She may be entitled to protection under the <u>Business Judgement Rule</u>, which is a doctrine that courts generally defer to the business decisions of company executives when the decisions were in good faith.
Answer:
Time donated to a qualified veterans organization
Explanation:
The reason is that the company can only only deduct the products or services delivered which had cost the organization. The companies are not allowed to deduct the cost of time delivered however if the employee is specially paid to offer the services to qualified charitable institution then the charity would be tax deductable.
A seller's willingness to accept is the same as his marginal cost of production.
Marginal cost is the increase or decrease in cost of production if the output is increased. The marginal cost of production is the change in the total cost of the product from producing one addition item.
Answer:
a. True
Explanation:
A partnership is a form of business that is owned by 2 or more people through signing of a partnership agreement. Each person is responsible for all the decisions made in the partnership and they share the net income. Details of how the net income is distributed is mentioned in the Partnership income statement. It will be divided equally among the partners as mentioned in the partnership agreement.
Answer:
warranty expense = $240
estimated warranty liability = $240
Explanation:
There is no option on the customer to take the warranty or not. Therefore this type of warranty is known as an Assurance type warranty.
Assurance type warranties are accounted for terms of IAS 37 - Provisions as follows ;
Year 1
Warranty expense $240 (debit)
Warranty Provision $240 (credit)
<em>Warranty Amount = $6,000 × 4% = $240</em>
Year 2
<em>When warranty claim is subsequently received</em>
Warranty Provision $209 (debit)
Materials $209 (credit)
