Answer:
Goodwill Impairment (Debit)
Goodwill (Credit)
Explanation:
In case goodwill is impaired, then the entry to record this impairment will be Goodwill Impairment Debit and Goodwill Credit.
By crediting the Goodwill, the account will be reduced. This shows that the business is currently worth less than is accounted for. The Goodwill account is reduced to identify this difference.
The Impairment loss is an expense and must be reflected in the income statement. Therefore, while we reduce Goodwill amount from balance sheet. We record the expense on the income statement, which would mean that the current year profit amount will be reduced.
Answer:
The journal entries for the premium offer for 2016 would be as follows:
Debit Credit
Pemium Expenses A/C dr. $800,000
Current Liabilty $800,000
Prize A/C dr. $480,000
Cash $480,000
Current Liabilty A/C dr. $224,000
Prize $224,000
Explanation:
In order to record the journal entries for the premium offer for 2016, we need to calculate first the amount of the premium expenses as follows:
Pemium Expenses A/C dr=($2,000,000/5)*2=$800,000
Therefore journal entries for the premium offer for 2016 would be as follows:
Debit Credit
Pemium Expenses A/C dr. $800,000
Current Liabilty $800,000
Prize A/C dr. $480,000
Cash $480,000
Prize=$560,000/5*2=$224,000
Current Liabilty A/C dr. $224,000
Prize $224,000
Answer:
$11,500
Explanation:
The elements of the income statements (revenue and expenses) are usually closed to the income summary.
The revenue account is normally a credit balance and would be closed by debiting it and crediting the income summary while the expense which is usually a debit balance is closed by crediting the account and debiting the income summary.
The dividend declared and paid is a part of the retained earnings and is not closed to the income summary.
Hence the balance in the Income Summary account prior to closing net income or loss to the Retained Earnings account
= $18,000 - $6,500
= $11,500
The type of bank loan which this scenario best describes is an unsecured loan
<h3>What is a Bank Loan?</h3>
This refers to the amount borrowed by a financial institution to a customer or individual to be repaid at a certain time.
Hence, we can see that based on the given scenario by Dawn who owns a hair salon, she collects a loan to start her business and it is backed, therefore, this is an unsecured loan
Read more about bank loans here:
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Answer:
The US constitution partitions government into three unmistakable branches.These branches are:
(an) Executive
(b) Legislative
(C) Judicial branches
This idea is additionally called "partition of forces". Each branch is equivalent to the next i.e each branch is autonomous from the other, however every hold same position and yes the facts confirm that the establishing father legitimize each part of government as vital for a sound republic Because the establishing father assume a significant job to partition the framework into three branches.
Governing rules: Each branch have its own duties and simultaneously, for the smooth running of the nation these three branches cooperate thus, that the privileges of residents are not overlooked and each resident treated equivalent to other and This is conceivable or done through checks and balances.A branch may utilize its forces so as to keep up a level of influence between these three branches.By this, nobody branch hold more force. each branch hod balanced governance over the other.
INTERESTS OF MINORITY SHAREHOLDERS OVER MAJORITY SHAREHOLDERS:
Significant piece of India's populace by and large comprises of minority part the interests of minorities are retained by the administration to more prominent degree , in practically all the areas, for example, training, modern, science and medicals, minorities are given significant significance . Numerous administration motivation are likewise embraced by the judicial,executive and council level of the legislature.
Result: The ancestors separated the legislature into 3 kinds, in order to give equivalent rights all the interests of people at all levels. Such in detail is as of now clarified above in the above segment.