Answer:
E) Comput-o-Mart does not sell any computers that support only basic computing.
Explanation:
Comput-o-Mart advertisement implies that if you buy a computer somewhere else, the salespeople will try to sell you expensive computers that are usually able to support complex computing activities, even though they could sell cheaper computers that are not that "powerful". But if Comput-o-Mart only sells powerful and expensive computers, then it should be no different than the other stores. At least somewhere else you can insist on buying a cheaper computer.
Answer:
Debit : Dividend $8,000
Credit : Shareholders for dividends $8,000
Explanation:
We recognize equity item - dividend and a liability - shareholders for dividend on declaration date.
Dividend = 80000 shares x $10 x 10% = $8,000
Answer:
The correct answer is Option B.
Explanation:
The full disclosure principle is a concept that requires all necessary details relating to the notes to the financial statements are provided and explained in such a way that would be understandable to the users of the financial statements.
The disclosures are expected to be in compliance with the accounting standards, regulatory pronouncements, among others.
