Answer:
Yes, Ryan Frazier is behaving in a professional manner.
Explanation:
Yes, Ryan Frazier is behaving in a ethical and professional manner because the company is following FOB point method when shipping goods it customers due to the fact that Ryan Frazier, controller of Anstead Co., has suggested that all orders received before the end of the fiscal year be shipped by midnight as the company follows merchandise FOB shipping points the company should go ahead and record the sales in the current year Octocber 31st due to the fact that FOB shipping point means that the buyer pays all cost incurred for the delivery of the goods once the goods has left the suppliers warehouse which makes the buyer to becomes the owner of the goods in transit when the goods are been shipped by the seller.
Answer: The Correct Answer is Sales tax.
Explanation:
Sales tax is the Tax forced by the government body during the sale of the goods and services at a retail level.
While payroll tax is the tax which is forced on the salary of the employees and this tax is forced by the employer. payroll taxes are directly deducted from the salaries of the employees and directly paid to the internal revenue services by the employer.
Answer:
Indicating how each receivable is reported on the balance sheet:
(a) Advanced $10,000 to an employee = Other Receivable
(b) Received a promissory note of $34,000 for services performed = Notes Receivable
(c) Sold merchandise on account for $60,000 to a customer = Accounts Receivable
Explanation:
The advance to an employee is reported as Other Receivable, while the credit sale to a customer is reported as an Accounts Receivable. Finally, the promissory note received from a client for services rendered on credit is reported as Notes Receivable. This classification of receivables shows the true nature of the underlying transactions.
