Separation of duties is important for internal control of

Wood Incorporated factored $165,600 of accounts receivable with Engram Factors Inc. on a without recourse basis. Engram assesses

ruslelena [56]

Answer:

The journal entries are shown below:

Explanation:

Cash $149,040

Due from factor $11,592 ($165,600 × 3%)

Loss on sale of receivables $4,968 ($165,600 × 3%)

To Account receivable $165,600

(Being the factoring of account receivable is recorded)

Account receivable $165,600

To Due from factor $11,592 ($165,600 × 3%)

To Cash $149,040

To Gain on sale of receivables $4,968 ($165,600 × 3%)

(Being the factoring of account receivable is recorded)

Only these entries are passed

5 0

4 years ago

Which of the following is an example of a content management system (CMS)?

Grace [21]

Some examples of a content management system (CMS) are:

WordPress,
Joomla,
Drupal,
Wix,
Ghost.

<h3>What is content management system?</h3>

This refers to the software that helps users create, manage, and modify content on a website without having to code.

Hence, we can see that Some examples of a content management system (CMS) are:

WordPress,
Joomla,
Drupal,
Wix,
Ghost.

Read more about content management system here:

brainly.com/question/15077884

#SPJ1

4 0

1 year ago

Logan owns a horse ranch. Logan dislikes horses, but he opened the ranch because he heard it was a lucrative business and he wan

Mama L [17]

Answer:

Logan Horse Ranch

The most accurate is:

e. None of the above are correct

Explanation:

Logan's payment to his brother, Luke, of $500 per hour, is not a reasonable business expense that can be deductible. Surely, $500 per hour is not a going rate for cleaning the horse stalls per hour. With Lucy doing grocery shopping for Logan, it does not resonate like an ordinary and necessary expense for the business. Therefore, options A to D are not correct. This leaves only option E as the most accurate.

3 0

3 years ago

Classify each of the following financial statement items based upon the major balance sheet classifications. select a major bala

seropon [69]

Answer:

Prepaid Advertising - Current Asset

Equipment - Property, Plant, and Equipment

Trademarks - Intangible Assets

Salaries and Wages payable - Current Liabilities

Income Tax payable - Current Liabilities

Retained Earnings - Stockholder's Equity

Account Receivable - Current Assets

Land (Held for future use) - Long term Investment

Patents - Intangible Asset

Bonds Payable - Long term Liability

Common Stock - Stockholder's Equity

Accumulated Depreciation - Property, Plant, and Equipment

Unearned sales revenue - Current Liability

Explanation:

Balance Sheet of a company has different heads under which items are classified according to their nature. The major account heads for classification are Assets, Liabilities and Equity.

Prepaid Advertising and Account receivable are classified as current asset because this is expected to be used within a year.

Equipment is classified as Long term asset under the head, Property, Plant and Equipment. The equipment has estimated useful life more than a year then it is classified as Long term asset.

Trademarks and patents are classified as intangible assets, because they are not physical in nature.

Salaries and Wages payable, Income Tax payable and Unearned sales revenue are classified as Current liabilities. These expenses are due to pay within a year.

Retained Earnings and Common Stock are classified as Stockholders equity. The amount after subtracting all liabilities from total assets is referred to as Stockholder equity.

Accumulated depreciation is deducted from Property, Plant and Assets. This has negative sign and is a contra asset account.

5 0

3 years ago

3. Suppose that all households hold all their wealth in assets that automatically rise in value when the aggregate price level r

alexira [117]

Answer:

What happens to the wealth effect of a change in the aggregate price level as a result of this allocation of assets?

The consumers' wealth effect will rise since the slope of the aggregate demand curve increases as the prices of assets increases, i.e. the slope of the aggregate demand curve becomes steeper as customers become wealthier.

Will aggregate demand still be downward sloping? Why or why not?

The aggregate demand curve sill still be downward sloping because as the price of a good or service increases, the quantity demanded will still decrease. An inverse relationship exists between price changes and quantity demanded.

8 0

3 years ago