The amount should Fafnir report as intangible asset - franchise is -
Purchase value of Franchise = $ 50,000
Life of Franchise = 10 years
Salvage value = $ 0 ( not given)
Since, no other methods of amortization are specifically mentioned, straight line method will be used.
Book value of Franchise = Purchase price - Amortization expenses
Book value of Franchise = $ 50,000 - [ ( $ 50,000 - $ 0) / 10 Years ]
Straight-line depreciation = ( Purchase price - Salvage value) / Number of years
Book value of Franchise = $ 50,000 - $ 5,000 = $ 45,000
The amount should Fafnir report as intangible asset - franchise is = $ 45,000
Answer:
Joel is behaving in a totally unprofessional & unethical manner
Explanation:
As assistant controller, Joel Kimmel's job specification & responsibility includes financial statement preparation & combination, putting of internal controls in place, detailed analysis & reporting of cost variance, acts as the go-between with external auditors amongst other such responsibilities.
As such, when Joel discovered the cost discrepancy during the reconciliation, it was actually his responsibility to call the bank's attention to the variance. This is something that clearly falls under his job specification & can be considered as neglect of duty. Joel's decision defeats the very purpose of bank reconciliation, which is to correct any such discrepancy & to the ensure the rectification of transactions. Most importantly, the decision Joel plans to take is very unethical & is against standard accounting practices
We can therefore, say that Joel's decision is thoroughly unethical & unprofessional
It would be 610.32 . My teacher helped me with that one
Answer:
a. It is a collection of all accounts with their activity and balances that exist in a business. - A general ledger
The General Ledger is the central record in an accounting system and contains a record of all financial transactions in the company.
b. It is a book of original entry that includes a chronological record of all transactions that Have occurred within a business during a period occurred. - A Journal
When a transaction takes place in a business, it is recorded first in a Journal. As such, a journal contains a chronological record of all transactions that have occurred within a business during a period occurred.
c. It is a list of each account and its balance at any given time and is used to verify that debits = credits
. - Trial Balance
The Trial Balance helps a business balance its debits and credits by listing them so then equating them to verify that indeed the debits match the credits.
d. It is a list of all ledger accounts which exist in a business and includes an identification number assigned to each account
. - A chart of accounts
Answer:
On an income statement, the company would declare c. $21,000 expenses
Explanation:
Wallace Enterprises received $30,000 from customers in exchange for providing electronic components. Income from the exchange was $30,000
During the second quarter of the year, total expense = supplies expense + interest expenses + wages expense = $5,000 + $1,000 + $15,000 = $21,000
Income from the exchange - total expense = $30,000 - $21,000 = $9,000>0
The company recognizes gain $9,000.
On an income statement, the company would declare $21,000 expenses
