Answer:
It belongs to Alma because Susan abandoned it and Alma took possession of it
Explanation:
By common law, Alma is a person who has found an abandoned property and she may claim it. To do this, she has to take some definite steps to show her claim. Alma can claim this abandoned piece of chair by taking it into her house, or by placing a sign on it to show that she now owns it.
If Susan was to take this to court, the court would determine the kind of item and where it was found to determine if Alma has a right to it. But since it was found in a dump site she now has the right to it.
Answer:
Debit Accounts Payable, and Credit Purchase Returns and Allowances
Explanation:
The adjusting entry is shown below:
Account Payable A/c Dr
To Purchase Returns and Allowances
(Being return of goods is recorded)
Since the goods are purchased on credit, and due to some issues the goods are returned So, the account payable account should be debited and the purchase return and allowances should be credited.
Consolidation Rules Under GAAP
The general rule requires consolidation of financial statements when one company’s ownership interest in a business provides it with A MAJORITY OF the voting power- meaning it controls more then 50% of the voting shares
<span>The answer in the given statement above is the accounts
receivable conversion. This type of process allows an individual to receive the
amount that he or she converts from paper check into a real amount when scanned
under an electronic machine in which is being described above.</span>
