e. Payroll for the five-day work week, which is paid every Friday is l.uu. the m

Question

e. Payroll for the five-day work week, which is paid every Friday is l.uu. the month) is a Thursday. Record the the balance of August that has not been f. The company ordered new office furniture on August 15th from Office Depot t It has not been delivered. 15. The going concern assumption is not applied to: a. Companies that are about to file for bankruptcy b. Companies that have been in existence for less than a year c. Companies that have sustained losses for the previous two years d. The partnership form of business Accounts Receivable is best described as: 1. Liabilities of the company that represent the amount owed to suppliers. 2. Amounts that have previously been received from customers 16. Assets of the company representing the amount owed to them by custo 4. Amounts that have previously been paid to suppliers. 7. Using the numbers below, calculate the receivables turnover ratio and th A/R $1,200,500 ve eceube

Explanation / Answer

15) the correct option is d. the partnership form of business

The going concern assumption is applied to corporation or company. Since the company or corporate body is a separate legal entity. It is different from their owner.

Going concern assumption is not applied to partnership or proprietor ship firm or form of business since partner or people may die.

16) You are correct.. Option 3 is correct.

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