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Tanzania [10]
3 years ago
8

In February, X City ordered $550,000 of supplies. On March 17th it received all of the ordered supplies and an invoice of $551,0

00. Which of the following would be recorded upon receipt of the supplies and invoice?A) Debit Encumbrances Control for $550,000.B) Debit Encumbrances Control for $551,000.C) Debit Budgetary Fund Balance -- Reserve for Encumbrances for $550,000.D) Debit Budgetary Fund Balance -- Reserve for Encumbrances for $551,000.
Business
1 answer:
Lemur [1.5K]3 years ago
8 0

Answer:A) Debit Encumbrances Control for $550,000

Explanation:

A) Debit Encumbrances Control for $550,000

Encumbrance  is a restriction that controls the usage of funds, Encumbrance prevents the organisation from overspending

when X city ordered supplies of $550 000 the city created an encumbrance control with an amount of 550 000. when the supplies are received expenditure on supplies will be limited to $550 000

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<u>Selective Perception </u>

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In the given case, Phoebe got excited during her presentation that she missed out upon hearing customer's questions. In such a state of excitement, her mind only perceived what she desired, thereby ignoring anything which appeared undesirable.

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4 0
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Beasley, Inc., reports the following amounts in its December 31, 2021, income statement. Sales revenue $ 330,000 Income tax expe
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Answer:

The preparation of the multiple-step income statement is presented below:

Explanation:

The preparation of the multiple-step income statement is presented below:

                                        Beasley, Inc

                     Multiple-step income statement

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Issued shares, which is the number of shares issued by a company including shares purchased and backed by a company(treasury stock).

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We do also know that treasury stock does not have any right of dividend because the shares are held by the company hence cannot pay dividend to itself.

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