Price. It is the sum of all values that buyers exchange for the benefits of having or using a good or service. can be defined very narrowly as the amount of money charged for a product or a service. However, the price is really more than that.
Answer:
Composure and time management
Explanation:
these are realistic goals that people can reach and will have a positive outcome (do you mind following)
Answer:
A. Dr Salary Expense $3,140
Cr Salary expense outstanding $3,140
B. Dr Income summary $275,790
Cr Salary expense $275,790
Explanation:
A. Preparation of the adjusting entry to record accrued salaries as of August 31
August 31
Dr Salary Expense $3,140
Cr Salary expense outstanding $3,140
(To record accrued salaries)
B. Preparation of the Closing entry on August 31
August 31
Dr Income summary $275,790
Cr Salary expense $275,790
($272,650+$3,140)
(To record Closing entry)
Answer:
Please find the detailed explanation below.
Situation 1 and 2 have disclosure while situation 3 does not require any disclosure.
Explanation:
Situation 1. Accrual. The one-year warranty has created what is known as contingent liability. Contingent liability is a type of liability that is dependent on the outcome of some specific actions which has happened in the past. The eventual liability may or may not happen. But since the probable claim from the one-year warranty has been determined, it should be disclosed. But if the claim cannot be determined, it shouldn't be disclosed.
Situation 2. Since this contract happened before the issuance of financial statement and the amount of loss from this contract can be reasonably estimated or determined, then it must be disclosed and the likely amount must also be disclosed. This disclosure will be under 'note to the financial statement'.
Situation 3. This is a self insurance and self insurance is not an insurance. There is no contingent liability in this situation. Also, there is no accident, no injury. Hence, this is no disclosure here.
Answer:D.$14,100 gain
Explanation:
The par value of a bond is $100 when it's issued below the price it's issued at a discount which is a loss to the firm and when it's issued above the par value, it's issued at a premium which is a gain.
The issue of $705,000 means 7050 numbers were issued and retiring it $102 means at a premium of $2 per bond and a total of N14,100 gain.
