<u>Solution and Explanation:</u>
<u>Journal entry to record the purchase the bags of insultaion.</u>
Date Particulars Debit Credit
Inventory $6875
accounts payable $6875
(Purchased insulated bags from Glassco Inc., 1250bags at the rate $5.5 each)
<u>entry to record the payment for shipping</u>
Inventory $320
cash $320
( paid shipping charges for bags to warehouse)
<u>entry for return of the defective bags</u>
accounts payable $275
Inventory $275
( returned defective bags to glassco Inc)
<u>To record the payment for the bags kept by compass.</u>
Accounts payable $6600
cash $6600
( payment for remaining bags to Glassco Inc., )
Answer:
The correct answer is letter "C": "If you do not report any differences with 15 days, it will be assumed that this statement is correct".
Explanation:
Accounts Receivable, or AR, is an accounting term used to refer to the money that is owed to a company by its customers. The customers, who may be individuals or corporations, are the debtors since they owe money for the goods or services provided by the company. When the product is sold in credit the company sets a number of days so that the customer can pay the bill amount. The term usually is 30, 60 or 90 days.
In that sense, and auditor may find 15 days suitable for a debtor for report changes in a statement, otherwise, it is considered as correct.
Answer:
Option (D) is correct.
Explanation:
Imperfect information refers to a situation in which both the parties (i.e buyer and seller) have different information. For example; In a market of second hand car industry, the buyer have less information about the car as compared to the seller. In this type of industry, the seller have more information about the condition and quality of used car.
In our case, the seller of antique have more information about the product, so this will lead to give a disadvantage to a potential buyer of antique.
<h2>Sebastian is employing <u>Goal setting</u> as a mechanism of career management.</h2>
Explanation:
<u>Goal setting:</u>
- Serve as a base for "Human resource Planning"
- It is proven that those employees who have goal setting will show good performance on their job.
- This will directly or indirectly promote the organization
- We can achieve organizational goals too
- Goal setting techniques are used by successful people around the world
- This might even be a favorite interview questions because the HR can understand how effective the employee would be for the organization.
Answer:
$7,580
Explanation:
In April of this year, Tim paid $1,160 with his state income tax return for the previous year.
Tim had $5,200 of state income tax
Tim made estimated payments of $1,220 of state tax.
Therefore:
$1,160 + $5,200 +$1,220=$7,580
Tim can deduct the state taxes paid with state income tax return for the previous year, state tax which was withheld during the year, and estimated payments of state tax, a total of $7,580 in which the expected refund next year will not affect the deductions for this year, due to the fact that it may be taxable next year under the tax benefit rule.
