Answer:
FASB financial standards. Any accounting guidance included in the FASB Codification
Explanation:
GAAP (Generally accepted accounting principles) is primarily comprised of a series of pronouncements from the financial accounting standards board (FASB).
The FASB is not a governmental agency. It is an independent agency tasked with identifying the best way to account for corporate transactions and report them in the most appropriate manner.
GAAP, as set forth by the FASB, is only for US firms and international firms selling stock on US stock exchanges.
Other countries have their own accounting standards agencies that set their own form of GAAP rules.
Answer:
Knowing how to research a company
Answer:
An increase in property value is called appreciation.
Answer:
Annual net operating income= $14,850
Explanation:
The annual net operating income is the incremental sales less costs of good sold and annual depreciation.
Annual depreciation = (Cost of equipment - Salvage value)Number of years
= (289,200-0)/4 = 72,300
Increase in sales= $249,000
Annual net operating income = 249,000- (65%×249,000)-72,300=301,200
Annual net operating income= $14,850
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