Answer: a.Vacation pay earned by employees
Explanation: Adjusting entries refers to journal entry made to ensure that some financial activity is assigned to the posting period in which the activity occurred. Their main purpose is to match incomes and expenses to appropriate accounting periods. They are made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.
Answer:
A) True
Explanation:
The Balance Sheet is a snapshot of the financial situation of a company at the end of the accountable period. It shows which productive resources (assets) the company has for the development of its activities and how they are financed. Assets can be financed by external (Obligation with creditors – Liabilities) or internal sources (Issuing equity shares - Shareholders' equity). As every Asset must be financed either or both with Liabilities or Shareholders' equity, in the Balance Sheet, the accountable equation is represented.
Answer:
33,610.42 units
Explanation:
For computing the minimum annual production rate first we have to determine the annual worth by using the PMT formula which is shown below:
Given that
Present value = $258,388
Interest rate = 10%
NPER = 7 years
Future value = $0
The formula is shown below:
= PMT(RATER;NPER;-PV;FV;type)
The present values comes in a negative
After solving this, the annual worth is $53,074.32
And, the annual operating maintenance cost is $28,599
So, the revenue should be
= $53,074.32 + $28,599
= $81,673.32
Now the minimum annual production rate is
= $81,673.32 ÷ $2.43
= 33,610.42 units
Answer:
As assets but separately from other receivables.
Explanation:
When a company lends money to its employees, managers or affiliated companies, or sells goods or services to them, it must report those accounts or notes receivables in a separate account than normal transactions carried out with external customers. This happens because the transactions must be verifiable to check if they were legal and followed the proper procedures, and at what price or interest rate were they carried out. E.g. a corporation that lens $10 million to its CEO at 1% interest rate is not doing things properly and that transaction should be reversed and proper interest rates must be charged.
