When inspecting a fire extinguisher:

Clarion Corp. invested cash in a 6-month certificate of deposit (CD) on November 1, 2015. If Clarion Corp. has an accounting per

Ira Lisetskai [31]

Answer:

A is the correct option

Explanation:

Revenue or income is recognized based on accrual concept of accounting where revenue or income is recognized when earned and expenses when incurred not when received or paid in cash.

As a result,on the 31st December Clarion Corp. has earned two months' interest on the 6-month certificate of deposit as it has invested for two months.

The correct option is A,Clarion recognizes interest revenue on 31st December ,2015 only.

It is also important to note that the since 2015 came to end the fraction of interest revenue relating to year 2015 needs to be recognized by debiting accrued income account and crediting investment on the face of the income statement

5 0

2 years ago

Your friend Scotty informs you that in 2019 he received a tax-free reimbursement of some medical expenses he paid in 2018. Which

DanielleElmas [232]

Answer:

c.Scotty did not itemize deductions in 2018

Explanation:

Itemized deductions can be defined as a form of eligible expenses in which individual taxpayers can claim on federal income tax returns which will in turn reduce their taxable income, and this is said to be often claimable in place of a standard deduction, only in a situation where it is available which is why ITEMIZED DEDUCTIONS are expenses that are allowed by the IRS that can decrease your taxable income because when an individual itemize on his or her tax return, such individual can opt to pick and choose from the multitude of individual tax deductions out there instead of taking the flat-dollar standard deduction.

Therefore based on the Scotty scenario the statements that best explains why Scotty is not required to report the reimbursement in gross income is :Scotty did not itemize deductions in 2018

3 0

2 years ago

Describe the origins, purposes, and practices of the "long drive" and the "open range" cattle industry. What ended this brief bu

Snezhnost [94]

Answer:

The cattle industry began in the far west and furnished the great plain areas with livestock. The cattle industry progressively lost its relevance because of the excessive westward expansion, resulting in competition for the industry. There was too much cattle, but not enough food and land to sustain such great populations of livestock.

4 0

2 years ago

Camden Biotechnology began operations in September 2013. The following selected transactions relate to liabilities of the compan

USPshnik [31]

Answer:

Cash (Dr.) $12,000,000

Short term notes payable (Cr.) $12,000,000

Cash (Dr.) $2,600

Liability of refundable (Cr.) $2,600

Interest Expense (Dr.) $250,000

Interest Payable (Cr.) $250,000

Accounts receivable (Dr.) $4,100,000

Sales Revenue (Cr.) $3,977,000

Sales Tax Payable (Cr.) $123,000

Cash (Dr.) $10,000,000

Bond Payable (Cr.) $10,000,000

Explanation:

<u>Liability Schedule 2013,</u>

Accounts Payable $252,000

Current Portion of notes payable $2,000,000

Interest Payable $250,000

Sales tax Payable $123,000

Liability for refundable deposit $2,600

Total Current Liability $2,627,600

4 0

2 years ago

Companies that use job-order costing ______. Multiple choice question. make unique products use a series of standardized process

tamaranim1 [39]

Companies that use job-order costing make unique products.

<h3>What is job-order costing?</h3>

Job order costing can be defined as a costing method that is used to calculate the cost of each unique item produce or the cost of producing each unique product that is different from the ones in the market.

Example companies can make use of job-order costing when they produce a unique bag or shoe for their customer.

Since this product they produce for this customer is unique, the manufacturer can tend to use job order costing to determine the price or selling price they will to charge the customer.

A company can use a job order cost method if it produce products with unique characteristics.

Inconclusion companies that use job-order costing make unique products.

Learn more about job-order costing here: brainly.com/question/24516871

7 0

2 years ago