Which of the following series uses commas correctly?

The following purchase transactions occurred during August for Elegance Catering Service: Aug. 4 Purchased cleaning supplies for

PtichkaEL [24]

Answer:

Debit Credit

Aug 4 Cleaning Supplies 79

Accounts payable 79

(Innovation Supplies)

Aug 19 Office Equipment 4900

Accounts Payable 4900

(Office Warehouse)

Aug 23 Cleaning Supplies 209

Accounts Payable 209

( Rubble Supplies)

Explanation:

3 0

3 years ago

16. Which Response core capability involves ensuring the capacity for timely communications in support of security, situational

il63 [147K]

Answer: Operational communication

Explanation: Operational communication is the core mechanism that is responsible for the on-time communication. This is based on the carrying out operations and tasks . This helps in the management of security , improving the awareness , guiding the task etc.

Usually internal operational communication is used in the organization for communicating and performing the tasks. It helps in maintaining the communication flow within a certain organization among all the departments.

3 0

3 years ago

Stiner has chosen to accrue the liability for compensated absences at the rates of pay in effect when the compensated time is ea

marshall27 [118]

Answer:

True

Explanation:

A compensated absence is employee time off with pay, which can arise in such situations as sick leave, holidays, vacations, and jury duty. To account for compensated absences, it is not necessary to separately recognize them when they are earned and used within the same period, since it is typically rolled into the general compensation expense. However, they must be charged to expense and recorded as a liability when they are earned and their use is deferred to a later period.

An employer should accrue a liability for compensated absences payable to employees for their future absences, but only if all of the following conditions are met:

• The payment obligation for future absences is based on employee services already rendered.

• The amount of the obligation can be reasonably estimated.

• Payment is probable.

• The obligation is for employee rights that vest or accumulate.

5 0

3 years ago

Nutritional Foods reports merchandise inventory at the lower of the cost or market. Prior to releasing its financial statements

ELEN [110]

Answer:

1. Debit Cost of goods sold $5,000

Credit Inventory account $5,000

Being entries to write down merchandise inventory to its realizable amount.

2. Revised partial Income statement

Amount

Sales revenue $121,000

Cost of goods sold <u> ($54,000 )</u>

Gross Profit <u> $67,000 </u>

Explanation:

According to IAS 2 inventories, Inventory is initially be recognized at the cost of purchase (which includes the cost of the item and other associated cost such as freight)

Subsequently, inventory would be measured at the lower of cost or net realizable value.

As such, whenever the cost is higher than the net realizable value, the cost of the inventory will be written down by

Since the current replacement cost of ending merchandise inventory is $16000 and the Cost is $21000.

Amount to be written down

= $21000 - $16000

= $5,000

To adjust for this,

Debit Cost of goods sold $5,000

Credit Inventory account $5,000

Total amount in cost of goods sold = $49,000 + $5,000

= $54,000

Revised partial Income statement