The action or process of keeping financial accounts is what accounting means
Answer: C. Both parties now have an obligation to their agreement.
Explanation:
When parties get into a contract, they have a legal obligation to each other to fulfill their part of the agreement or the other party will be able to seek redress in a court of law.
Terrance and the bank are now parties to an agreement to provide Terrence with a loan to buy a house. The bank will have to fulfill this obligation by giving Terrence the loan and Terrence will fulfill his side of the agreement by making payments as stipulated in the loan covenant.
Answer:
$25,400
Explanation:
Equity which represents the amount owed to the owners of the business includes retained earnings (which is the accumulation of the net income/loss over the years less dividends paid) and common shares.
The movement in the retained earnings balance may be expressed as
Opening balance + net income - cash dividend paid = closing retained earnings balance
Cash dividend declared - Cash dividend paid = Cash dividend payable
$49,000 - Cash dividend paid = $23,600
Cash dividend paid = $49,000 - $23,600
= $25,400
Answer:
C.$ 8 comma 798$8,798
Explanation:
Given,
Purchase value = $16,600
Considering the relative values
Relative value of land = $6,500
Total relative value = 6500 + 2400 + 3400
= $12,300
Using the relative value to allocate the purchased value of the land
Purchased cost of land = (6500/12300) × 16,600
= 0.53 × 16,600
= $8,798
The amount that would be debited to the Land is $8,798 Option C
