Answer:
The total cost of vacation pay and pension rights to be recognized the first year is $0
Explanation:
The vacations are expected to be taken the following year for which the vacation pay would be made and the pension rights are expected to be paid over the next 5-30 years. So, no cost is recognized in the first year
Answer:
C) three reporting entities
Explanation:
A reporting entity is the same as an accounting entity, and it refers to a business or individual that must keep ts own accounting records. The entity must engage in separate activities and have separate obligations than other entities.
In this case:
- the Stone Creek Bank is one entity that borrowed $500,000
- John Hamilton is another entity because he borrowed money from the bank and is responsible for paying it back
- Sauce It Up restaurant is another entity that was created by John Hamilton, and received $450,000
Answer:$559.50
Explanation:
Using the formula
PV x (1 + r) ^ n = FV
where PV= Present value
r= rate
n=number of years
FV= Future value
a) Future value to earn in 3 yrs for amount of $115
115 x (1+7.65%) ^3 = $143.463
b) Future value to earn in 2 yrs for amount of $150
150 x (1+7.65%) ^2= $173.8278
c)Future value to earn in 1 year for amount of $225
225 x (1+7.65%) ^1= $242.2125
Total Amount Accumulated in three years = $143.463 + $173.8278+ $242.2125 =$559.5033 = $559.50
Stage 1 – The idea stage
Stage 2 – The start-up stage
Stage 3 – Growing pains
Stage 4 – The we’ve-opened-a-second-location stage
Stage 5 – The slow-down
Stage 6 – Retirement
The correct option is Option C - as a long term liability.
<u>Explanation:</u>
In the preparation of Balance sheet of an organization, the deferred taxes are classified and shown as a long-term liability. When an amount is not recognized in the statement of income, but the particular amount has been paid, then it is shown as Deferred Tax asset. The deferred tax can either be DTA or it can also be DTL.
Thus, from the given options, the correct option is D option which states as long-term liability.
