The fact that the business that Bhat and Cho do as Data Security, means that for the purpose of collecting judgements and having accounting performed, most states would treat the firm as an <u>independent entity.</u>
<h3>What is an independent entity?</h3><h3 />
An independent entity is one that does not get counted along with the assets of its owners or partners. In other words, it is independent of the affairs of its owners and is treated as having its own identity.
In this case, the Data Security partnership that Bhat and Cho have will be treated as a separate entity from them which makes it an independent entity.
This is purely for the purpose of collecting judgement and having proper accounting records kept. And even at that, not all states in the United States will require this.
In conclusion, this is an independent entity.
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Answer:
B) the allowance account and estimates are used.
Explanation:
When a company uses the allowance method, it will record an adjusting entry for the losses it anticipates from bad credits given to customers. The bad debts expense account is debited and the allowance for doubtful accounts (contra asset) is credited. Then as time passes and the amount of bad debts is exactly determined, another adjusting entry is necessary depending whether the estimate was correct or not, or if it was under or over estimated.
Answer:$163 which is favorable
Explanation:
Standard Cost per month is given as =Actual Quantity × Standard Rate
= Actual activity for number of jobs per month × Standard rate per job + Actual activity for meals× standard Rate per meal + Cost of Catering supplies
= 9 jobs×$101 per job + 126 meals × $24 per meal +$470
= $909 + $3,024 + $470 = $4,403
Also, Spending Variance = Actual cost of Catering in May- Standard cost of catering per month.
$4,240- $4,403= $163---- Favorable . This is because the actual cost for catering supplies is less than the Standard cost estimated.
Answer:
public sale
Explanation:
In business, a public sale happens when a company decides to issue shares and sell them on a stock exchange.
In this case, since Nancy's business is planning to expand its activities it has two options:
- issue new stock, if she is going to do it for the first time it would be an IPO.
- get a loan from a bank, but maybe she wouldn't be able to get a large enough loan.
To safest way to raise capital would be to issue stock.
The IMF requires Argentina to reduce government spending by cutting salaries to government workers and reducing pension payments. This is an example of Austerity.
- In order to control the rising public debt, a government may enact strict economic policies known as austerity, which are characterized by increased frugal living.
- There are three main categories of austerity measures: raising taxes to finance spending, raising taxes while eliminating non-essential government services, and lowering taxes while reducing spending.
- Austerity is divisive, and the effects on a country's overall well-being can be worse than they would have been otherwise.
- During periods of economic uncertainty, austerity measures were implemented in the United States, Spain, and Greece.
- Governments experience financial instability when their debt exceeds their income, leading to significant budget deficits. Government spending increases typically result in higher debt levels.
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