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2 years ago

Which of the following is a coverage that is broad because it can cover personal as well as commercial entities

1 answer:

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<u>Specialized Coverage</u> is a coverage that is broad because it can cover personal as well as commercial entities.

A commercial is an advertisement for a business. Commercial activity is selling goods or services for profit. There's also commercial trading in the forward and futures markets, generally done for heading purposes.

Commercial is defined as a paid advertisement. An example of a commercial is an advertisement for soda or cereal. Commercial use is a legal term that defines the use of certain merchandise, tools or intellectual property for financial gain.

A business can use anything labeled for commercial use for its purposes, including resale, production of other goods and tools, and marketing. Commercial means involving or relating to the buying and selling of goods. In its heyday, the city was a major center of industrial and commercial activity.

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Sam wants to purchase a new computer and go to the Caribbean for spring break. The computer is priced at $1,299, and the vacatio

KATRIN_1 [288]

Answer: Unit of account; Store of value; Medium of exchange.

Explanation:

Sam can easily know that the price of the computer system is more than the price of the vacation. This is a Unit of Account.

Unit of account is measuring of the value of a product against another in terms of a specific currency.

Sam has $1,537 in his checking account. This is a Store of value.

Store of value means an asset or money can be saved and retrieved at a later time, for future use.

Sam writes a check for $1,299 is a medium of exchange.

Medium of exchange is used to facilitate trade between parties. He exchanged money for the computer.

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3 years ago

Using the allowance method, is bad debt expense recognized in

mezya [45]

Using the allowance method, is bad debt expense recognized in the period in which sales related to the uncollectible account are made.

One of the most typical types of bad debt is credit card debt. Lenders issue credit cards, which let you make purchases on credit. These credit cards frequently have exorbitant interest rates that can soon become out of control.

Bad debt costs are typically listed on the income statement as a sales and general administrative expenditure. Accounts receivable on the balance sheet are reduced when bad debts are recognized, but firms still have the right to collect money if the situation changes.

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1 year ago

You expect the price of a commodity to behave as follows over the next 12 months:

Vedmedyk [2.9K]

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3 years ago

Nidal Company reported inventory in the 2020 year-end balance sheet, using the FIFO method, as $185,000. In 2021, the company de

Ksenya-84 [330]

Answer:

Dr Retained earnings $14,000

Cr Inventory $14,000

Explanation:

There is a need to make adjustment to the inventory . Therefore,

Adjusted inventory

= New method of $171,000 - Old method of $185,000

= $14,000 decrease

It is to be noted that a lower inventory will have high costs associated with goods sold hence reduces profit/net income for the previous year by $14,000.

Also, the net income reports to retained earnings account hence decreases retained earnings.

Having made the above adjustment, we can assume that the average cost method was used for 2020 books.

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3 years ago

Read 2 more answers

A firm incurs $35,000,000 of actual OH costs. It has a PDOH rate of $450 per machine hour and 100,000 machine hours were actuall

ella [17]

Answer:

c. Debit: Overhead Control $10,000,000

Credit: Cost of Goods Sold $10,000,000

Explanation:

The journal entry to close the overhead account is presented below:

Overhead Control A/c Dr $10,000,000

To Cost of Goods Sold A/c $10,000,000

(Being the overhead account is closed)

The computation is shown below:

= Applied overhead - actual overhead

where,

Applied overhead equal to

= $450 × 100,000 machine hours

= $45,000,000

And, the actual overhead is $35,000,000

So, the amount would be

= $45,000,000 - $35,000,000

= $10,000,000

Since the applied overhead is greater than the actual overhead, so we debited the overhead control account and credited the cost of goods sold account

5 0

3 years ago