Answer and Explanation:
The computation for each corrected common-size percent for each account is shown below:
Particulars Amount Percentage
Total assets $700,000 100%
Accounts payable $75,000 10.71%
($75,000 ÷ $700,000)
Bonds payable $225,000 32.14%
($225,000 ÷ $700,000)
Common stock $300,000 42.86%
($300,000 ÷ $700,000)
Retained earnings $100,000 14.29%
($100,000 ÷ $700,000)
Therefore each one of assetm liabilities and stockholder equity is presented as a percentage of total assets and the same is to be considered
Accounting has its own vocabulary and basic relationships. Match the accounting terms with the corresponding definition or meaning. ____ 1. Debit ____ 2. Expense____ 3. Net income____ 4. Ledger____ 5. Posting____ 6. Normal balance____ 7. Payable____ 8. Journal ____ 9. Receivable____ 10. Owners’ equitya. Always an asset b. Side of an account where increases are recorded c. Record of transactions d. The cost of operating a business; a decrease in stockholder’s equity e. Grouping of accounts f. Copying data from the journal to the ledger g. Revenues – Expenses h. Always a liability i. Left side of an account j. Assets – Liabilities
Answer and Explanation:
The matching of the accounting term with the definition is shown below:
1. Debit - it comes in the left side i.e. (i)
2. Expense: It decreases the stockholder equity also it contains the debit balance i.e. (d)
3. Net income: It is a statement that shows the expenses and revenue related transactions i.e. (g)
4. Ledger: It is the T-account in which the journal entries are posted i.e. (e)
5. Posting: The data is copied from journal to ledger we called as posting i.e. (f)
6. Normal balance: It is the side of an account in which the account increment is recorded i.e. (b)
7. Payable: It is a liability and it always a credit balance and shown in the balance sheet i.e (h)
8. Journal: In this the transactions are recorded i.e. (c)
9. Receivable: This is an asset and it has always a debit balance i.e. (a)
10. Owner equity: It is amount i.e. to be invested in the business also shows a difference between the total asset and total liabilities i.e. (j)
Which of the new four ps encompasses the old four ps as well as a range of other marketing activities that might not fit well into the old view of marketing?a) programs.b) processes.c) promotion.d) people.e) performance.
Answer: programs
Explanation:
Programs encompasses the old four ps as well as a range of other marketing activities that might not fit well into the old view of marketing.
It should be noted that a program has to do with the group of projects which are related and also managed in a manner which is coordinated in order to obtain benefits that are not available when one manages them individually.
What are some goals of NYFEA? Check all that apply. encouraging political involvement educating children developing agricultural leaders encouraging new and young farmers developing medical treatments encouraging small farms
Answer:Developing agriculture leaders
Encouraging new and younger farmers
Encouraging small farms
Explanation:
Answer:
3. Developing agricultural leaders
4. Encouraging new and young farmers
6. Encouraging small farms
Explanation:
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Judge Karen, a state appellate court judge, decides that the precedent for the case she is hearing is no longer correct due to technological changes. Her decision to overturn the case must be followed by___________.
Answer:
Increased publicity
Explanation:
if a judge overturns a case from a trial court and rejects precedent, the judge should get publicity for her decision and modification of the precedent so that it becomes a new way or basis of judging similar cases. In other words if judge Karen decides that the precedent before her to judge the case is outdated as a result of technological changes, she will decide on the case before her based on what she believes the precedent should reflect(new technologies) and this becomes the new basis for judging all such cases and as a result should be publicised for other judges to take note
On April 1, 2016, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:A. Opened a business bank account with a deposit of $24,000 from personal funds.B. Paid rent on office and equipment for the month, $3,600.C. Paid automobile expenses (including rental charge) for month, $1,350, and miscellaneous expenses, $600.D. Purchased office supplies on account, $1,200.E. Earned sales commissions, receiving cash, $19,800.F. Paid creditor on account, $750.G. Paid office salaries, $2,500.H. Withdrew cash for personal use, $3,500.I. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $900.Required:1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings in the exhibit below. In each transaction row (rows indicated by a letter), you must indicate the math sign (+ or -) in columns affected by the transaction. You will not need to enter math signs in the balance rows (rows indicated by Bal.). Entries of 0 (zero) are not required and will be cleared if entered.Assets = Liabilities + Owner’s EquityMaria Maria Accounts Adams, Adams, Sales Salaries Rent Auto Supplies MiscellaneousCash + Supplies = Payable + Capital - Drawing + Commissions - Expense - Expense - Expense - Expense - Expense2. Prepare an income statement for April, a statement of owner’s equity for April, and a balance sheet as of April 30. Refer to the list of Accounts on the accounting equation grid and the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. If a net loss has been incurred, enter that amount as a negative number using a minus sign. You will not need to enter colons (:)
Answer:
The solution and the calculation is shown on the first , second , third and fourth uploaded image
Explanation:
How do financial managers tend to value all assets in the same terms?a. By evaluating cash flowsb. By qualifying cash flowsc. By interpreting cash flowsd. By estimating cash flows
Answer:
a. By evaluating cash flows.
Explanation:
In Economics, an asset can be defined as any resources of economic value or items of monetary value that is being owned by an individual, country or business organization to generate income and derive benefits from.
Generally, assets can be classified broadly into four (4) categories and these are; capital assets, fixed assets, intangible assets, and financial assets.
Financial managers tend to value all assets in the same terms by evaluating cash flows.
Cash flow can be defined as the net amount of cash and cash-equivalents that is flowing into (received) and out (given) of a business. There are three (3) main components of the cash flow; investing, operating and financing.
The MEC Company has two divisions: the Computer division and the Printer division. Cost and revenue information for the two divisions for the year is as follows: Computer Printer Division DivisionRevenue...................................................................... $1,100,000 $750,000Fixed costs:Costs unique to each division........................................ 450,000 375,000Costs allocated by corporate headquarters.................... 50,000 70,000Variable cost per unit.................................................... 7 6Unit sales of each division’s product.............................. 75,000 52,000Prepare a segment margin income statement showing each division’s contribution and segment margins and the overall company profit.Segment Income StatementTotal Company Computer Division Printer DivisionRevenue $1,850,000 $1,100,000 $750,000Variable Costs - 837,000 - 525,000 - 312,000Contribution Margin 1,013,000 575,000 438,000Traceable Fixed Costs - 825,000 - 450,000 -375,000Division (Segment) Margin 188,000 125,000 63,000Common Fixed Costs - 120,000Net Income $ 68,000How did they get common fixed costs?
Answer:
Segment Income statement
Explanation:
In segment reporting, common costs were not allocated. Both the segments have a positive margin which is covering all its variable cost and contributing towards the common fixed cost but excluding common fixed cost which is non-traceable and are allocated to the segment.
Segment Income Statement
Computer Division Printer Division Total
Revenue $1,100,000 $750,000 1850,000
Variable cost (525,000) (312,000) 837,000
Contribution margin 575000 438000 1,013,000
Costs unique to each division (450,000) (375,000) 825,000
Segment Margin 125,000 63,000 188,000
Fixed Cost (60,000) (60,000) 120,000
Net Income 65,000 3,000 68,000
If common fixed cost is fixed by 50,000 and 70,000 for computer and printer division respectively then
Segment Margin 125,000 63,000 188,000
Common fixed cost 70,000 50,000 120,000
Net Income 55,000 13,000 68,000
Swifty Fabricators produces protective covers for smart phones. Since the covers must be customized to each smart phone model, Swifty uses a job order costing system. On September 1, the company reported the following inventory balances:
Direct Materials $31,500
Work in Process $152,000
Finished Goods $260,000
During September, the following events occurred:
1. Swifty purchased direct materials costing $3,708,000 on account.
2. Swifty used $432,000 in direct materials in production.
3. Swifty’s employees clocked 22,000 direct labor hours at an average wage rate of $13.23 per direct labor hour.
4. The company incurred $182,000 in manufacturing overhead, including $18,000 in indirect labor costs.
5. Using direct labor hours as the application base, the company applied $166,000 of manufacturing overhead to jobs worked on in September.
6. The company completed production on jobs costing $858,000.
7. The company delivered jobs costing $1,078,000 to customers.
1. Calculate the ending September balance of the Direct Materials, Work in Process, and Finished Goods Inventory accounts.
2. Calculate total manufacturing costs for September.
Answer:
Required 1 Balances :
Direct Materials = $432,000
Work in Process = $183,060
Finished Goods = $40,000
Required 2 total manufacturing costs for September :
Total manufacturing costs = $905,060
Explanation:
Ending September balance of the Direct Materials,
Raw Materials T - Account
Debit :
Opening Balance $31,500
Purchases $3,708,000
Totals $3,739,500
Credit :
Ending Balance $3,307,500
Work In Process $432,000
Totals $3,739,500
Ending September balance of Work in Process,
Work in Process T - Account
Debit :
Opening Balance $152,000
Raw Materials $432,000
Labor Cost $291,060
Overheads Applied $166,000
Totals $1,041,060
Credit :
Ending Balance $183,060
Transfer to Finished Goods $858,000
Totals $1,041,060
Ending September balance Finished Goods .
Finished Goods T - Account
Debit :
Opening Balance $260,000
Transfer from Work In Process $858,000
Totals $1,118,000
Credit :
Ending Balance $40,000
Trading Account $1,078,000
Totals $1,118,000
Calculation of Total Manufacturing Cost
Raw Materials $432,000
Labor Cost $291,060
Overheads Incurred $182,000
Total Manufacturing Cost $905,060
Performance management:______________.a. Requires the courage to have difficult conversationsb. Cannot be accomplished well without good informationc. Means providing concrete exemplars to calibrate subjective perceptionsd. Should require collecting information from different sources and perspectivese. All of the above
Answer:
e. All of the above
Explanation:
Performance management is an activity that is done by management in the entire company. The entire process starts from collecting good quality information about the set standards and the actual performance.
When the management chooses to have some difficult conversations that is about areas which are not considered to improve they tend to increase the scope of improvement in those areas also.
This entire process requires huge co-operation from the entire business unit, employees, workers, and entire staff.
The business should always be run as a team task. Further the management shall describe the entire work to each team properly. And broader the information areas, more advanced performance will be regulated and better scope of improvement will be observed.
Thus, all the stated statements are true and correct about performance management.
Pharoah Chemicals management identified the following cash flows as significant in its year-end meeting with analysts: During the year Pharoah had repaid existing debt of $315,900 and raised additional debt capital of $645,000. It also repurchased stock in the open market for a total of $44,820. What is the net cash provided by financing activities? (If an amount reduces the cash flow then enter with negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Answer:
Net cash provided by financing activities = $284,280
Explanation:
Net cash provided by financing activities = Additional debt - Repayment of existing debt - stock repurchase
Net cash provided by financing activities = $645,000 - $315,900 - $44,820
Net cash provided by financing activities = $284,280
What is the value today of a money machine that will pay $4,010.00 per year for 13.00 years?
Answer:
The present value of the machine is $35499
Explanation:
The annual amount or annuity amount = $4010 per year.
Total number of years = 13 years
Here, the interest rate is not given so we just assume the interest rate = 6% per annum.
Since we have a total number of years and annual payment that occurs for 13 years. We are required to find the present value of the machine. So use the formula to find the present value of the annuity.
The present value of machine = (Annuity amount x (1 – (1+r)^-n) ) / r
The present value of machine = (4010(1 – (1+6%)^-13) ) / 6%
The present value of machine = $35499
Suppose Ruston Company had the following cash flow results for 2019: Net Cash Flow from Operating Activities of $9,100,000 Net Cash Flow from Investing Activities of -$4,300,000 Net Cash Flow from Financing Activities of $3,400,000 Create a statement of cash flows with amounts in thousands. What is the Net Cash Flow?
Answer:
Explanation:
Suppose Ruston Company had the following cash flow results for 2019: Net Cash Flow from Operating Activities of $9,100,000 Net Cash Flow from Investing Activities of -$4,300,000 Net Cash Flow from Financing Activities of $3,400,000 Create a statement of cash flows with amounts in thousands. What is the Net Cash Flow?
Primo Industries collected $105,000 from customers in 2022. Of the amount collected, $25,000 was for services performed in 2021. In addition, Primo performed services worth $40,000 in 2022, which will not be collected until 2023. Primo Industries also paid $72,000 for expenses in 2022. Of the amount paid, $30,000 was for expenses incurred on account in 2021. In addition, Primo incurred $42,000 of expenses in 2022, which will not be paid until 2023.
Required:
a. Compute 2022 cash-basis net income.
b. Compute 2022 accrual-basis net income.
Answer:
a.
Net Income for 2022 = $33000
b.
Net Income for 2022 = $36000
Explanation:
a.
The cash basis accounting follows that all the transactions should be recorded in the period in which cash is either received or paid out as a result of that transaction rather than in the period to which they relate to.
Thus, the Net Income for 2022 under cash basis will be,
Cash Receipts in 2022
Collections from customer 105000
Less: Cash Payments in 2020
Expenses paid (72000)
Net Income 33000
b.
Under accrual basis, the transactions should be recorded in the period to which they relate to rather than in the period when cash is received or paid out.
Thus, net income for 2022 under accrual basis will be,
Revenue 2022 = 105000 - 25000 + 40000 = $120000
Expenses 2022 = 72000 - 30000 + 42000 = $84000
Net Income = 120000 - 84000 = $36000
a. Net Income for 2022 cash-basis net income. = $33000
b. Net Income for 2022 accrual-basis net income. = $36000
a. The Net Income for 2022 under cash basis is:
Cash Receipts in 2022
Collections from customer 105000
Less: Cash Payments in 2020
Expenses paid (72000)
Net Income 33000
b. The net income for 2022 under accrual basis is:
Revenue 2022 = 105000 - 25000 + 40000 = $120000
Expenses 2022 = 72000 - 30000 + 42000 = $84000
So,
Net Income = 120000 - 84000
= $36000
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Byron Books Inc. recently reported $14 million of net income. Its EBIT was $22.4 million, and its tax rate was 30%. What was its interest expense? [Hint: Write out the headings for an income statement, and then fill in the known values. Then divide $14 million of net income by (1 - T) = 0.7 to find the pretax income. The difference between EBIT and taxable income must be interest expense. Use this same procedure to complete similar problems.] Write out your answer completely. For example, 25 million should be entered as 25,000,000. Round your answer to the nearest dollar, if necessary. Do not round intermediate calculations.
Answer:
interest expense = $2,400,000
Explanation:
net income = (EBIT - interest expense) x (1 - 30)
$14,000,000 = ($22,400,000 - interest expense) x 0.7
$14,000,000 / 0.7 = $22,400,000 - interest expense
$20,000,000 = $22,400,000 - interest expense
interest expense = $22,400,000 - $20,000,000 = $2,400,000
The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enough customer demand to justify producing its full capacity of 3,800 sets per year. Annual cost data at full capacity follow:Direct labor $89,000Advertising $101,000Factory supervision $66,000Property taxes, factory building $20,000Sales commissions $63,000Insurance, factory $7,000Depreciation, administrative office equipment $3,000Lease cost, factory equipment $15,000Indirect materials, factory $20,000Depreciation, factory building $108,000Administrative office supplies (billing) $5,000Administrative office salaries $111,000Direct materials used (wood, bolts, etc.)$425,000Utilities, factory $40,0001. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling and administrative cost or a product cost. (If the item is a product cost, it should also be classified as either direct or indirect.)2. Compute the average product cost of one patio set.3. Assume that production drops to only 1,000 sets annually. Would you expect the average product cost per set to increase, decrease, or remain unchanged?
Answer:
1.COST BEHAVIOUR
Variable Fixed
$642,000 $323,000
SELLING OR ADMINISTRATIVE
Cost $283,000
PRODUCT COST
Direct Indirect
$513,000 $276,000
2.$208
3. I would expect the average product cost per set to increase.
Explanation:
1. Calculation for the dollar amount of each cost item
COST BEHAVIOUR
Variable Fixed
Direct labor $89,000 $0
Advertising $0 $101,000
Factory supervision $0 $66,000
Property taxes, factory building$0 $20,000
Sales commissions$63,000 $0
Insurance, factory $0 $7,000
Depreciation, administrative office equipment$0 $3,000
Lease cost, factory equipment$0 $15,000
Indirect materials, factory $20,000 $0
Depreciation, factory building
Administrative office supplies (billing) $5,000 $0
Administrative office salaries $0 $111,000
Direct materials used (wood, bolts, etc.)$425,000 $0
Utilities, factory $40,000 $0
TOTAL COSTS $642,000 $323,000
SELLING OR ADMINISTRATIVE
Cost
Direct labor
Advertising $101,000
Factory supervision
Property taxes, factory building
Sales commissions $63,000
Insurance, factory
Depreciation, administrative office equipment $3,000
Lease cost, factory equipment
Indirect materials, factory
Depreciation, factory building
Administrative office supplies (billing) $5,000
Administrative office salaries$111,000
Direct materials used (wood, bolts, etc.)
Utilities, factory
TOTAL COSTS $283,000
PRODUCT COST
Direct Indirect
Direct labor $89,000 $0
Advertising
Factory supervision $0 $66,000
Property taxes, factory building$0 $20,000
Sales commissions
Insurance, factory $0 $7,000
Depreciation, administrative office equipment
Lease cost, factory equipment$0 $15,000
Indirect materials, factory$0 $20,000
Depreciation, factory building $0 $108,000
Administrative office supplies (billing)
Administrative office salaries
Direct materials used (wood, bolts, etc.)$425,000 $0
Utilities, factory$0 $40,000
TOTAL COSTS $514,000 $276,000
2.Computation of the average product cost of one patio set
Using this formula
Average product cost of one patio set =(Direct costs +Indirect costs)/Capacity set per year
Let plug in the formula
Average product cost of one patio set=($514,000+$276,000)/$3,800
Average product cost of one patio set=$790,000/$3,800
Average product cost of one patio set=$208
Therefore the Average product cost of one patio set will be $208
3. In a situation where the production drops to only 1,000 sets annually, I would expect the average product cost per set to increase.
1. The dollar amount of each cost item is entered under the appropriate headings as follows:
Fixed Variable Selling & Product
Costs Costs Admin Cost Cost
Direct labor $89,000 $89,000
Advertising $101,000 $101,000
Factory supervision $66,000 $66,000
Property taxes, factory building $20,000 $20,000
Sales commissions $63,000 $63,000
Insurance, factory $7,000 $7,000
Depreciation, administrative
office equipment $3,000 $3,000
Lease cost, factory equipment $15,000 $15,000
Indirect materials, factory $20,000 $20,000
Depreciation, factory building $108,000 $108,000
Administrative office supplies (billing) $5,000 $5,000
Administrative office salaries $111,000 $111,000
Direct materials used (wood, bolts, etc.)$425,000 $425,000
Utilities, factory $40,000 $40,000
Total costs $471,000 $602,000 $283,000 $790,000
2. The average product cost per set is $207.89 ($790,000/3,800).
3. If the Dorilane Company's production level drops to 1,000 sets annually, the average product cost per set will increase.
Thus, if the production level reduces to 1,000 sets annually, the average product cost will not decrease or remain unchanged, but will increase to $790.
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Most people recognize Campbell's as a brand of soup, but Campbell's also manufactures Pace Picante Sauce, Pepperidge Farms products, Prego Sauce, Swanson Broth, and V8 juice. Campbell's International division offers more than 20 brands of soups, sauces, beverages, and baked snacks in the Asia Pacific region, Greater Europe and Latin America. Products such as Arnott's biscuits and crackers and Bià Band soups are well known overseas. Campbell's products are sold in more than 120 countries.Refer to Campbell's. Of the following what is probably Campbell's biggest labeling concern in its international markets?1. translating ingredient, 2. promotional, 3. instructional
Answer:
2. promotional
Explanation:
Even though the 3 options may represent a serious problem for Campbell's soup, but personally I believe that out of the 3, the most serious one is promotional. Many companies have very serious issues with translations, and not only small companies. E.g. when Pepsi ran an ad in China where it meant to say "Come alive with Pepsi", it really said "Pepsi brings your ancestors form the dead", and unless you like zombies, that is not a good idea.
For example, I really hope and assume that Goldfish baked tortillas (Pepperidge Farm) aren't made with real goldfish. But considering Asian countries that eat cats, dogs, bats and about anything that moves by itself, who knows. Maybe they expect them to be from real goldfish.
8. Cracked Mirror, a local rock group, contracts to play for your high school prom. A week before the
dance, the group cancels its appearance. A teacher finds out that the band has instead booked a
concert elsewhere at the same time as the prom that will pay them $800 more. If you sue the band
for damages, what would be an appropriate amount and why?
Answer: The amount of money that they were paid for the high school prom. This is because that's the amount that has been sent on the band.
Explanation:
From the question, we are informed that Cracked Mirror, a local rock group, contracts to play for your high school prom and that a week before the
dance, the group cancels its appearance.
We are further told that a teacher finds out that the band has instead booked a
concert elsewhere at the same time as the prom that will pay them $800 more.
Based on the above information, if the band for damages, the appropriate amount would be the amount that they were paid for the high school prom. This is because that's the amount that has been sent on the band.
Suppose you bought a bond with an annual coupon of 7% one year ago for $1,010. The bond sells for $985 today. A. Assuming a $1,000 face value, what was your total dollar return on this investment over the past year?B. What was your total nominal rate of return on this investment over the past year? C. If the inflation rate last year was 3%, what was your total real rate of return on this investment?
Answer:
(a) $45
(b) 4.45%
(c) 1.4%
Explanation:
Mentioned that,
The Value of bond one year ago is $1,010
The Annual coupon rate is 7%
The Selling value of bond today is $985
The Face value is $1,000
Based on the above information, the calculations are shown below:
a. Total dollar return on this investment is
= Current bond price - previous year price + Coupon payment
= $985 - $1,010 + ($1,000 × 7%)
= $985 - $1,010 + $70
= $45
(b) The total Nominal rate of return on this investment is
= [(Current bond price - previous year price + Coupon payment) ÷ previous year price]
= [($985 - $1,010 + ($1,000 × 7%)) ÷ $1,010]
= $45 ÷ $1,010
= 0.0445
= 4.45%
(c) In case when Inflation rate last year is 3%
The Total real rate of return is
= [(1 + Nominal rate) ÷ (1 + Inflation rate)] - 1
= [(1 + 4.45%) ÷ (1 + 3%)] - 1
= 1.0140 - 1
= 0.0140
= 1.4%
Philip Morris expects the sales for his clothing company to be $530,000 next year. Philip notes that net assets (Assets − Liabilities) will remain unchanged. His clothing firm will enjoy a 10 percent return on total sales. He will start the year with $130,000 in the bank.What will Philip's ending cash balance be?
Answer:
$183,000
Explanation:
Calculation for the ending cash balance
Opening cash balance $130,000
Add Profit $53,000
(10% Return on total sales× Sales amount of $530,000)
Ending cash balance $183,000
Therefore the ending cash balance will be the amounts of $183,000
How many t-shirts would you recommend George order: 5,000, 7,500 or 10,000?
Answer:
10,000 t-shirts
Explanation:
Ordering 10,000 t-shirts will be adequate for George as this will increase his sales and profits and not only this he will also be getting discount on the purchase of the t-shirts. If any t-shirts are left they can be sold for a lower price to its regular customers or may be sold to another shopkeeper who sells lower priced t-shirts.
Core competencies in organizations generally relate to:_________.A) costB) qualityC) timeD) flexibilityE) all of the above
The core competencies of a company refers to the resources and capabilities embodied in the Internal structures which serves as strategic advantages of the organization as well.
In other word, the core competencies are set of skills and abilities that make organization different from others.
Example of core competencies includes Communication, Flexibility, Adaptability, Interpersonal skills, Leadership skills, Problem-solving skills etc
We can conclude that the core competencies generally relate to quality and flexibility of the staffs or employees.
In conclusion, the Option B and D is correct.
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Salesforce case assignment rules are based on elapsed time.a) trueb) false
Answer:
b) false
Explanation:
Salesforce case assignment deals with a company's lead generation strategies which can either be based on manual operations or automatic processes. For example, Web to Case strategy, Email to Case technique, On-Demand Email to Case system approach, etc.
Consequently, Salesforce case assignment rules run instantly, oftentimes on case creation and are not time-based
Hence, the correct answer is FALSE
In accounting for a contingent liability, if the likelihood of the obligation is probable but the amount cannot be estimated, a company must:_____.a. recognize the liability and report it on the balance sheet.
b. do nothing.
c. not recognize or disclose the liability until it is certain and the exact amount is known.
d. provide disclosure in the footnotes to the financial statements.
Answer: d. provide disclosure in the footnotes to the financial statements.
Explanation:
A contingent liability is an obligation that a company might owe in future depending on the outcome of an event such as a law suit.
To record a contingent liability in the books, two conditions must be satisfied;
Loss must be probableAmount must be estimableIf these two conditions are not satisfied then the contingent liability may simply be disclosed as a footnote in the financial statement. The amount here is not estimable so can be disclosed as a footnote.
During an unpredictable event, the coverage for the damage to a third person in which the insured party is liable is a contingent liability. Examples are goods warranties, lawsuits etc.
The correct answer is:
Option d. provide disclosure in the footnotes to the financial statements.
This can be explained as:
If during a trial or any event when the third party is insured then the owner business needs to remunerate the damage losses.For the contingent liability, the losses must be presumable and the damaged sum should be computable.If the above-stated circumstances are not satisfied then it is published in the footnote.Therefore, the amount is disclosed in the footnote.
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What are the differences between first-generation OD and second-generation OD? What are the major changes between these two generations of OD practice? What do you think have been the losses or gains in the second generation of OD practice?
For the past 10 years, Tony was an agent for It’s a Wonderful Life Insurance Company. While his career started out strong, Tony got involved in some transactions involving cash that violated his company’s ethical policies, and they terminated him as an agent last month, but did not notify Tony’s clients of his termination, and have not yet collected company forms and logos from Tony. Last week, Christopher, a long-time client of Tony’s, purchased a new It’s a Wonderful Life life insurance policy from Tony to cover the costs of his newborn child’s college education. The policy binder indicated that the insurance was in force as soon as Christopher signed the application and paid the premium (since Christopher was a long-time customer of Tony and the Insurance Company). Which of the following statements is correct?
A. The life insurance policy is not in force because Tony was no longer an agent of It’s a Wonderful Life Insurance Company.
B. The policy is in effect because Tony had the apparent authority to issue the policy.
C. The policy is in effect because Tony had the implied authority to issue the policy.
D. The policy is in effect because Tony had the express authority to issue the policy.
Answer:
C. The policy is in effect because Tony had the implied authority to issue the policy.
Explanation:
In the situation of Tony, it could be concluded safel that he has the implied authority due to the fact that, most of the company's forms and logos are still with him. And, also, none of the company's customers were notified about the termination of Tony's contract thereby invalidating him as being one of the staff of the company.
Sam is skilled at making both necklaces and earrings. Sam has no preference between making necklaces or earrings since he earns the same amount from the two activities. If the selling price of earrings decreases from $40 to $20, then Sam's opportunity cost of making necklaces ______________ and making necklaces is now ______________ profitable than making earrings. Suppose that the necklaces market consists of several suppliers like Sam who are skilled at making both necklaces and earrings. Which of the following is likely to happen to the supply curve of necklaces when the price of a earrings decreases?
A. It does not change
B. It shifts to the left
C. It shifts to the right
Answer and Explanation:
Since in the question it is mentioned that Sam is skilled in both necklaces and earrings also he has no preference and the same amount is earned
In case when the selling price of earring reduced from $40 to $20 so the opportunity cost of necklace is decreased so automatically it would be more profitable
Also when the price is decreased so the supply curve would be shifted to the right
Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $740 with his state income tax return for the previous year. During the year, Tim had $4,200 of state income tax and $15,300 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,020 and $1,540 for state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $380 for state income taxes when he files his state tax return for this year in April next year. What is the amount of taxes that Tim can deduct as an itemized deduction
Answer: $5960
Explanation:
Based on the analysis and the information provided in the question, the amount of taxes that Tim can deduct as an itemized deduction will be the addition of the Tim's state income tax return for the previous year, the state tax that was held during the year and the estimated state tax payment. This will be:
= $740 + $4200 + $1020
= $5960
Therefore, the amount of taxes that Tim can deduct as an itemized deduction will be $5960.
Question 1
1 pts
Having a global vision simply means having a willingness to sell outside
one's national borders if, and when, the opportunity arises.
True or
False
Answer:
False
Explanation:
Having a global vision I believe means that a management does recognize and very well reacts to international marketing opportunities. The management will be using different effective marketing strategies. The management is also very much aware of threats from their foreign competitors in all the different markets they are into.
Based on this short and concise explanation I just made, we can see that having a global vision does not mean having a willingness to sell outside one's national borders if, and when, the opportunity arises.
Which of these items is typical of business buying behavior?
You produce an invoice for $1,346, increasing the Construction Income account. Show what other account is increased using the extended accounting equation.
Answer:
While the Construction Income account is increased by $1,346 (Equity - Retained Earnings, the other account that is increased is the Accounts Receivable account (Assets) in the extended accounting equation.
Explanation:
The accounting equation is Assets = Liabilities + Equity. This implies that every business transaction affects Assets, Liabilities, and Equity and always keep the equation in balance. A transaction may also affect only one side of the accounting equation. For example, cash received from customers (on credit account) will increase the Cash account and decrease the Accounts Receivable account, which only affects the Asset side of the equation.