Answer:
Indicating how each receivable is reported on the balance sheet:
(a) Advanced $10,000 to an employee = Other Receivable
(b) Received a promissory note of $34,000 for services performed = Notes Receivable
(c) Sold merchandise on account for $60,000 to a customer = Accounts Receivable
Explanation:
The advance to an employee is reported as Other Receivable, while the credit sale to a customer is reported as an Accounts Receivable. Finally, the promissory note received from a client for services rendered on credit is reported as Notes Receivable. This classification of receivables shows the true nature of the underlying transactions.
Answer:
B.The Svensons Assets increased by $1800
Explanation:
The Svensons assets increased by $1,800 because even if they purchased the refrigerator for $1,900, the market value of the refrigerator is $2,300, so their assets initially increase by this amount.
However, they also withdraw $500 from their savings to pay for the refrigerator, meaning that this asset account is reduced by the same amount.
Thus, an initial increase of $2,300 minus a later decrease of $500 gives us a final $1,800 increase.
Answer: Vertical integration
Explanation:
vertical integration is simply a situation whereby an organization's or company's supply chain is owned by that organization or company.
Therefore, being less dependent on suppliers and making profits on both parts and the final product are advantages of vertical integration.
Answer:
$241,500 (Understated)
Explanation:
Calculation for how much should Sheridan's retained earnings be retroactively adjusted at January 1, 2022
Retained earnings = $121,000 (Understated) + $200,000 (Understated) - $79,500 (Overstated)
Retained earnings = $241,500 (Understated)
Therefore by how much should Sheridan's retained earnings be retroactively adjusted at January 1, 2022 will be $241,500 (Understated)
Answer:
b
Explanation:
Statement a is incorrect because of 2.8 percent instead of 2.8%
Statement c is incorrect because of February fifteenth instead of February 15
Statement b is correct
