Answer and Explanation:
The journal entries are shown below:
On April 5
Inventory Dr $28,600.00
To Accounts payable $28,600.00
(Being purchase of inventory on account is recorded)
On April 6
Inventory Dr $580.00
To Cash $580.00
(Being freight payment is recorded)
On April 7
Equipment Dr $32,000.00
To Accounts payable $32,000.00
(Being purchase of equipment is recorded)
On April 8
Accounts payable Dr $3,500.00
To Inventory $3,500.00
(Being purchase returns is recorded)
On April 15
Accounts payable Dr $25,100.00 ($28,600- $3,500)
To Cash $24,096.00
To Inventory $1,004.00 ($25,100 × 4%)
(Being payment to the supplier is recorded)
Answer:
The answer is: level 3 fair value
Explanation:
Level 3 fair value refers to a valuation technique used in situations where the valuation is highly subjective. It is difficult to assign value to level 3 assets since their stocks aren't part of any trading market. For example, mortgage backed securities, private equity shares, foreign stocks, etc. are considered level 3 assets.
Answer:
a. Leslie, who is independent and self-confident. She doesn’t need people to tell her what to do.
b. Malcolm, who loves to play. His last boss says that Malcolm was the "chief kid" in his last office.
c. Frankie, who has been in the toy business for 10 years and who knows what he’s doing, but who always likes testing a new idea.
Explanation:
In this scenario the CEO of a start-up toy manufacturer wants to create at least 10 wildly different toys in the next three years.
He will primarily need people that are creative and are inclined to work with new ideas.
The wrong choice will be someone who follows the rules and is stable. Such a staff will not contribute new ideas that will move the company to make profits.
Leslie is confident and does not need to be told what to do, so she will take initiative to do new things.
Malcolm loves to play and this will boost creative ideas.
Frankie likes testing new ideas and will be comfortable working creatively.
Answer:
true
Explanation:
acid test ratio can be calculate by ( Current assets – Inventory ) / Current liabilities. Ideally, the acid test ratio should be 1:1 or higher, however this varies widely by industry. In general, the higher the ratio, the greater the company's liquidity. by selling up equipment in exchange of cash, the will assist the company to be able to handle its current liability with the cash injection into the entity.
