Answer
The agreement is contingent agreement and not the unenforceable.
Explanation:
Under a contingent agreement, certain actions are taken resulting from occurring or non-occurring of certain conditions. Here outcomes are dependent upon happening of events.
Based on the beginning retained earnings balance and the net income as well as dividends, the retained earnings balance will be $1,585,500.
<h3>How much are retained earnings on Dec. 31?</h3>
This can be found as:
= Beginning retained earnings + Net income + dividends paid
Solving gives:
= 1,250,000 + 287,500 + 48,000
= $1,585,500
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Answer:
A direct response sales
Explanation:
From the statement, it can be seen that G bought the life policy alone and made his decision to replace that coverage with a policy that was purchased firsthand through the insurer and delivered. This shows that an agent was not used in the sale or delivery of the policy and hence this depicts a direct response transaction between the insurer and the client G.
Answer:
C. LIFO liquidation
Explanation:
Benson Company uses the LIFO inventory costing method for both its tax reporting purposes and its financial reporting purposes. In its footnotes, Benson Company is required to report the amount at which inventories would have been reported under FIFO method.
The difference between these two numbers is commonly referred to as LIFO Reserve.
LIFO reserve represents the difference in ending inventory using LIFO and ending inventory if FIFO were employed instead.
Third option is the correct option.
LIFO reserve = FIFO inventory cost - LIFO inventory cost
FIFO inventory cost = LIFO inventory cost + LIFO reserve
Answer:
economic profit = $11225
Explanation:
given data
sells = 975 units
cost = $30 per unit
cost of producing goods = $15
implicit costs = $3,400
solution
total revenue = 975 × 30 = $29250
and total cost = 975 × 15 = $14625
so here Total profit will be as
Total profit = $29250 - $14625 = $14625
so here economic profit will be
economic profit = Total profit - implicit costs
economic profit = $14625 - $3,400
economic profit = $11225
