Yes I think there would be grounds for firing if an employee helped his fellow employees cheat on overtime. Relations between the employee and the company should be based on a fair day's work for a fair day's pay and pay should only be based on the hours actually worked. If there is any dispute over pay or time off for overtime it needs to be discussed openly with the employee's supervisor.
Answer:
Explanation:
1. Accounts Receivable - Asset (Come under Current Asset)
2. Equipment - Asset (Come under Fixed asset)
3. Fees Earned - Revenue (Come under income statement)
4. Insurance Expense - Expense (Come under income statement)
5. Prepaid Advertising - Assets (Come under Current Asset)
6. Prepaid Rent - Asset (Come under Current Asset)
7. Rent Revenue - Revenue (Come under income statement)
8. Salary Expense - Expense (Come under income statement)
9. Salary Payable - Liability (Come under current liabilities)
10. Supplies - Asset (Come under Current Asset)
11. Supplies Expense - Expense (Come under income statement)
12. Unearned Rent - Liability (Come under current liabilities)
Answer and Explanation:
Clude had purchased the raw land three years ago for $150000 and treated it like a inventory. she constributed the property to south peak investments LLC in exchange for 10% profit interest. but south peak will hold it for investment purpose.
a) after 4 years from Cludes contribution south peak sells the land for $3000000 the gain would be $3000000 - 1500000 = 1500000. the character is of long term capital gains since ths LLC held ot as investment asset
b) if south peak sells the asset after 5 years six months then also the gain would be sa,e and character would be same since LLC has held the asset fore investments purpose and at the same time its holding period is above one year.
Answer:
Explanation:
In business accounting, the inventory conversion period / payables deferral period and average collection period use different inputs due to the fact that Inventory and accounts payable are carried at cost on the balance sheet, whereas accounts receivable are recorded at the price at which goods are sold. Therefore the accounts receivable (average collection period) are attached and dependent on the specific/changing price of the goods sold.
