Answer:
$42,700 cash is available for distribution
Explanation:
In order to calculate the cash available for sharing, we will first identify the debit and credit transactions. Debit transactions are expenditures, while credit transactions are incomes, hence we need to calculate the difference between the income and the expenditure.
Available cash = Everett (credit) - Miguel (debit) + Ramona (credit)
Available cash = 52,800 - 47,500 + 37,400 = $42,700
Therefore $42,700 is available in cash for distribution to the partners
True! culinarian comes from the root word 'culinary'
Answer:
c,d and e
Explanation:
The correct statements given in the options are as stated below:
(c)-Terms FOB shipping point means the buyer accepts ownership when the goods depart the seller's place of business.
<em>This is true because Free on Board shipping means that the seller bears no liability whatsoever once the goods are shipped.</em>
(d)-When the shipping costs are the responsibility of the buyer, then the Merchandise Inventory account is debited for the freight charges.
<em>This is true because Free on Board shipping means that the seller bears no liability whatsoever once the goods are shipped, hence the shipping costs are the buyers responsibility and will form part of the costs of the goods</em>
(e)-Revenue for the sale will be recorded after the goods reach their destination, if the goods are shipped FOB destination.
<em>This is true because Free on Board destination means that the seller bears all liability whatsoever till the goods are delivered, hence the revenue for the goods can only be recognized upon successful delivery</em>
Answer:
$1,300
Explanation:
Given that,
On November 15, 2021
sold gift cards = $1,950
Of the gift cards sold in November,
Redeemed in November = $195
Redeemed in December = $455
Therefore, the deferred revenue is as follows
= November sales - Redemptions
= November sales - (Redeemed in November + Redeemed in December)
= $1,950 - ($195 + $455)
= $1,950 - $650
= $1,300
