subject
Business, 21.04.2021 18:30 jadejordan8888

Review the following scenario: Scenario: Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000. To even out the workload, Nance travels around the country inspecting their properties. Symington manages the business and serves as the accountant. From time to time, they use small amounts of store merchandise for personal use. In preparing for his daughter's wedding, Symington took inventory that cost $10,000. He recorded the transactions as follows:

Debit Credit
Cost of Goods Sold $10,000
Inventory $10,000
Respond to the following questions and, if appropriate, include personal experience as part of your answers.
How do you feel Symington should have recorded these transactions? Why?
What are the ethical implications of Symington's actions?

ansver
Answers: 3

Another question on Business

question
Business, 20.06.2019 18:04
Maia wants to have a career in quality assurance. which best lists the qualifications she may need to succeed in this career? a.knowledge of cad, mechanical and electrical knowledge, and logic b.ability to use lab equipment, operate computers, and examine evidence c.financial skills, dependability, and dexterity for physical labor d.math skills, physical strength, and ability to use tools and machinery
Answers: 2
question
Business, 21.06.2019 22:30
Jade international is a highly diversified global firm with headquarters in new jersey. it manufactures a variety of products ranging from home security systems to automotive components. jade's 100,000 employees work at facilities located in more than 60 countries around the world. jade frequently sends american managers overseas to manage the firm's foreign facilities. the hr department is considering the idea of redesigning jade's expatriate support services program.which of the following, if true, best supports jade's decision to provide assistance to trailing spouses in finding jobs overseas? a) jade puts great emphasis on promoting the role of women in global management.b) the majority of jade's expatriate managers have long-term international experience.c) jade has lost a significant chunk of its global cadre in the recent past owing to its failure to offer feasible options to address the dual-career couples dilemma.d) female managers at jade have reported discriminatory treatment while on overseas assignments.
Answers: 1
question
Business, 23.06.2019 00:10
You are to receive five gold coins from your great uncle as an incentive to study hard. the coins were originally purchased in 1982. your great uncle will deliver the coins the week after finals (assuming your grades are "acceptable"). the amount your great uncle paid for the coins is a(n): indirect cost.overhead cost.opportunity cost.sunk cost.
Answers: 1
question
Business, 23.06.2019 00:30
Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy.year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.
Answers: 1
You know the right answer?
Review the following scenario: Scenario: Hart Nance and Jason Symington operate gift boutiques in...
Questions
question
Mathematics, 22.02.2021 02:00
question
French, 22.02.2021 02:00
question
Business, 22.02.2021 02:00
question
Chemistry, 22.02.2021 02:00
question
Mathematics, 22.02.2021 02:00
question
Biology, 22.02.2021 02:00
Questions on the website: 13722363