Answer:
This journal entry is incorrectly recorded making the company's net income decrease in its income statement, retained earnings are decreased in its retained earnings statement, and its assets (receivable account) and the equity of its shareholders both decrease in your balance sheet
Explanation:
The right Journal entry is:
D Account receivable 15000
C Revenue 15000
Answer:
C
Explanation:
it's called market dropout
Answer: False
Explanation: Traditionally, checking accounts are not interest-bearing accounts as savings accounts are, as they're designed for short-term cash that you'll spend soon. Savings accounts are better-known for earning interest, but these accounts ordinarily limit how often you can make certain withdrawals from the account.
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Answer:
Rebecca has a $150 realized loss on the scooter and a $300 realized gain on the painting
Explanation:
The question when looked from a taxation point of view centers on capital gains.Capital gains are gains on which a company or an individual pays capital gains tax upon disposal of their assets .
Since Rebecca bought the scooter for $700 but disposed of at $550 , it follows that Rebecca received $150 less from the purchaser, which is the realized loss on scooter's sale.
Also, the proceeds received by Rebecca on the painting was $300 much more than the cost of the painting,this refers to the gains recorded upon outright sale of the painting
