Which of the following statements does not accurately describe the fair-value method of accounting?

Salaries Expense before adjustment at September 30, the end of the fiscal year, has a balance of $140,000. The amount of accrued

MatroZZZ [7]

Answer:

income summary 143,100 debit

salaries expense 143,100 credit

Explanation:

The company will do an adjusting entry to reocrd the expense for the accrued but not payed salaries of the year:

salaries expense 3,100 debit

salaries payables 3,100 credit

Thus, the total slaries expense for the year would be:

140,000 + 3,100 = 143,100

To close we will leave the expenses balance at zero thus, we will credit this amount against an auxiliary account called income summary.

5 0

1 year ago

(will mark brainlyst)

lesya692 [45]

Answer:

1. I could jump start an independent bookstore in the metropolitan that I live in right now. The only bookstore around me is 12 miles away at the mall, and I ponder a good place to put a bookstore is the little city focus with restaurants and other small commerce who sell clothes.

2. I will use stock funds also known as equity funding

Get loan from the bank

3. Funding using debt allows you to keep all ownership of the company and equity funding gives control to someone else and puts a price on the company which isn’t good if just a small start up

4. Equipment: $10,000 to $125,000.

Incorporation Fees: Under $300.

Office Space: $100 to $1,000 per employee per month.

5. Our company will use cash basis. As it is easier to do a business with cash inflows rather than accrual basis where you have to wait till the payment is made.

6. Double entry bookkeeping is better for larger businesses, ones with more transactions, or anyone who wants to keep track of more details. In double entry bookkeeping, TWO entries are made for each transaction: a debit in one account and a credit in another. For example, to pay a $200 bill to a utility the Cash Account would be debited $200 and the utility account would be credited the $200.

7. Competition risk - there could be another business that draws customers away from your company.

Economic risk- if the economy is doing poorly, it could increase costs or reduce sales

Reputation - if someone posts a bad review online, how will that effect your sales?

Legal/Compliance issues- you have to comply with industry regulations and laws, and there is great risk to you and the business if you break these rules

Resources risk - if you rely on a specific material to run your business and that material isn't available you could be in trouble (ex. if the orange crop is wiped out by a hurricane, orange juice makers could be in trouble)

Explanation

Your Welcome

7 0

2 years ago

A given inventory item has a per-year holding cost of $500. One method of shipping this item is three days faster than the other

maxonik [38]

Answer: $1.61

Explanation:

From the question, we are informed that a given inventory item has a per-year holding cost of $500 and that one method of shipping this item is three days faster than the other, but it is $2.50 more per unit.

Using the slower method would be 1.61 more expensive overall than using the faster method. To do this, the holding cost has to be multiplied by speed differential. From the result gotten, we will now divide by 365 since 365 days make a year.

After the figure had been gotten, we will ow compare it to the actual difference of the shipping cost.

7 0

2 years ago

As you consider the factors of production, which of the following did management theorist Peter Drucker believe to be one of the

MrRa [10]

Answer:

b. Labor

Explanation:

Peter Drucker believe to be one of the most important contributing factors to increasing our nation's wealth is the workforce / employee of the organization. He also emphasized to align the organization's objective with employee's objective. Employee is the main focus in his theory. So Labor is the correct option according to his theory.

4 0

2 years ago

Mary and Ted are discussing starting a new business and are asking themselves a series of questions like, "What is the worst tha

MissTica

Answer:

Mary and Ted need to determine the type of partnership business they plan to enter into, if it is a General Partnership, Limited Partnership and Limited Liability Partnership.

The type of partnership business will determine their individual liabilities, in the event the business folds up. Furthermore, In a bid for Mary and Ted to answer questions like,"What is the worst that could happen if we fail, they will need a partnership agreement, which states the terms of agreements of each partners.

Explanation:

Mary and Ted need to determine the type of partnership business they plan to enter into, if it is a General Partnership, Limited Partnership and Limited Liability Partnership.

The type of partnership business will determine their individual liabilities, in the event the business folds up. Furthermore, In a bid for Mary and Ted to answer questions like,"What is the worst that could happen if we fail, they will need a partnership agreement, which states the terms of agreements of each partners.

4 0

1 year ago