Answer:
a.Supplies expense would be debited for $600.
Explanation:
Assuming there is no opening Inventory:
End of period supplies balance = Opening balance + purchases in the period - Expense for the period
200 = 0 + 800 - Expense for the period
Expense for the period = 800 - 200
Expense for the period = 600
So the correct option is a.Supplies expense would be debited for $600.
Explanation:
Advantages of Written Communication:
It is suitable for long distance communication and repetitive standing orders. ...
It creates permanent record of evidence. ...
It gives the receiver sufficient time to think, act and react.
It can be used as legal document.
It can be sent to many persons at a time.
Answer:
a. Freeman estimates that it is reasonably possible but not likely that it will lose a current lawsuit. Freeman's attorneys estimate the potential loss will be $4,500,000.
- Describe the situation in a note to the financial statements.
Since the event is possible but not likely, it should be disclosed in the footnotes of the financial statements.
b. Freeman received notice that it was being sued. Freeman considers this lawsuit to be frivolous.
Since this is a frivolous lawsuit, there is no need to disclose it.
c. Freeman is currently the defendant in a lawsuit. Freeman believes it is likely that it will lose the lawsuit and estimates the damages to be paid will be $75,000.
- Record an expense and a liability based on estimated amounts.
Since the negative outcome is probable and you were able to quantify your losses, you must record the expense for $75,000 and include the amount as a current liability.
Simmons Company issued four-year bonds with a $1,000,000 par value. Interest is due semi-annually on the bonds, which have a 4% coupon rate. The market interest rate is 6%. $1002402.88 must Simmons pay investors in interest on a semi-annual basis.
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Understanding how loans and investments operate is essential to laying a solid financial foundation for both you and your company. How interest is calculated is one of the key aspects of loans and investments. Your loans and investments may have simple interest or compound interest terms. You will discover what it implies, why it matters, and how to compute interest that is compounded semiannually interest in this post.
Learn more about semiannually interest here
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