Financial statements include assets listed at historical costs. Hence, the assets are recorded at their historical cost.
<h3>What do you mean by historical costs?</h3>
The price paid when an asset was purchased is known as the historical cost. On a company's balance sheet, the majority of long-term assets are recorded at their historical cost.
One of the fundamental accounting principles outlined by generally accepted accounting principles is historical cost (GAAP). The use of historical cost is consistent with conservative accounting because it avoids overstating an asset's value.
Hence, Financial statements include assets listed at historical costs. Hence, the assets are recorded at their historical cost.
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Answer:
Their study of data from the Gallup-Healthways Well-Being Index found that while “life evaluations rise steadily with income,” emotional well-being drops off at about $75,000 a year. Beyond $75,000, money is important for life evaluation but does nothing for happiness, enjoyment, sadness, or stress.
Explanation:
If the entire economy should take a downturn, the effect on the manufacturer would be to : offer rebates and incentives for customers who purchase washing machines.
<h3>What is meant by an economic downturn?</h3>
This is the term that is used to refer to the economic downturn that is experienced in a particular economy for a given period of time. This period would usually bring about the failure of the market with the producers and sellers making little gains in the market.
Hence we cam say that If the entire economy should take a downturn, the effect on the manufacturer would be to : offer rebates and incentives for customers who purchase washing machines.
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Answer:
exports more than it imports
Explanation:
Trade surplus is when export exceeds import.
Export is the sum total of goods and services sold to other countries. For example, if clothes are sold to China, it constitutes export.
Import is the sum total of goods and services bought from other countries. If a laptop manufactured in China is sold to someone in the US, this is import
Trade deficit is when a country imports more than it exports
Answer:
Feb 01
Allowance for doubtful accounts 6,800
Accounts receivable—Oakley Co. 900
Accounts receivable—Brookes Co. 5,900
Jun 05 Accounts receivable—Oakley Co. 900
Allowance for doubtful accounts 900
Jun 05 Cash 900
Accounts receivable—Oakley Co. 90
Explanation:
