Answer:
Journalize the following transactions for the Scott company:
Nov 4. Received a $6,500, 90-day, 6% Note from Michael Tim's in payment of his account.
Dr Notes receivable 6,500
Cr Accounts receivable 6,500
Dec 31. Accrued interest on the Tim's note.
Dr Interest receivable ($6,500 x 6% x 57/365) = 60.90
Cr Interest revenue 60.90
Feb 2. Received the amount due from Tim's on his note.
Dr Cash 6,596.16
Cr Notes receivable 6,500
Cr Interest receivable 60.90
Cr Interest revenue 35.26
I did all my calculation based on a 365 day calendar year. Generally banks calculate interest on a 360 day calendar year.
Id say its A, because entrepreneurs start a business to make a profit.
Answer: Hiring people for vacant positions.
Explanation: Staffing basically is defined as the act of hiring/employing people to fill in vacant positions.
When considering who to hire the person's qualifications, skills, and past records are mainly considered to determine when the person being hired is the right fit for the job. If these requirements are not met by the job applicant he/she is turned down most times.
The correct option is C. The valuation of the cost of goods sold which is recorded in its book as $5,900 and stock available for sale is $3,900 under the FIFO method.
<h3>
Why is the FIFO method used for Inventory Valuation?</h3>
FIFO will enable you to claim a higher average cost-per-piece on newer inventory, which can help you save money on taxes if your inventory costs are declining over time. Because it assumes that older products are no longer in use, FIFO does not necessitate as much documentation as LIFO.
Calculation Cost of Goods Sold (COGS) under FIFO Method:
COGS = 800 x 2 + 700 x 3 + 300 x 3 + 1300 x 1 =
COGS = $5,900
The calculation for Stock available for Sale:
Stock available for Sale = 700 x 1 + 800 x 4
Stock available for Sale = $3,900
Thus, the Cost of Goods Sold is $5,900, and the stock available for sale is $3,900 under the FIFO method.
Learn more about FIFO here:
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Answer:
Financial accounting practise is governed by concepts and rules known as generally accepted accounting principles <em>GAAP </em>. To use and interpret financial statements effectively we need to understand these standards. If these standards are not understood implemented or maintained the companies would fail to achieve their targets and lose all the business.
A main purpose of GAAP is to make information in financial statements relevant reliable and comparable. Relevant information affects the decision of its users. Reliable information is trusted by users. Comparable information is helpful in contrasting organizations.
An audit examines whether financial statements are prepared using GAAP. It does not attest to the accuracy of the statements.
State ethics codes requires CPAs who audit financial statement to disclose areas where those statements fail to comply with GAAP. If CPAs fail to report non compliance , they can lose their licenses and subject to criminal action and fines.