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Zanzabum
3 years ago
6

Gore Inc. recorded a liability in 2021 for probable litigation losses of $2 million. Ultimately, $5 million in legitimate warran

ty claims were filed by Gore's customers. Multiple Choice Gore has made a change in accounting principle, requiring retrospective adjustment. Gore needs to correct an accounting error. Gore is required to adjust a change in accounting estimate prospectively. Gore is not required to make any accounting adjustments.
Business
1 answer:
KengaRu [80]3 years ago
4 0

Answer:

Gore is not required to make any accounting adjustments

Explanation:

Gore won't be required to make any accounting adjustments because the litigation loss is already $2,000,000 leading to him recording a liability in his account in which

$5 million in legitimate warranty claims were as well filed by his customers which is why he won't be making any further Accounting adjustment in 2021.

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How to prevent culture background for affecting businesses
Vera_Pavlovna [14]

Answer:

MRCORRECT has answered the question

Explanation:

The influence of cultural factors on business is extensive. Culture impacts how employees are best managed based on their values and priorities. It also impacts the functional areas of marketing, sales, and distribution. It can affect a company's analysis and decision on how best to enter a new market.

7 0
3 years ago
What motivates companies like starbucks to expand into international markets with little perceived interest for their product?
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6 0
4 years ago
What is the future value of $3,400 in 18 years assuming an interest rate of 8.7 percent compounded semiannually?
Nady [450]

Answer:

$15,747.34.

Explanation:

The Future Value of the Investment, FV can be determined using a financial calculator as follows :

Pv = - $3,400

n = 18 × 2 = 36

p/yr = 2

r = 8.70 %

Pmt = $0

Fv = ?

Using a Financial calculator, the Future Value of the Investment, FV is $15,747.34.

5 0
3 years ago
Turner Company's contribution margin ratio is 15%. If the degree of operating leverage is 12 at the $150,000 sales level, net op
fomenos

Answer:

<em>Net operating income = $1,875</em>

Explanation:

<em>The operating leverage is the ratio of Contribution to Net Operating Income. It is used to analyse the cost structure of a business to determine how much of its total cost is fixed.</em>

It is computed as follows:

<em>Operating leverage = Contribution/Net operating income</em>

Contribution = Contribution margin × Sales revenue

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                  = $22,500

Substitute this into the operating leverage equation

12 = 22,500/ y

y = 22,500/12

y = 1,875

<em>Net operating income = $1,875</em>

7 0
3 years ago
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