Answer:
$1,000
Explanation:
the journal entry to record the purchase of the goods should be:
January 27, merchandise purchased on account, credit terms 2/10, n/30
Dr Merchandise inventory 1,000
Cr Accounts payable 1,000
the journal entry to record the payment of the invoice 13 days later should be:
Dr Accounts payable 1,000
Cr Cash 1,000
since the discount period is over, the invoice should be paid at full amount
Answer:
The accounting cycle is all about managing,updating and reporting on the firm's accounts.
Explanation:
The accounting cycle can be listed in the following nine steps as:
- Step 1: analyzing transactions as sales, purchase,etc
- Step 2: All the transactions need to be recorded
- Step 3: All the information should be transferred from journal to the ledger
- Step 4: An unadjusted trial balance should be formulated
- Step 5:Adjusted entries are prepared
- Step 6: An adjusted trial balance is constructed
- Step 7: a financial statement is prepared
- Step 8: Closing entries are prepared
- Step 9: The post closing trial balance is prepared
Answer:
b. All collections for sales are received immediately upon making the sales.
Explanation:
Internal control, regarded as a process used in assuring objective of an organization in operational effectiveness as well as efficiency and reliable financial reporting, it is also used in assuring of compliance with laws as well as regulations and policies. Generally, internal control can be described as everything which is able to controls risks to an organization. It is a way the
resources of an organization are been
measured as well as been directed and monitored.
It should be noted that Internal control procedures for cash receipts require that:.
✓Custody over cash is kept separate from its recordkeeping.
✓Clerks having access to cash in a cash register should not have access to the register tape or file.
✓An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.
✓Cash sales should be recorded on a cash register at the time of each sale
Answer:
correct option is C. $250,000
Explanation:
given data
sold the home and gain = $300,000
to find out
amount of the gain allowed to exclude from gross income
solution
we know that Michael owned the property for the 10 years
so here Michael is not allowed to exclude the gain = 10 % that is $30,000
and The maximum gain exclusion permitted = $250000
so here Michael will recognize $50,000 because amount exceed $250,000 for a single taxpayer and exclusion of gain on sales of property tax payer need to own and occupy the property as principle residence for the 2 out of 5 year immediately preceding the sales
so here correct option is C. $250,000
Answer:
The correct answer is D
Explanation:
Disparate treatment is the treatment which differing conduct or performed toward the individuals, where the differences are grounded on the individual age, colour, national origin, race, disability or religion status.
This treatment would be legal if the discrimination would be BFOQ (termed as bona fide occupational qualification), the courts must have held that in few situations that the factor like sex or religion might be BFOQ, which is important qualification for performing a job.
