Answer:
DR Cash $599,000
CR Notes Payable $599,000
Explanation:
As this is the entry for the issuance of the note, interest will not be recorded as it is incurred as during the loan period.
Entry will be;
Date Details Debit Credit
Jan 1 Cash 599,000
Notes Payable 599,000
Answer: $546
Explanation:
The amount realized by Roberta in the exchange will be gotten through the addition of the fair value of the stock that was acquired to the liability that's assumed by the corporation. This will be:
Fair value of stock acquired = $356
Add: Liability assumed by corporation = $190
Amount realised = $356 + $190 = $546
Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
A variant of fiscal-year budgeting whereby a 12-month projection into the future is maintained at all times is termed Continuous budgeting.
<h3>What is Continuous Budgeting?</h3>
- Budgets are created for future periods, revised throughout current periods, and adjusted at the conclusion of the term. This process is known as continuous budgeting.
- In other words, it's the practice of maintaining active, current, and future budgets to monitor costs and project growth in the future.
- The majority of businesses create their budgets on a monthly, quarterly, or annual basis, however many businesses now create weekly budgets to monitor sales and shipments.
- In the current era, these plans are utilized to establish financial and performance goals and benchmarks for the future.
- Following the conclusion of the current period, the budgeting process is restarted by developing a new plan for the following accounting period.
To learn more about Continuous Budgeting refer to:
brainly.com/question/14300218
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