Answer:
Cutoff.
Explanation:
At the end of an accounting period, it is important to ensure proper inventory cutoff to determine the ownership of goods in transit.
In Financial accounting, the term cutoff refers to the process which ensures that business transactions and activities are recorded in the correct accounting period.
An inventory cutoff involves stopping or pausing shipments or receiving of supplies of goods, in order to enable proper accounting and count checks.
Answer:
d. $ 7,125
Explanation:
Computation of interest payment due
Interest is to be calculated for 5 years, 4 years of college and 1 year after graduation per the terms of the loan.
Interest rate per year at 4.75 % $ 30,000 * 4.75 % = $ 1,425
Interest for 5 years = Annual interest $ 1,425 * 5 years = $ 7,125
Answer:
The amount credited to Kent's capital account is $111,000.
Explanation:
Mace Bowen Kent Total
Contribution $135,000 $120,000 $115,000 370,000
Kent share = 115,000
Total Capital = 370,000
Kent share in total capital = 30%
Amount credited tothe Kent's account = $370,000 x 30%
Amount credited tothe Kent's account = $111,000
