Answer: Option B
Explanation: Packaging is the process of protecting the product so that its distribution and sales could be done easily and effectively. Apart from protection, the packaging of a product enhances its value and give it distinct feature over other product.
Labeling refers to the process of describing something using a word, phrase or sometimes even a picture.
Both packaging and labeling gives an identity to the product. It gives the idea to the customer of the company making such product, this further results in brand loyalty from the customers, thus, a stronger customer base.
From the above we can conclude that the correct option is B.
Answer:
The correct option is D. $ 20,000
Explanation:
$ 20,000 is the revenue that will recognize in the first year of the contract Because the company Mass LLP will have no more continuing involvement with the Company Sunny Dale.
All the license transfers a right of use to Sunny Dale, and all license revenue $20,000 will be recognized upon transfer of control of the software to the customer
It is given that the company failed to record $3,700 of insurance coverage that had expired and accrued salaries expense of $2,250. It means the company has failed to record the total expenses of (3700+2250) = $5,950. This understatement of the expenses shall result in an overstatement of the income in the Income statement. Further, it will also result in the overstatement of assets (Prepaid Insurance) by $3,700 and understatement of liabilities for salaries payable by $2,250.
As a result of these two oversights, the financial statements for the reporting period will show overstatement of the income by $5,950 in the Income statement and overstatement of assets (Prepaid Insurance) by $3,700 and understatement of liabilities for salaries payable by $2,250 in the balance sheet.
Here are several advantages to buying an existing business; Immediate cash flow, existing costumers, suppliers, and financial history.
