Answer:
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Colby would rate low on openness to experience, while Carleton would rate high on this dimension based on the five-factor model.
Since Colby’s thinking is conventional, he would most likely stick with the common and proven methods in handling a business, thus, the rationale on his low rating to openness to experience.
The loss that its amount is reasonably estimable and judged to be probable should be recorded.
In accounting, the outcome of the preparation of the Income statement is to determine the profit or loss generated by the company in an accounting year.
Because an account is prepared annually, then, an loss that is more probable and can be estimated is expected to be recorded.
Therefore, the loss that its amount is reasonably estimable and judged to be probable should be recorded.
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In order for you to find out if Amy will be a valuable new business contact, you need to ask her questions about her business and tell her what you need.
<u>Solution and Explanation:</u>
<u>The following calculation is made in order to find out the value of sales tax which is payable</u>
Sales including the sales tax = $8,400
Sales tax rate = 5%
Sales Tax = $400
Sales = $8,000
Sales Tax payable = $400
<u>The following Journal Entry will be passed in the books of accounts</u>
Date Account Title Debit Credit
Mar 16 Cash $8,400
Sales $8,000
Sales Tax Payable $40