Answer: a. $56925 ; b. Account payable
Explanation:
a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?
Purchase invoice = $65000
Less: Return = ($7500)
Net Purchase Invoice = $57500
Less: Discount = $57500 × 1% = $575
Cash received = $56925
b. What account is debited by Hoffman Company to record the return?
The account that is debited by Hoffman Company to record the return is the account payable.
Answer:
A) Crowdfunding
Explanation:
Crowdfunding is used by entrepreneurs or charities (non-profit) to raise money from a large number of people. This is a relatively new way of raising money and is possible basically due to the internet. The entrepreneur or non-profit ask for small contributions or investments, and the goal is to have a lot of people who either invest in a new project or donate. The advantage of the internet is the large audience (hundreds of millions of people) that can be reached.
Answer:
the line item veto
Explanation:
The line item veto allows the Texas governor to veto specific items in an appropriation bill without killing the entire bill. The state budget is an appropriation bill, so the governor can veto specific budget items.
The bill itself is submitted by the governor, but the state legislature must approve it, and it can also change it.
Answer:
A new president was hired and he found Chesterly out while reviewing the accounting records.
