Answer: Production and consumption occur simultaneously
Explanation:
Services are intangible quantities that possess value and can be traded, services cannot be stored therefore it most times is produced and consumed at the same time.
Answer: $1,900
Explanation:
Theft loss deduction is calculated by adjusting the fair market value of the asset for a theft loss floor limitation of $100 and 10% of the person's AGI.
Theft loss deduction is:
= Fair value -Theft floor limitation - 10% of AGI
= 7,000 - 100 - (10% * 50,000)
= $1,900
Answer and Explanation:
The SoX sarbanes oxley act of 2002 was enacted to address company fraud that was exemplary of Eron and worldcom and bring back the confidence held in the financial market
It was meant to increase the effectiveness of internal control in companies in keeping accounting records or financial reports reliable and fraud-proof. The SOX act increased the independence of company auditors making their reports more reliable as they didn't have to compromise because they were dependent on top managers. In addition top managers were held responsible for any fraud in accounting statements and so were to certify the reliability of reports released to the public
The entries are as follows
<u>To record estimated returns on Sales</u>
Debit: Sales Refund Payable Account $142,800
Credit: Accounts Receivables $142,800
<u>To record estimated Cost of Sales returns</u>
Debit: Inventory Returns Estimated Account $85,400
Credit: Inventory on Sales on Returns $85,400
<u>Explanation:</u>
<u>To derive the figure for Sales Refund payable for the year</u>
7% of $2,040,000
=7/100*2040000= $142,800
<u>To derive the figure for Inventory cost on Sales Refund payable for the year
</u>
7% of $1,220,000
=7/100*1220000
= $85400
Answer:Advising the partners about the business, attend the partnership meetings, vote in matters concerning the partnership, participate in the winding up of the partnership, participate in taken decisions about a change in the nature of the partnership business. (b) if partnerships in commendam participate in the running of the business he is only liable to persons who transact business with the partnership.
Explanation:
This is a form of partnership which is made up of one or more general partners whose liabilities is limited to the amount of their capital contribution to the business . A partnership in commendam does not participate in the running of the business. The name of partnership in commendam must appear in the partnership deed that such a partner is not a general partner. The partnership in commendam is allowed to perform duties such as giving advise to the General partners about the business, attending the partnership meetings, vote in matters concerning the partnership, participate in the winding up of the partnership, participate in taken decisions about the change in the nature of the partnership business.
