notes receivable—R. Albany $7,000

Cr Interest revenue $201

Explanation:

Preparation of Jun's journal entry assuming the note is honored by the customer on October 31, of that same year

Oct 31

Dr Cash $7,201

($7,000+$201)

Cr Notes receivable—R. Albany $7,000

Cr Interest revenue $201

(11.5%*7,000*90/360)

3 0
3 years ago
Sophia Company purchased equipment costing $120,000. The equipment has a residual value of $20,000 and an estimated useful life
mixer [17]

Answer:

Year 1 : $20000

Year 2 : $460000

Explanation:

Year 1 calculation:

120000-20000/50000*10000 =$20000

Year 2 calculation:

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