Is the monetary costs a firm pays out and the revenue a firm receives. It is the bookkeeping profit<span>, and it is higher than economic </span>profit<span>. </span>Accounting profit<span> = total monetary revenue- total costs.</span>
The Journal entry which Nicholson company will prepare on June 2 will be like when goods are returned the reverse entry is made which is
Accounts Payable A/c Dr. $480
Purchase Return / Inventory A/c Cr. $480
A journal entry is an act of recording any transaction, whether it is economic or not. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
Accounting journal entries are transferred from the journals and posted to the general ledger in order to record financial transactions in the accounting system. Modern accounting software handles the majority of this process automatically, but it's crucial to understand what's going on since there are instances when manual entries will need to be made to adjust or correct account balances at the conclusion of an accounting month.
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Answer:
B) higher than the interest rate.
Explanation:
In the case when the business wants to borrow for a project so the rate of return would be greater than the rate of interest
And in the case when the rate of interest is lesser than the expected return so the investment would look attractive due to this there is a rise in the borrowing for that investment
Hence, the option b is correct
Answer:
$73,500 is the revenue TopChop will recognize for the arrangement with Carlos.
Explanation:
Revenue is calculated as follows.
= amount received + Use of name
= $56,000 + $35,000 × (1÷2)
= $73,500
New franchise fee can be immediately recognised as income.
