Answer:
Summary entry is shown below
Explanation:
The preparation of the summary entry is shown below
Salary expense $15.1 million
To Cash $9.4 million
To Salary payable $5.7 million
(Being the salary expense is recorded)
Simply we debited the salary expense by $15.1 million as the expenses account is debited while on the other hand, the cash is paid for $9.4 million and the salary payable is credited for $5.7 million
Answer:
The answer is "Option A"
Explanation:
In this Act, the U.S. Congress in 2002 to financing offers against the risk of corporate accounting fraud. To enhance account statements on firms as well as reduce financial crimes, its Sarbanes Oxley Act (SOX) authorized information pertinent.
- The SOX has been introduced in the early 2000s throughout responding to its accounting irregularities.
- The Shareholder commitment within financial reports has been shattered by controversies in everything from Enron, Tyco, and WorldCom and a rewrite in regulatory requirements.
<span>It is not necessary to build a new market supply schedule </span><span>when there is a change in the price of a good
</span>
Answer:
$76,440
Explanation:
Calculation to determine the proper amount of net income as of December 31, 2018
Net income $87,000
Less Adjusted for insurance ($4,050)
($16,200*3/12)
Less Adjusted for deferred income ($2,700)
Less Adjusted for supplies ($2,100)
Less Adjusted for interest ($1,710)
($57,000*9%*4/12)
Net income (Adjusted) $76,440
Therefore The the proper amount of net income as of December 31, 2018 will be $76,440
Answer:
b. A term loan
Explanation:
A term loan is a type of loan that has a series of fixed payments with an interest rate, which can also be fixed, or unfixed.
The word fixed payment means that the payments have a specific date in which to be made.
In this case, Timini Inc is using a term loan to finance its operation because the bank mandates Timini Inc to return the borrowed amount with a regular schedule of fixed payments.
