Answer:
$197,000
Explanation:
Given that,
Retained earnings balance at the beginning of the year = $151,000
Cash dividends declared for the year = $46,000
Net income for the year = $92,000
Ending balance for retained earnings:
= Opening balance + Profit earned during the year - Cash dividends declared for the year
= $151,000 + $92,000 - $46,000
= $197,000
<u>Answer: </u>Outsourcing refers to having work performed overseas.
<u>Explanation:</u>
Outsourcing means the business hires third party firms for performance of service or product. Companies adopt this measure to reduce their business costs. With the help of outsourcing the overhead and labor costs can be cut down.
Contract manufacturers produce goods on behalf of the company for cost benefit purpose or availability of raw materials. One of the disadvantages of outsourcing is that the sensitive information about the company may be leaked. Through outsourcing some of the activities the company concentrate on core business activities.
Answer:
May 1, 2020 - No Entry
Explanation:
IFRS 15 requires an entity to recognise revenue <em>when</em> entity transfers the goods or services to the customer.
Transfer of the mower happens on May 31, 2020, this is the date at which Revenue is recognised.
The cash is also paid on May 15, 2020, according the <em>accruals concept</em>, no entry must be done on May 1,2020. Only when the payment occurs should there be a record in Vaughn books.
