Answer:
A second mortgage loan uses real estate for security
Answer:
B.
Explanation:
Social Security is Payroll Tax.
IN FIFO periodic method, all the opening inventory and purchases for a period are taken and then the Cost of goods sold is calculated by taking the oldest purchased units first, therefore, the closing inventory comprises the latest purchased units. In the LIFO periodic method, all the opening inventory and purchases for a period are taken and then the Cost of goods sold is calculated by taking the latest purchased units first, therefore, the closing inventory comprises the oldest purchased units.
FIFO stands for "first in, first out" and assumes that the first item put into inventory is also the first item sold. Also known as "last in, first out," LIFO assumes that the last item added to inventory is sold first.
To calculate FIFO (first in, first out), determine the cost of the oldest inventory and multiply that cost by the amount of inventory sold while calculating the cost of inventory using LIFO (last in, first out). increase. The oldest inventory determines the current inventory and is multiplied by the amount of inventory sold.
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Answer:
See the attached for the answer and explanation
Explanation:
Petty cash fund is a fund that is set aside to pay for small expenses like stamps, transport, and others.
Find attached the full answer.
Answer:
$117,600
Explanation:
Given that the company has Cash sales that are normally 60% of total sales and Of the credit sales, 25% are collected in the same month as the sale, 60% are collected during the first month after the sale, and the remaining 15% are collected in the second month after the sale
In June, total sales $370,000
Amount that would not have been collected from this sale at the end of July
= 40% * 15% * $370,000
= $22,200
In July, total sales is $318,000,
Amount that would not have been collected from this sale at the end of July
= 40% *75% * $318,000
= $95,400
Hence the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31
= $22,200 + $95,400
= $117,600