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3 years ago

The following information is taken from Reagan Company's December 31 balance sheet:

Business

1 answer:

zimovet [89]3 years ago

8 0

Answer:

Firm’s sales uncollected for year is 42 days.

Explanation:

Account receivable turnover ratio = $621,000 / $70,422

Account receivable turnover ratio = 8.69

Thus, accounts receivable turnover ratio is 8.69

Average collection period = 365 / Account receivable turnover ratio

Average collection period = 365 days / 8.69

Average collection period = 42.00

Thus, firm’s sales uncollected for year is 42 days.

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In a pure market economy, the "What to produce?" question is ultimately answered by:

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In a pure market economy, the "What to produce?" question is ultimately answered by : consumer sovereignty.

Explanation:

Market autonomy is a two-way economic concept. Market autonomy in production applies to what finished products should be produced from these materials to the control power of the customers over those with scarce resources.

For example, the highest levels of consumer autonomy occur of consumers on the free market. The customer can buy any product in any quantity he wants. But the state or central government decides what to manufacture in a command economy.

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3 years ago

Presented here are liability items for Skysong, Inc. at December 31, 2017. Accounts payable $298,300 FICA taxes payable $14,820

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Answer:

Explanation:

The preparation of the liabilities section of Skysong's balance sheet is shown below:

Skysong, Inc.

Partial Balance Sheet

December 31, 2017

Liabilities

Current Liabilities

Accounts payable $298,300

FICA taxes payable $14,820

Notes payable (due May 1, 2018) $38,000

Interest payable $76,000

Unearned rent revenue $456,000

Income taxes payable $6,650

Sales taxes payable $3,230

Total Current Liabilities $893,000

Non - Current Liabilities

Bonds payable (due 2021) $1,710,000

Notes payable (due 2019) $152,000

Discount on bonds payable $77,900

Total Non -Current Liabilities $1,939,900

Total liabilities $2832,900

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3 years ago

MakerMan Manufacturing creates heavy-duty hand tools. It produces a new collapsible hammer called the SmackN’Stash. One of the f

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Answer:

Anyone who is injured by a defective product may sue the manufacturer, merchants and all others who handled the product.

Explanation:

Strict liability is a legal doctrine that holds a person responsible for the damages or loss caused by his or her acts or omissions. In torts, strict liability is the doctrine that imposes liability on a party or person without a finding of fault. A finding of fault would be negligence or tortious intent.

Strict liability is an important factor in maintaining safety in high-risk environments by encouraging individuals, employers, and other parties to implement the means to prevent injuries and damages. Construction, manufacturing, and other potentially dangerous work settings are typically subject to strict liability.

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3 years ago

Aaron Lynch Company has the following balances in selected accounts on December 31, 2020.

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3 years ago

All of the following are disadvantages of outsourcing a product except: A. outsourcing allows the company to focus on its prima

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Answer:

A. outsourcing allows the company to focus on its primary function

Explanation:

The companies outsource to cut the labor costs and these include the salaries and the personal overheads and primarily used by these companies to focus on the core aspects of business.

To delegate the company's business to third parties and to the external agencies and improve the quality production and innovation.

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3 years ago