Answer and Explanation:
1. The first statement is true
2. The second statement is false as the company that claims the compliances would comply with the standard, interpretations and the disclosure requirements
3. The third statement is true
4. The fourth statement is false as for creating a standard there si two basic premises i.e.
a. It should be responsive to the needs and the viewpoints with respected to the overall economic community
b. It should be operated in complete public view
if a merchandiser records a debit to accounts receivable and a credit to sales revenue, they have most likely Credit sales recorded.
We have accounts receivable as an asset account and the sales have already been made. Sales revenue has been generated and will be credited to accounts receivable. Sales revenue is a source of income, and accounts receivable are sources of assets.
Some credit sales have clauses, such as interest income clauses, that state that if a payment is not made, an amount will be received after a certain amount of time has passed.
Credit sales are transactions in which the outstanding balance will be paid at a later time. In other words, credit sales refer to transactions in which customers make purchases but do not pay in full, in cash, at the time of the transaction.
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Answer:
option (a) is correct, $ 2400
Explanation:
Given:
Direct materials cost = $ 700
Direct labour cost = $ 1300
Variable overhead = $ 400
Transfer price is relevant cost for Engine division
Now,
the relevant cost is variable cost
Also, variable cost is given as;
variable cost = Direct material + Direct labor + Variable overhead
on substituting the values in the above formula, we get
variable cost = $ 700 + $ 1,300 + $ 400
or
variable cost = $ 2400
Hence, option (a) is correct
The sales price, acquisition costs, and capital improvement costs (such as renovations or additions) of a property combine to make up the<u> </u><u>Basis</u>.
Acquisition price refers to an amount paid for a constant property, for expenses associated with the purchase of a new purchaser, or for the takeover of a competitor. It is useful in identifying the entire cost of the fixed property as it consists of gadgets together with criminal charges and commissions and eliminates discounts and remaining fees.
The acquisition fee refers to the all-in value to buy an asset. these expenses encompass shipping, income taxes, and customs charges, as well as the prices of web page training, installation, and testing. Whilst acquiring property, acquisition prices can include surveying, closing expenses, and paying off liens.
Patron acquisition cost is the fee of winning a purchaser to buy a product or service. As an important unit financial, consumer acquisition expenses are often associated with purchaser lifetime costs. With CAC, any employer can gauge how lots they’re spending on obtaining every client.
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Answer:
Explanation:
The statement of stockholder's equity comprises common stock and retained earnings. The ending balance after adjustment shown in the attached spreadsheet.
The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid
= $52,000 + $34,000 - $12,000
= $74,000
And, the ending balance of the common stock = Beginning balance of common stock + issued shares
= $71,000 + $20,000
= $91,000
The preparation of the statement of stockholders’ equity is presented in the spreadsheet. Kindly find the attachment below:
