Answer:
Explanation:
Date Account title and Explanation Debit Credit
1st july-14 Notes receivable $1,393,591
Discount on notes receivable ($1,393,591 - S600,100 - $317,900) $475,591
Land $600,100
Gain on disposal of land ` ($918,000 - $600,100) $317,900 ` (To record sale of land)
1-Jul-14
Notes receivable $404,300
Service revenue $404,300
` (to record service revenue)
Answer:
Absolute reference
Explanation:
An absolute reference in excel indicates a reference that is locked such that rows and columns do not alter when copied to another cell in the excel sheet.
It points to an actual fixed location in excel and absolute referencing is simply by adding a dollar sign before the row and column.
In other words ,Ellen will absolutely reference her income ,as the income is the same month-on-month.
Answer:
deduction for organizational expenses = $5,000
Explanation:
Since the total startup costs are over $50,000 then the company's deduction will be lower. Generally speaking, a company can deduct up to $5,000 in organizational an startup costs ($5,000 each). But if the costs are over $50,000, then your deduction will be reduced by $1 for each dollar over that threshold.
In this case, organizational costs were $9,500, so they can deduct $5,000 during the first year and $4,500 will be amortized over the next 15 years. Startup costs are $54,500, which means that they can only deduct $5,000 - ($54,500 - $50,000) = $500 during the first year. The remaining $54,000 must be amortized over a 15 year period. Total deduction during the first year = $5,000 + $500 = $5,500
Answer:
1. Inventory account will be affected and assertions of accuracy and valuation will be violated.
2. Assets are overstated and assertion classification is violated.
3. Liability is understated and assertions of accuracy is violated.
4. No impact.
Explanation:
Assertions are certain claims of a business which a business must fulfill in order to make its financial statements reliable. A company has to record the expense when it is incurred in order to provide accuracy in valuation. In the given cases the assertions are violated which impact business accounts.
