Washington County Airport (WCA) faces three potential contingency situations, described below. The end of the fiscal year is December 31, 2021.1. WCA is suing a national airline. WCA's lawyers confirm that it is probable WCA will be awarded damages of $500,000 in the case.2. In June, 2021 a worker was injured in an accident and has sued the company for $200,000. Legal counsel believes it is reasonably possible, but not probable, that the outcome of the suit will be unfavorable, and that the settlement would cost the company from $100,000 to $200,000.3. A suit for $1.5 million was filed by an airline on November 3, 2021. Legal counsel believes an unfavorable outcome is probable. A reasonable estimate of the award payment to the airline is between $500,000 and $1 million. No amount within this range is a better estimate of potential damages than any other amount.Required:Determine the appropriate means of reporting each situation for the year ended December 31, 2021 and record any necessary entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. $5 should be entered as $5,000,000).)
Answers
Answer: answers below
Explanation:1.) No entry required. The same can be disclosed in notes to financial statements so as to give information of this case of all the stakeholders. This is due to conservative approach. Contingent Assets are recorded to ledgers only if they are certain. As there is no certainty to win the case, same can not be posted to General Ledger.
2.) of all the stakeholders. The contingent liability should not be accrued because the loss in not probable. The note should indicate the range of the possible loss.
3.) Loss Dr 5
Contingent Liability Cr 5
Note: Disclose the nature of liability, amount of suit, nature of contingency, reason and range of the possible loss. Liability should be recorded as it is probable to incur and amount of loss can be reasonably estimated. In case of range of possible loss, provision should be made of lower amount.
Related Questions
what is emergency ?
Answers
Answer:
an emergency is a situation that poses an immediate risk to health , life , property , or environment. most emergencies require urgent intervention to prevent a worsening of that situation
This was not a necessarily an economically efficient move. The fact that it is scrap wood implies that it is not useful for the company's purposes, i.e., making furniture. It is presumptuous to associate a value of $150,000 or $29,000 to the scrap since there is no market for it and thus no market value can be assigned. There is no rational way to calculate the optimal amount of scrap wood. The manager did not go far enough. The most economically efficient outcome would be to reduce scrap altogether. Even at the reduced amount, the company is literally throwing away $29,000 per year when it could recoup that amount with greater diligence.
Answers
The manager's decision to reduce scrap wood is not economically efficient, and a more optimal outcome would be to aim for its complete elimination.
The manager's decision to reduce scrap wood, as mentioned in the provided excerpt, is deemed not economically efficient. While it is commendable, the most economically efficient outcome would involve completely minimizing scrap production. The fact that the wood is considered scrap implies its lack of usefulness for furniture manufacturing, making it inappropriate to assign a value of $150,000 or $29,000 to it since there is no existing market or ascertainable market value. Additionally, determining the optimal amount of scrap wood to maintain lacks a rational basis. Despite the manager's efforts, the company still wastes $29,000 annually, which could be salvaged through greater diligence. Thus, the recommended course of action is to aim for a total reduction in scrap production to achieve the utmost economic efficiency.In conclusion, while the manager's effort to reduce scrap wood is commendable, the most economically efficient outcome would be to strive for the complete elimination of scrap, minimizing waste and maximizing cost savings for the company.
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Assume that Adams Industries holds 53,000 shares of FedEx common stock, which is not a large enough ownership interest to allow Adams to exercise significant influence over FedEx. On December 31, 2024, and December 31, 2025, the market value of the stock is $94 and $103 per share, respectively. What is the appropriate reporting category for this investment and at what amount will it be reported in the 2025 balance sheet?
Answers
Assume that Adams Industries holds 53,000 shares of FedEx common stock.
The appropriate reporting category for this investment is; "available-for-sale securities.The amount will it be reported in the 2025 balance sheet is $5,459,000.How to find the total value of the investment?
The appropriate reporting category for this investment by Adams Industries in FedEx stock would be "available-for-sale securities." This is because Adams does not have the ability to exercise significant influence over FedEx, as indicated in the scenario.
At December 31, 2025, the market value of the stock is $103 per share, so the total value of the investment would be:
53,000 shares * $103 per share = $5,459,000
Therefore the amount would be reported in the 2025 balance sheet as a long-term asset under the category of available-for-sale securities is $5,459,000.
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Yvette is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Because her pool sessions are helping her swim more quickly, Yvette plans to reduce by 1 hour per week the time she spends training on the bike and increase by 1 hour the time she spends in the swimming pool; however, her husband says that she should stop doing any biking and running and spend all 20 hours per week in the pool.
Which basic principle of individual choice does Yvette's plan illustrate that her husband's advice does not?
a. People usually exploit opportunities to make themselves better off.
b. Resources are scarce.
c. Many decisions are made on the margin.
d. All costs are opportunity costs.
Answers
Answer:
The correct answer is the option D: All costs are opportunity costs.
Explanation:
To begin with, the fact that Yvette is looking forward to reduce only one hour of her training on the bike in order to add one hour to her training on the pool and later her husband says that she should use all her hours for the training in the pool is showing a situation where her husband's advice does not illustrate a basic principle of individuals choices that is that all the costs are opportunity costs and therefore that if she decides to do that then she would be sacrifying the time for the other trainings and that would not benefit her. So that is why she must choose to sacrifice time in one training to do another and so on.
Engberg Company installs lawn sod in home yards. The company’s most recent monthly contribution format income statement follows: Amount Percent of Sales Sales $ 141,000 100 % Variable expenses 56,400 40 % Contribution margin 84,600 60 % Fixed expenses 15,000 Net operating income $ 69,600 Required: 1. What is the company’s degree of operating leverage? 2. Using the degree of operating leverage, estimate the impact on net operating income of a 27% increase in sales. 3. Construct a new contribution format income statement for the company assuming a 27% increase in sales.
Answers
Answer:
1. 1.22
2. 32.94 %
3. Contribution format income statement
Sales Sales ($ 141,000×1.27) $179,070 27%
Variable expenses ($56,400×1.27) ($71,628) 27%
Contribution margin ($84,600×1.27) $107,442 27%
Fixed expenses ($15,000) 0%
Net operating income ($ 69,600× 32.94 %) $92,526 32.94 %
Explanation:
Degree of Operating Leverage (DOL) = Contribution ÷ Earnings Before Interest and Tax
= $84,600 ÷ $ 69,600
= 1.22
Effect of an increase in sales of 27% on net operating income
Effect = % increase in sales × DOL
= 27% × 1.22
= 32.94 %
See new contribution income statement with % increases in line items.
What is the purpose of blockchain technology?
Answers
The purpose of blockchain technology is to provide a decentralized and transparent system for recording and verifying transactions or information. It is a distributed ledger technology that allows multiple parties to maintain a shared database without the need for a central authority. Overall, blockchain technology provides a robust and secure framework for businesses to enhance security, transparency, efficiency, and trust in their operations, leading to improved processes and better customer experiences.
The main purpose of blockchain technology is to create a distributed and secure ledger of transactions. Some key aspects of blockchain technology include:
Distributed - The blockchain is distributed across a network of computers instead of being stored in a centralized location. This makes it more resistant to data tampering and hacking.
Secure - Blockchain uses cryptographic techniques to ensure the integrity and security of the data. Once a transaction is recorded, it is very difficult to change or hack the data.
Transparent - All transactions recorded on the blockchain are publicly visible to anyone with access to the network. This transparency helps prevent fraudulent activities.
Automatic - Blockchain uses a distributed consensus mechanism to automatically validate transactions. There is no need for a central authority or intermediary.
Immutable - Once a transaction is recorded on the blockchain, it is almost impossible to change. This immutability provides a high degree of certainty for transactions.
The main applications of blockchain technology are:
Digital currency - Blockchain underlies cryptocurrencies like Bitcoin which are decentralized digital currencies.
Financial transactions - Blockchain can be used to record financial transactions in an efficient, secure and transparent manner.
Supply chain management - Blockchain can track materials, payments and documents throughout supply chains.
Smart contracts - Self-executing contracts can be embedded in the blockchain to automatically execute terms of agreements.
Asset registry - Assets like land titles, jewelry, artwork, etc. can be recorded on a blockchain to prove ownership and authenticity.
In summary, the key purpose of blockchain technology is to create an incorruptible digital ledger of data that is distributed across a network. This makes the data secure, transparent and permanent.
The debt ratio is calculated by dividing total assets by total liabilities.
True
OR
False
Answers
Answer:
False
Explanation:
It is meant to Total liabilities/Total assets
The debt ratio could not be calculated by dividing total assets by total liabilities.
The following information related to the debt ratio is
The debt ratio should be calculated by dividing the total debts from total assets.In this, the total debts should be on the numerator side and the total asset should be on the denominator side. The ratio should always be on time.Therefore we can conclude that the given statement is false.
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Invigilation Security Systems is considering a project that has the following cash flow data. Determine the project's payback period and discounted payback period
WACC 4.5%
Year-0,1,2,3,4
Cash Flows -$30,500, $14750, $11,000, $9000, $7,2000
Answers
The payback period for the project is approximately 3.528 years, and the discounted payback period is approximately 4.259 years.
To calculate the payback period, we need to determine the time it takes for the cumulative cash inflows to equal the initial investment.
Year Cash Flow Cumulative Cash Flow
0 -$30,500 -$30,500
1 $14,750 -$15,750
2 $11,000 -$4,750
3 $9,000 $4,250
4 $7,200 $11,450
The cumulative cash inflows equal the initial investment of $30,500 at the end of Year 3. However, since the cash inflow in Year 3 is only a partial recovery of the initial investment, we need to calculate the payback period more precisely.
Payback period = Year before full recovery + (Unrecovered cost at start of year / Cash flow during the year)
Payback period = 3 + ($4,750 / $9,000) = 3.528 years
To calculate the discounted payback period, we need to discount the cash inflows using the company's weighted average cost of capital (WACC) of 4.5%.
Year Cash Flow Discount Factor Discounted Cash Flow Cumulative Discounted Cash Flow
0 -$30,500 1.0000 -$30,500 -$30,500
1 $14,750 0.9570 $14,103 -$16,397
2 $11,000 0.9167 $10,093 -$6,304
3 $9,000 0.8784 $7,884 $1,580
4 $7,200 0.8424 $6,073 $7,653
The cumulative discounted cash inflows equal the initial investment of $30,500 at the end of Year 4.
Discounted payback period = Year before full recovery + (Unrecovered cost at start of year / Discounted cash flow during the year)
Discounted payback period = 4 + ($7,653 / $6,073) = 4.259 years
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Bob just graduated from college and is now in the market for a new car. He has saved up $4,000 for a down payment. He has the decision narrowed down to a Cord and a Fevvy. The Cord is priced at $23,599, and the Fevvy is priced at $18,999. After agonizing over the decision, he decides to buy the Fevvy. He writes the dealership a check for $4,000 and takes out a loan for the remainder of the purchase price.
Identify what role money plays in each of the following parts of the story.
Hint: Select each role only once.
Answers
The role played by the money in each case is as follows:-
Medium of exchange.Comparison of values.Saving element.What is money?Money is a good that is widely acknowledged as a means of economic exchange. It serves as the medium for expressing values and pricing. It is the primary indicator of wealth since it moves from person to person and country to country, allowing trade.
In the above scenario, Bob wanted to purchase a car on loan and has to make a purchase decision among the two cars that are Fevvy and Cord.
The role played by the money in each case is mentioned as follows:-
Bob issues a $4000 check which states that money act as the medium of exchange as it is used to purchase a car.
Bob can easily ascertain that the Cord is more expensive than the Fevvy which states that money is used to compare the values of two cars, the unit of account.
Bob currently has $4,000 in savings, which shows the saving habits that will help in future needs.
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Your question is incomplete, probably the complete question was...
Identify what role money plays in each of the following parts of the story. (Medium of exchange, unit of account, or store of value)
A. Bob writes a check for $4,000.
B. Bob can easily determine that the price of the Cord is more than the price of the Fevvy.
C. Bob has saved $4,000 in his checking account.
in large organization why is decentralization conidered almost essential?
Answers
Answer: Decentralisation can be defined as even and systematic distribution of authority at every level of management. Under decentralisation every employee working at different levels gets some share in the authority. Decentralization is a policy matter and managers plan in advance whether to go for centralised or decentralized policy. Sometimes company follows a mixed policy of centralisation and decentralisation. They keep the important matters such as financial decisions, structural decisions with the top level management only and share the common decisions with the people working at different levels as generally an organisation can never be completely centralised or decentralised.
Explanation:
Q.1.1
If the Owners Equity of a certain business is equal to R70 000 and the assets of the
same business are equal to R120 000, what would the total liabilities of the
business be?
(a) 50 000
(b)
190 000;
(c)
70 000;
(d)
120 000
Answers
Answer:
The answer of this question is (B)190000
(Process Analysis with Multiple Flow Units) Consider a process consisting of five
resources that are operated eight hours per day. The process works on three different products,
A, B, and C:
Demand for the three different products is as follows: product A, 40 units per day; product
B, 50 units per day; and product C, 60 units per day.
What is the bottleneck? What is the flow rate for each flow unit assuming that demand
must be served in the mix described above (i.e., for every four units of A, there are five units of B and six units of C)?
Answers
Answer: We can identify the bottleneck in the process by calculating the processing times for each product at each resource. Assuming that each resource can process one unit of a product per hour, we can use the following table to calculate the processing times
Explanation: Using the table, we can calculate the processing times for each product at each resource by adding up the time required for each resource to process one unit of the product. For example, the processing time for product A at resource 1 is 1 hour, resource 2 is 2 hours, and so on.
Based on the table, we can see that the bottleneck resource is resource 4, which has the longest processing time for all three products. The maximum capacity of the process is therefore limited by the capacity of resource 4, which operates for 8 hours per day.
We also need to determine the maximum flow rate for each flow unit, taking into account the demand mix specified in the problem. For every four units of product A, we need to produce five units of product B and six units of product C.
Given the demand mix and the maximum capacity of the bottleneck resource, we can calculate the maximum flow rates for each product as follows:
For product A, the flow rate is 40 units per day, or 5 units per hour (40/8). Since the processing time for product A at the bottleneck resource is 3 hours, the maximum flow rate for product A is 5/3 = 1.67 units per hour.
For product B, the flow rate is 50 units per day, or 6.25 units per hour (50/8). Since the processing time for product B at the bottleneck resource is 3 hours, the maximum flow rate for product B is 6.25/3 = 2.08 units per hour.
For product C, the flow rate is 60 units per day, or 7.5 units per hour (60/8). Since the processing time for product C at the bottleneck resource is 3 hours, the maximum flow rate for product C is 7.5/3 = 2.5 units per hour.
Activities would you perform as an entrepreneur?
Answers
Answer:
no. because why it make since to person as an entrepreneur
Caleb overhears his dad on a business call mentioning "the market" several times. When his dad hangs up, Caleb asks him if he is going to the store. Caleb's dad laughs and explains that he was not talking about that kind of market, he was talking about the economic market.
He goes on to explain that the market is:
A. the value of all services sold within a year.
B. the exchange process between buyers and sellers.
C. the voluntary donation of blood to blood banks.
D. the percentage of the labor force that is unemployed and actively seeking work.
Answers
Caleb's dad while talking about the economic market, goes on to explain that the market is where the value of all services sold within a year, where the exchange process takes place between the buyers and sellers.
In an economic market there are two forces, known as supply and demand, which directs the production of goods and services. Markets tends facilitate trade and enable the distribution and allocation of resources in a society.
Economic markets also allow any trade-able item in order to be evaluated and priced. Also, a market sometimes can emerge more or less spontaneously or by deliberate human interaction in order to enable the exchange of rights.
Hence, options A, B, and D are correct.
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What should you include on an income statement?
Select all correct answers.
1. income
2. expenses
3. net profit
4. all assets
Answers
All of the factors that have to be included in the income statement are:
1. income2. expenses3. net profitWhat is meant by the income statement?This is the term that is used to refer to the financial statement that would be made to show the revenue, the expenses and the profits that are made by a given company over a period of time. This is also called the earnings statement. It shows the revenue that is made from business.
Hence we can say that All of the factors that have to be included in the income statement are:
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Question: The Gross National Product (GNP) Of A Certain Country Was .N(T) = T2 + 5t + 106 Billion Dollars Years After 1980. At What Rate Was The GNP
Answers
The rate of growth of GNP is 2t + 5 million dollars per year.
To determine at what rate the Gross National Product (GNP) was growing, we have to differentiate the equation of the GNP with respect to time (t).The Gross National Product (GNP) of a certain country was .N(t) = t2 + 5t + 106 billion dollars years after 1980.
We need to find the rate of growth of GNP.
Using the power rule of differentiation, we can differentiate the above equation with respect to time (t).Therefore,N'(t) = d/dt (t² + 5t + 106)N'(t) = 2t + 5We now have the derivative of the GNP equation with respect to time (t). It tells us the rate of change of GNP concerning time (t).Therefore, the rate of growth of GNP is given byN'(t) = 2t + 5 million dollars per year.
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Break-Even Sales
BeerBev, Inc., reported the following operating information for a recent year (in millions):
Sales $6,512
Cost of goods sold $1,628
Gross profit $4,884
Marketing, general, and admin. expenses 592
Income from operations $ 4,292
Assume that BeerBev sold 37 million barrels of beer during the year, that variable costs were 75% of the cost of goods sold and 50% of marketing, general and administration expenses, and that the remaining costs are fixed. For the following year, assume that BeerBev expects pricing, variable costs per barrel, and fixed costs to remain constant, except that new distribution and general office facilities are expected to increase fixed costs by $21.09 million.
Compute the break-even sales (in barrels) for the current year. Round your answer to two decimal places. Enter your answers in millions.
Answers
The break-even sales for the current year are 32.04 million barrels, rounded to two decimal places.
First, we need to calculate the total fixed costs for the current year
Fixed costs = Total costs - (Variable costs + Cost of goods sold x Variable cost % + Marketing, general, and admin. expenses x Variable cost %)
Fixed costs = $6,512 million - ($1,628 million + $1,221 million + $296 million)
Fixed costs = $3,367 million
Next, we can calculate the contribution margin per barrel:
Contribution margin per barrel = Price per barrel - Variable cost per barrel
We don't have the price per barrel, but we can use the gross profit and the number of barrels sold to calculate the average gross profit per barrel
Average gross profit per barrel = Gross profit / Barrels sold
Average gross profit per barrel = $4,884 million / 37 million barrels
Average gross profit per barrel = $132 per barrel
Assuming variable costs per barrel remain constant, we can use the variable cost % to calculate the variable cost per barrel
Variable cost per barrel = Cost of goods sold x Variable cost % / Barrels sold + Marketing, general, and admin. expenses x Variable cost % / Barrels sold
Variable cost per barrel = $1,628 million x 75% / 37 million barrels + $592 million x 50% / 37 million barrels
Variable cost per barrel = $27.03 per barrel
Therefore, the contribution margin per barrel is
Contribution margin per barrel = $132 - $27.03
Contribution margin per barrel = $104.97
Finally, we can calculate the break-even sales in barrels for the current year
Break-even sales (in barrels) = Fixed costs / Contribution margin per barrel
Break-even sales (in barrels) = $3,367 million / $104.97 per barrel
Break-even sales (in barrels) = 32.04 million barrels
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Tourism industry has been suffering during this pandemic. Tata Vacation Villa currently has numerous vacancies. Few tenants moved out because of high rents. Prospective tenants come to see the units, they are very excited, however, they see many other vacancy signs available for less money. As a result, Tata Vacation Villa are losing customers. You are working as a manager of the company and your boss asked you to
Answers
Analyzing the above scenario, it is likely that as a manager of the company, your boss asked you to carry out a strategic plan so that Tata Vacation Villa does not lose any more customers.
Through strategic planning, action plans would be developed to help the company achieve its objectives and goals.
Some strategic actions that the manager could develop to maintain the company's competitiveness would be:
Develop a marketing plan in order to generate greater publicity for Tata Vacation Villa.Offer discounts and benefits to customers.Reduce rental prices during the pandemic.Partnering with airline industries, websites and attractions to offer discounts to customers.Therefore, it is necessary to align the company's action plans to its internal and external environment, in order to achieve organizational goals.
As a manager, your role is to plan, organize, lead and control the strategy so that it is effectively implemented.
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Which letter represents the phase of the business cycle when businesses hire more workers, which
leads to greater consumer spending?
A) A
B) B
C) C
D) D
Answers
Answer:
b
Explanation:
i mean it higher then them all
On January 1, 2021, Desert Company announced their intent to build a new headquarters building. Construction began on February 1st. On March 1st, Desert took out a loan from Cactus Capital for $500,000 at 8% interest over 3 years and at that time made their first expenditure. Construction was complete on December 1st. What is the date on which they can begin capitalizing interest costs? Group of answer choices
Answers
Answer:
Desert Company
The date on which Desert Company can begin capitalizing interest costs is March 1, 2021.
Explanation:
This is the date it obtained the construction loan for 3 years. Desert should only capitalize interest during the construction period. This is the period when the asset is being prepared for its future use. Interest can only be capitalized when the related asset will yield future economic benefits. Otherwise, it should be expensed.
Curtis purchased inventory on December 1, 2020. Payment of 250,000 stickles was to be made in sixty days. Also on December 1, Curtis signed a contract to purchase §250,000 in sixty days. The spot rate was §1 = 0.33682, and the 60-day forward rate was §1 = $0.36842. On December 31, the spot rate was §1 = 0.32438 and the 30-day forward rate was §1 = 0.36386.
At what amount should the Forward Contract account be recorded on December 1?
Answers
Answer: $0
Explanation:
Forward contracts get their value from the cost and on December 1, there was no cost to Curtis as he Curtis had just signed the contract.
This means that the amount that should be recorded for the Forward Contract should be $0. Even though the contract is valued at $0, it will still need to be credited against the amount to be received to at least recognize that a forward contract was entered into.
When the actual cost of direct materials used exceeds the standard cost, the company must have experienced an unfavorable direct materials price variance.
a. True
b. False
Answers
Answer:
True
Explanation:
The cost was bigger than they had budgeted for, so it was an unfavorable variance.
If chocolate bars have a price elasticity of 1.8, then we can infer the chocolate bar Multiple Choice has a narrowly defined market and sellers should lower price to increase revenue. is a luxury good and sellers should raise price to increase revenue. few substitutes and sellers should raise price to increase revenue from sales. has many substitutes and sellers should raise price to increase revenue from sales.
Answers
If chocolate bars have a price elasticity of 1.8, then we can infer the chocolate bar as many substitutes and sellers should lower price to increase revenue from sales.
What is the price elasticity of demand?Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
If the absolute value of the price elasticity of demand is greater than 1, it means that demand is elastic. If demand is elastic, it means that quantity demanded is sensitive to price changes.
If a good has many substitutes, has a widely defined market and is not a luxury good, the good would have an elastic demand.
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Diversity has become a critical bottom-line business strategy in today's global economy.
a. True
b. False
Answers
The statement "Diversity becomes the critical & bottom line strategy of the business for the today economy" is true.
The information regarding diversity is as follows:
There is a recent study regarding the Boston Consulting Group i.e. BCG in this, the diversity rises the bottom lines for the organization.It has a direct impact on the bottom line.Therefore we can conclude that the statement "Diversity becomes the critical & bottom line strategy of the business for the today economy" is true.
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what are the two aspects of the evaluation process in Step 5 for Taking Marketing Action? Why is this important
Answers
The two aspects of the evaluation process in Step 5 for Taking Marketing Action are:
Implementation and control. They ensure that the entrepreneur is following through on his plans.What are the required steps?The required steps for taking marketing action are: stating a mission, analyzing the situation in question, drawing a plan, stating the marketing mix, and then implementing and establishing controls.
The last two steps are important because they help to ensure that the drawn plans are followed to the teeth. They also help the entrepreneur to remain on track while trying to establish a workable structure.
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net primary productivity is lowest in which of the following? group of answer choices tertiary consumers secondary consumers primary consumers primary producers
Answers
Net primary productivity is lowest in primary consumers among other group of choices.
Why is it referred to as a consumer?A person is referred to as a consumer if they buy goods or services for their own use rather than for manufacturing or resale. A customer is someone who makes the choice of whether or not to purchase a product at the store or someone who is influenced by marketing and advertising.
The importance of the consumerAll goods are mostly in demand from consumers. Producing different goods in response to market demand is done by both industrial and agricultural product manufacturers. Prof. Marshall contends that the demand governs the market or production.
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Reese opened his business in February. Due to circumstances beyond his control, it closed in August. What month of this short tax year will serve as the midpoint for purposes of calculating depreciation using the half-year convention?
Answers
Reese opened his business in February. Due to circumstances beyond his control, it closed in August. The month of this short tax year that will serve as the midpoint for purposes of calculating depreciation using the half-year convention is: July. (Option D)
What is tax year?For a short tax year, the month of July will be used for depreciation using the midpoint technique. This is because when an asset is acquired throughout the year and used after the second half, July 1 is used to calculate depreciation using the half-year approach. As a result, option d, July, is the right answer.
A fiscal year is used in government accounting, which differs by country, as well as budgeting. Businesses and other organizations also utilize it for financial reporting.
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Full Question:
Jackson opened his business in February. Due to circumstances beyond his control, it closed in August. What month of this short tax year will serve as the midpoint for purposes of calculating depreciation using the half-year convention?
A) April
B) May
C) June
D) July
Daft is a product of the Digby company. Digby's sales forecast for Daft is 506 units. Digby wants to have an extra 10% of units on hand above and beyond their forecast in case sales are better than expected. (They would risk the possibility of excess inventory carrying charges rather than risk lost profits on a stock out.) Taking current inventory into account, what will Daft's Production After Adjustment have to be in order to have a 10% reserve of units available for sale
Answers
Explanation:
sales forecast for Daft is 506 units. Digby wants to have an extra 10% of units on hand above and beyond their forecast in case sales are better than expected. (They would risk the possibility of excess inventory carrying charges rather than risk lost profits on a stock out.) Taking current inventory into account, what will Daft's Production After Adjustment have to be in order to have a 10% reserve of units available
Explain using examples the three measures of measuring GDP
Answers
Answer: See explanation
Explanation:
The gross domestic product means the value in terms of money of the goods that a nation produces. The three measures of measuring the gross domestic product are:
1. Expenditure approach: This approach has to do with the addition of all the expenses that was incurred in a particular economy on the final goods and services. This can be calculated using C+I+G+(X-M)
where,
C = consumption.
I = investment
G = government expenditure
X = export
M = import
2. Income approach: This involves the addition of all the income that is earned in a particular country for the year. In this case, one will need to add the wages, salaries, interest, profit and rent.
3. Value added approach: This has to do with the addition of the value added which is down at every production level.
Requirements for legal capacity for an individual are that a person must be at least sixteen and intelligent. true false
Answers
Answer:
False
Explanation:
You have to be 18