Answer:
a. Office Supplies Expense a/c Dr. $750
Explanation:
We are provided that office supplies are recorded as an expense, in that case entry will be:
Office Supplies Expense A/c Dr.
To Cash A/c
After this, there is a valuation of closing balance of supplies in hand.
As per books = $4,000
As per inventory of supplies in hand = $4,750
The difference = $4,750 - $4,000 = $750
This will be recorded in Office supplies expense as in this account only the supplies are recorded.
Therefore correct option is
a. Office Supplies Expense a/c Dr. $750
Answer:
The correct answer is D.
Explanation:
Giving the following information:
A charity plans to invest annual payments of $60,000, $70,000, $75,000, and $50,000
We need to use the following formula for each deposit:
FV= PV*(1+i)^n
Deposit 1= 60,000*(1.055)^3= $70,454.48
Deposit 2= 70,000*(1.055^2)= $77,911.75
Deposit 3= 75,000*(1.055)= $79,125
Deposit 4= 50,000
Total= $277,491.23
The correct answers are as follows:
1. The primary stakeholders of a business are defined as those individuals who engage internally in economic transactions with the company. Primary stakeholders have direct interests in the company and they are affected by the policies, objectives and the actions of the company.
Secondary stakeholders are those individuals who do not have direct interest in the company.
2. SHAREHOLDERS AND CUSTOMERS are some of the primary stakeholders of a business. Other examples of primary stakeholders are: suppliers, creditors, employees, investors, etc.
The primary stakeholders of a company depend on the financial well being of the company for their own benefits and the company also depends on their efforts in order to succeed.
3. THE GENERAL PUBLIC AND THE COMMUNITY IN WHICH A COMPANY IS LOCATED are some of the secondary stakeholders of a business. Other examples of secondary stakeholders are: the media, business support groups and activist groups.
It is very important for a company to identify and work with its secondary stakeholders. Companies who recognize and cooperate with their secondary stakeholders usually achieve good reputation and goodwill and always get supports for their expansionary efforts.
Answer:
$80
Explanation:
This can be calculated as follows:
<u> Lake Co.</u>
Details $
Customer advances balance Dec 31, 2008 110
Advances received with 2009 orders 195
Advances applicable to orders in 2009 (180
)
Advances from orders canceled in 2009 <u> (45) </u>
Current liability for advances <u> 80 </u>
Therefore, Lake should report $80 as a current liability for advances from customers in its Dec. 31, 2009, balance sheet.
Answer:
To record the initial purchase, the entries required in Joy's Accessories are:
Debit Purchases Account with 69x$11 - $759
Credit Supplier's Account (Accounts Payable) - $759
Explanation:
The initial purchase is recorded as it was made without taking into account activities that happened after.
Once value had been received, it is recognized immediately. When 9 necklaces are returned before payment, then the entries above would be reduced by 9 x $11 or $99 through Purchases Return Account.
If payment is made within 10 days, Joy's Accessories will be able to take advantage of the 3% cash discount offered by the supplier and then pays the net value. And subsequently, this will be recognized in the books.
