Answer:
Find attached complete question with the multiple choices:
The correct answer is false
Explanation:
The statement implies that in an hospitality business,13% to 16% of the guests checked in, in order to be served for free.
Hospitality business sector prouds itself in having clients that have taste and want value for money,this is evident in their ability to make payments for hotel reservations prior to arrival,as a result ,it would be out of place to say 13% to 16% of such individuals want free service.
Everyone knows that such luxury of service comes at a premium price,it is not in anyway similar to buying a course online where to some extent you enjoy a free service(freemium) and expected to pay for any service above the minimum.
All in all,hospitality is pay as you go.
Answer:
a. Cash for $180
Explanation:
The receipts from the petty cash fund indicate that the owner of the box made purchases adding up to $177. Therefore that money is no longer part of the fund. Since the fund holds $200 and currently only has $20 then to replenish the account the journal entry would need to include a credit to cash for $180 ... ($200-$20=$180)
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Answer:
Bad Debt Expense ($40,000 - $3,200) $36,800
To Allowance for Doubtful Accounts $36,800
(Being the bad debt expense is recorded)
Explanation:
The adjusting entry is shown below:
Bad Debt Expense ($40,000 - $3,200) $36,800
To Allowance for Doubtful Accounts $36,800
(Being the bad debt expense is recorded)
For recording this we debited the bad debt expense as it increased the expenses and credited the allowance for doubtful debts as it decreased the value of the assets
And since there is a credit balance so the same is deducted from the account receivable
Answer: they will report an interest expense of $150000 in December 2020
Explanation:
firstly we calculate how much interest will be accumulated for the whole year so we are given a $5 million Dollar purchase which is the amount that will accumulate interest over time, then we have been told the company ha issued a 1 year installment note therefore we have a time frame.
so now we will calculate the yearly interest of $5 million :
$5 000000x12% = $600000 so the company will accumulate this interest yearly then we divide this amount by 12 to get the monthly interest.
$600000/12 = $ 50000 per month interest thereafter we will multiply the monthly interest of $50000 by 3 months which is months from October to December.
therefore the interest expense to be reported on the December 2020 income statement is $50000 x 3= $150000
Answer:
The correct answer is: The firm would present the order to the Options Clearing Corporation.
Explanation:
The Options Clearing Corporation or OCC works under the Securities and Exchange Commission (<em>SEC</em>) and acts as a guarantor and the issuer of options and futures contracts. The OCC is also in charge of clearing transactions for stock indexes, interest rate composites, and foreign currencies.
