Answer: Odd first interest payment
Explanation: The Interest paid on the first installment is a odd first Interest payment. Such scenario comes into play when a loan with a fixed installment payment date, which is 6 months in this case (January 1st and July 1st), begins on a date which does not allow the immediate use to f this regular payment schedule. Hence, the odd first Interst payment is adopted in other to enable the lender cove r the initial period before beung able to use the usual regular payment schedule. In this case the odd first Interest schedule is between June 1st to January 1st. After which regular payment schedule commences on July 1st.
Answer:
Explanation:
Journal Entry is the way to record transactions, i.e business transactions into the record of account which is called Journal Book. It involves the identification of those account present in the transaction,know the type of account, then with accounting rule, record the transaction.
CHECK THE ATTACHMENT FOR THE PREPARED JOURNAL
<span>The rent, cable bill, and auto loan are fixed expenses that add up to $1500. $1500 divided by the $4600 total that she has is .326 so Margie spends about 33% of her budget on these fixed expenses. That is about one third of her total budget going to fixed expenses.</span>
Answer:
See below
Explanation:
1. The current ratio is the sum of current assets divided by current liabilities. It used to measure the ability of the airlines accessories to meet its short term obligation due within a year
Current ratio = $93 million + $85 million + $9 million / $80 million + $26 million
Current ratio = $187 million / $106 million
Current ratio = 1.76:1
Current ratio = 1.76 times
2. Acid test ratio. This measure liquidity but with adjustment for risky current assets i.e Inventory
Acid test ratio = Current assets - Inventories / Current liabilities
Acid test ratio = ($187 million - $173 million) / $106 million
Acid test ratio = $14 million / $106 million
Acid test ratio = 0.13:1
Acid test ratio = 0.13 times
<span>A. An auditor can accept the uncertainties in the sampling process since they have some idea in which financial statements errors are occurring. In this case their sample is not completely random.
B. The formula AR = IR Ă— CR Ă— DR is often used to describe audit risk. Here, AR is audit risk, IR is inherent risk, CR is control risk, and DR is detection risk. Inherent risk is the risk of a report containing errors due to the complex nature of how the audited business runs. Control risk is the risk that an error may occur but may not be detected by the business itself. Detection risk is the risk that the auditor may fail to find errors that are present in the business' financial reports.
C. An auditor may only sample, or inspect a fraction of a company's financial history. This is done for practical purposes, for there may not be enough time to inspect everything, or it may be too costly. If the auditor is issuing a test of controls, in which they are scrutinizing their target's internal procedures for detecting errors, then sampling may fail to see these errors.</span>
