Answer:
1. Which amount related to this purchase should be recorded in the accounting records?
According to the historical cost principle, assets must be recorded at their original purchase price, only accumulated depreciation can adjust their value.
2. The resources owned by a business are its _____.
Assets are all the resources a business uses to carry out their normal business activities and operations.
3. The rights and claims of creditors on a company's assets are represented by _____.
Liabilities represent all the debts that a company has.
4. Which element of the accounting equation represents the rights of owners?
Equity refers to the part of a company owned by its stockholders or owners. A company can finance itself through all equity, or it can have a mixed financing structure with equity and debt (liabilities). The investment made by the owners of a company is represented by the equity part of the balance sheet.
Answer:
The answer is: Assigning accounts receivables as collateral for a bank is not a asset transfer.
Explanation:
Even as the bank offers Sun Inc. with a factoring limit, the accounts receivables are still in the firm's accounting book. The firm has the obligations to go after their debtors for collections. The account receivables are transferred to creditors when a company becomes defaulted or bankrupted.
Answer:
A budget is a financial plan used to estimate future income and expenses. The budgeting process may be carried out by individuals or by organizations. Budgets help an entity determine whether it can continue to operate with its projected income and expenses.
Explanation:
thank me later
Detereation of muscle tissue causing weakness in the limb
Answer:
Jabeli must include = $2,220,000
Explanation:
As per the data given in the question,
Gross Income in 2019 = $2,300,000 - $80,000
= $2,220,000
So, Jabeli should include $2,220,000 in gross income and Jabeli is allowed to deduct $2,100,000 in 2019
In completed contact method of accounting :
Till the contract is completed and accepted, no revenue from the contract is recognized
In this case the purchaser may desire additional work to be done on a long term contract.
The regulations do not provide any amount of income(or loss) until the dispute is resolved.