Answer:
The answer is option C) Yes No
Explanation:
Current liabilities are obligations that are reasonably expected to be paid from Existing Creation of Other Current Assets and not current liabilities.
This is because, Current liabilities are short term liabilities due within a year. They include accounts payable, short term debt and overdraft. This means that payment can only be generated by current assets.
Current assets are also short term assets with a life span of on year. They include accounts receivable an cash.
Therefore, Yes, Current liabilities are obligations that are reasonably expected to be paid from Existing Creation of Other Current Assets.
And No, Current liabilities are obligations that are not expected to be paid from Existing Creation of Other Current Liabilities.
Answer:
Comet's E&P will decrease by $50,000 due to the exchange.
Explanation:
50 of Pam's shares are worth 50 x $1,000 = $50,000, since the corporation is redeeming them, it will do so by decreasing its earnings and profits (retained earnings account).
Generally when larger corporations buy back stocks (AKA treasury stocks), they will credit cash and debit treasury stocks, but since Pam's stocks are being retired, they are not going to be held as treasury stocks, therefore E&P must decrease.
The answer to your question is a non-sufficient funds check.
Hope that helps! :)
Answer:
Dr Allowances for sales returns $600
Cr Sales refund payable $600
Being increase sales refund estimate
Explanation:
The sales refund account is liability account that should naturally have a credit balance.
In the current period the balance in the sales refund payable account should be $900 in total,but there is a balancing credit amount already in the account,intuitively, the amount needed to raise the balance in the account to $900 is $600.
The necessary entries required for the sales refund payable is shown below:
Dr Allowances for sales returns $600
Cr Sales refund payable $600
Being increase sales refund estimate
There is no adjusting entry to accounts receivable as that deals with receipt of cash from sales transactions and not the actual sales transactions.
When the refund is eventually settled with cash, a debit is posted to sales refund payable and a credit to cash account
Answer:
Being a businessman and being charitable at the same time is just next to impossible at the time of expanding one's firm.
Explanation:
A business person's main motive has to be his ability to expand, so that he reaches that particular stage to do some charity for his fellow citizens. If you look at the unemployment part, then you must know that every person is somehow talented and in countries like the US, no one lives unemployed.
Therefore, it is necessary for a business person to calculate the cost factors, that does not only include the cost of labors, but also the cost of exporting the materials to Bangladesh and the cost of importing the final products. Then he needs to compare the total cost making the shoes in Bangladesh with making them via the US labors, and then take the decision accordingly.
