Answer:
A: $0
Explanation:
Holder in due course describes a person who has accepted a negotiable certificate in good faith.
It is one of the requirements by law for a holder in due course that it must not be aware of any defaults.
Since Happy Collection Agency knew about the default, it has no claim over the note.
1.which accounts are affected?
2.how is each account classified?
3.how is each classification changed
4.how is each amount entered in the account?
Answer:
2017 Net Income = $53000
2018 Net Income = $87000
Explanation:
The overstatement of ending/closing inventory causes the Cost of Goods Sold (COGS) to be understated and the Gross and Net profit to be overstated by the same amount.
If the 2017 ending inventory was iverstated by $7000, the correct profit figure for 2017 will be $7000 less than is reported.
2017 correct Net Income = 60000 - 7000 = $53000
An overstatment of ending inventory in one year also means and overstatement of opening inventory of the next year. Thus, the 2018 opening inventory is overstated by $8000 and an overstatement of opening inventory means an overstatement of COGS and an understatement of Gross and Net Income by the same amount.
Thus, the correct Net Income for 2018 = 80000 + 7000 = $87000
Answer:
D) Greater than the sum of undiscounted expected cash flows
Explanation:
An impaired asset is the asset of the company whose value is listed more in the company's balance sheet than the value in the market price. Long term assets are such form of asset. When the impaired asset is adjusted, the loss is placed under the income statement of the company.
I think that statement is false
a letter of credit does not states that an exporter has availed credit from the bank to manufacture goods, but it st<span>ates that the bank will pay a specified sum of money to a beneficiary, normally the exporter, on presentation of particular, specified documents instead.</span>