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2 years ago

6

Foreign companies that are listed on the New York Stock Exchange (NYSE) and following their domestic GAAP must report their inco

me in terms of: the International Accounting Standards. the GAAP of their home country. the GAAP of the United States. All of the above

1 answer:

Arlecino [84]2 years ago

7 0

The generally accepted accounting principles of the United States

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Shoreline Insurance deposited $27,000 in an account paying 4 compounded daily on April 2 and deposited an additional $4,200 in t

nydimaria [60]

Answer:

Balance on balance on July 1 is $31490.67

Explanation:

given data

deposited P = $27,000

time = April 2 to May 12 = 40 days

rate = 4 % = 0.04

solution

we get here first compound amount that is express as

amount = P × $(1+\frac{r}{n})^{nt}$ ...................1

put her value

amount = 27000 × $(1+\frac{0.04}{365})^{(365\times \frac{40}{365})}$

amount = $27118.60

and

now we add here $4,200 in $27118.60 that will be

new principal P = $31318.60

and time t = 12 may to July 1 = 50 days

we get here amount that is put value in equation 1 we get

amount = $31318.60 × $(1+\frac{0.04}{365})^{(365\times \frac{50}{365})}$

solve it we get

amount = $31490.67

so that balance on balance on July 1 is $31490.67

5 0

3 years ago

A limited liability company can be held liable for any loss or injury caused by the wrongful acts or omissions of its members.

atroni [7]

That statement is true, an LLC can indeed <span>held liable for any loss or injury caused by the wrongful acts or omissions of its members.
The assets that owned by the members couldn't be held accountable in case there is a loss in the company, but in case of criminal activities, this thing could be overlooked.</span>

5 0

3 years ago

Garla Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $145,600 Allowance for

Bond [772]

Answer:

The following journal entries apply:

a) Debit Bad debt expense $33,692.4

Credit Allowance for doubtful accounts $33,692.4

b) Debit Bad debt expense $38,612.4

Credit Allowance for doubtful accounts $38,612.4

Explanation:

All the sales revenue are on credit to the tune of $834,000, however, there was sales return and allowance of $53,540, which has to be deducted from credit sales to arrive at the net credit sales of $780,460. This amount would be added to the accounts receivable of $145,600 to arrive at the total accounts receivable of $926,060.

a) 4% of $926,060 is $37,042.4. With credit balance of $3,350 in allowance for doubtful accounts, bad debt expense (addition) is $33,692.4 ($37,042.4 - $3,350).

b) 4% of $926,060 is $37,042.4 and there is a debit balance of $1,570 in allowance for doubtful accounts, bad debt expense (to reinstate allowance account to $37,042.4) is $38,612.4 ($37,042.4 + $1,570).

8 0

3 years ago

The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting prin

kipiarov [429]

Answer:

320 Investments—Debt and Equity Securities

10 Overall

25-4 Recognition

4 0

3 years ago

Bradds, Inc., has sales of $589,000, costs of $278,000, depreciation expense of $30,000, interest expense of $25,000, a tax rate

stiks02 [169]

Answer:

$106.400

Explanation:

Icome statement

Sales of $589,000

Costs of -$278,000

Depreciation expense of -$30,000

Interest expense of -$25,000

===============================

Total $ 256.000

Tax Rate 35% - $89.600

Net Income $ 166.400

Dividens Paid Out - $60.000

Addition to Retained Earnings $106.400

3 0

3 years ago