1. At July 31, the company owed employees $1,300 in salaries that the company will pay in August.
2. On July 1, the company borrowed $20,000 from a local bank on a 10-year note. The annual interest rate is 12%.
3. Service revenue unrecorded in July totaled $2,400.
Required:
Prepare the adjusting entries needed at July 31, 2017.
Answer:
Amount in $
Dr. Cr.
Salaries Expense 1,300
Salaries Payable 1,300
Salaries to be paid in august
Bank 20,000
Long term loan 20,000
Loan received from bank on a 10 year note
Interest Expense 200
Interest payable 200
Expense on loan for 10 years ( 20,000 *.12*1/12)
Revenue 2,400
Receivable 2,400
Unrecorded revenue
Explanation:
1. Salaries are payable in august so a payable will be recorded for the amount. and an expense will be booked for the month.
2. Since this loan is for a period of more than 12 months so it will be treated as long term and interest on it will be calculated as mentioned above.
3. Unrecorded revenue will be recorded at mentioned above.
B) tax auditors
C) community health workers
D) social workers
E) sales managers
Answer:
Personally, as an investor I would be concerned but I would be willing to wait for 3-5 more years to help the CEO diversify the markets.
Explanation:
A company that makes a consistent loss is never a good buy for an investor. However, Amazon has done a couple of things over the last two decades that can give investors some confidence.
For one, the company has grown in revenue and the number of products they offer every year since it's inception. What began as an online book seller now sells everything, from facial creams to make up to electronics.
Amazon has also maintained a first-mover advantage and almost has a monopoly on the e-commerce business in the United States.
With such a strong position and a $140 billion in revenues, the company is almost too big to fail since their debt is very little. With such firepower, the company can further transform and diversity to become profitable and formidable.
B. inclusive right
C. extrinsic right
D. forensic
Answer:
The difference is that in a general partnership every partner is fully responsible for the business's debts.
Explanation:
Answer: Residential interior and architectural design contribute towards housing evolution by building and designing the houses.
Explanation:
Architectures are one who works on the structure of the house. They decide what should be the structure of the house. But the residential interior designers, on the other hand, look after the interior of the house. They decorate the house from inside.
Both of them play a very important role in housing evolution. Houses have developed a lot due to the work done by interiors and architectures. Today a large number of houses are seen in urban areas with all the modern amenities.