Answer:
31 Dec 2021 Interest Expense $667 Dr
Interest Payable $667 Cr
Explanation:
The bond will pay the interest at maturity. However, following the accrual basis of accounting requires to match the revenue and expenses for a period and requires such transactions to be recorded in their respective periods. The year end adjusting entry will be made on 31 December 2021.
The interest expense for the period from August to December, 5 months, will be recorded on 31 December 2021 as interest expense and credit to interest payable.
The interest expense is = 16000 * 0.1 * 5/12 = $666.67 rounded off to $667
Answer:
b. False
Explanation:
LIFO stand for Last in First Out. This means LIFO inventory valuation is based on earlier goods purchased.
So, when costs are decreasing, they are affecting latter prices and this usually affect FIFO (First in First Out) not LIFO.
<span>Stephanie is indeed liable, as she made first contact with an intent of violence. Thom did not respond physically, and therefor retains his right to sue Stephanie for any damages made to him, physically or emotionally.</span>
