Answer and Explanation:
The journal entry is shown below:
Cash Dr $98,800
Finance charge Dr ($120,000 × 1%) $1,200
To Liability - Financing Arrangement $100,000
(being receipts of cash is recorded)
Here cash and finance charge is debited as it increased the assets and expenses and liability is credited as it also increased the liabilities. Also, the cash & expenses contains normal debit balance and liabilities contains normal credit balance
Answer:
The answer is departmentalization by product.
Explanation:
Departmentalization refers to the divisions of different work areas. Each one specializes in a specific job, most companies use departmentalization and train their employees, making them specialists in their role.
The main objective of departmentalization is to specialize in activities and facilitate processes while maintaining control in the organization. The departmentalization is usually divided by product, function, process, project, clients, and territory.
For example, in the case of departmentalization by-products, it is used by large companies to divide the area where the product is developed and those in charge of product delivery, thus obtaining better control, organization, and production.
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Answer:
False
Explanation:
Green's distribution of $50,000 in to its sole shareholder at the end of the year should be treated as a dividend because Green's total earnings and profits for the year were $100,000.
A distribution from a corporation to a shareholder can only be treated as a dividend when the corporation made a profit during the current year, or has positive accumulated earnings and profits.
There was a rise in human population.
