Answer:
The ansewr is a barter based economy.
In a barter based economy, goods are exchanged for other goods, because no good that takes the functions of money exists (unit of account, store of value, and medium of exchange).
Barter economies can work on a limited scope, but to a larger extent, they can become inefficient, because this type of economy requires a double coincidence of wants: both parties of the transaction must desire the other party's goods.
Answer:
From all indications,it is very clear that the question requires a journal entry to record the unpaid interest.
Dr Interest expense $1125
Cr Interest payable $1125
Explanation:
This is a typical case of an omitted entry in the books of accounts,specifically it relates year-end close accounting adjustments.
Under the accrual basis, which is prevalent in the private sector,expenses are to recorded when incurred not when they are settled in cash,as result it is imperative that the above transaction needs be adjusted by debiting interest expense account and crediting same amount to interest payable account to affirm that the company has an obligation to $1125 to mortgage providers.
Answer:
The correct answer is letter "B": cash budget.
Explanation:
General-purpose financial statements are those reports that can be issued during a period to provide investors and managers relevant information to make decisions on the company's operations. Those reports are the <em>balance sheet, income statement, owner's equity statement, retained earnings, </em>and <em>the cash flow statement.
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As its name says, <em>the cash budget is an estimate of the inflows and outflows of a company for a given period. This budget is not a financial statement.</em>
Answer:1/2 of an answer is zero
Explain:i dont know how i got it. other people can help you if you get it wrong
Answer:
3. the difference between the lease payments receivable and the fair value of the leased property.
Explanation:
The lessor should remove the book value of the asset from its balance sheets and replace it with the amount that he will receive. To do this, the lease receivable in a direct-financed lease is best defined as the differences between the receivable lease payments less the book value of the asset when it was sold.
