Answer:
It will be reported as accrued expenses (c)
Explanation:
Accrued expenses represents amount owed for either serviced that has been enjoyed or goods that have been delivered but yet to be paid for.
Income statement is prepared on accrual basis, hence, these expenses will be recognized in the current period and matched with revenues generated.
Answer:
The City of Willows
Reconciliation Entries:
Debit Cash $500
Credit Deferred Revenue $500
To record the increase of deferred revenue.
Debit Compensated Absences Expense $150
Credit Compensated Absences Liability $150
To record the increase of compensated absences.
Explanation:
a) Data and Calculations:
Beginning balances:
Deferred Revenue = $3,500
Compensated Absences Liability = $1,000
Increases during the year:
Deferred Revenue = $500
Compensated Absences = $150
Reconciliation Entries:
Cash will increase by $500 and Deferred Revenue will increase by $500
Expenses will increase by $150 and Compensated Absences (Liability) will increase by $150.
Answer: B. 1023, 1500, 2000}
Explanation:
The Optimal solution should contain the set of quantities that would require the lowest no. of orders to achieve a discount in a class.
1,023 is quite close to the lowest amount required of 1,000 in the 1,000 to 1,499 range.
So are 1,500 and 2,000.
Option D can also work but it has too many order quantities and will inflate the price.
The Optimal Solution therefore has to be from this option.
Answer:
D. $ 3 million or more
Explanation:
Since the minimum materiality amount on individual basis is $3 million for client's income statement.
Therefore, whether it is on individually or collectively identified that there is misstatement of at least $3 Million the auditor will consider it material.
They will notify appropriate authorities regarding the misstatement.
The answer is D.
Copy is usually used to indicate the letter have been send to someone else
