At the lowest price for jeans consumers will demand the ___ jeans and Producers Supply the __

You are reviewing the accounting records of Cathy's Antiques, Inc. owned by Cathy Miller. You have uncovered the following situa

lakkis [162]

Answer and Explanation:

The accounting principles and the suggestions are shown below:

a. Business Entity Concept:

In this given situation, the amount of $500 should be refunded to the business or it can be recognized as the withdrawal amount by Cathy Miller. The suggestion is that She should use a personal check for paying daycare in the future for her son

b. Going Concern Concept:

Since the business is closed for month-long vacation in the month of June. As Cathy's Antiques is not closing the business for permanent. As she plans for reopening on July 1. The suggestion is that she should hold an inventory decline sale or for other relevant sales.

c. Monetary Unit Concept:

The invoice should be restated in the united states for the purpose of accounting

d. Revenue Recognition Concept:

The revenue should be recognized when it is realized or earned. As the table is not delivered so the revenue should not be recognized.

The amount of $1,500 should be recorded for an account like deposits received from the customers until the delivering of the table is not done

4 0

3 years ago

During the introduction stage of a product's life cycle, typical consumers are during the introduction stage of a product's life

nadya68 [22]

During the introduction stage of a product's life cycle, typically consumers are learning about the product. The product has just been launched and advertisements are made grabbing (hopefully) their new customers attention. During this stage, customers are getting filled with knowledge about a new product or service and how it can benefit them.

3 0

3 years ago

Applying activity-based costing LO P1, P3, A1, A2, C3 [The following information applies to the questions displayed below.] Craf

Ad libitum [116K]

Answer:

Craft Pro Machining

Activity Rate= Activity Cos/ Cost Driver

Production Activities Cost Drivers Activity Rate

Grinding $ 320,000 13,000 machine hours 24.615per machine hour

Polishing $ 135,000 13,000 machine hours 10.38 per ,machine hour

Product modification 600,000 1,500 engineering hours 400 per eng. hour

Providing power $ 255,000 17,000 direct labor hours 15 per DLH

System calibration 500,000 400 batches 1250 per batch

Working:

Job 3175 Job 4286

Number of units 200 units 2,500 units

Machine hours 550 MH 5,500 MH

Engineering hours 26 eng.hours 32 eng.hours

Batches 30 batches 90 batches

Direct labor hours 500 DLH 4,375 DLH

Job 3175 Job 4286

Number of units 200 units 2,500 units

Grinding & Polishing 19247.25 192472.5

Product modification 10400 12800

System calibration 37500 112500

Providing power 7500 65625

Total Costs $ 74,647.25 $ 383,397.5 

The overhead cost per unit for Job 3175 = $ 74,647.25 /200=$ 373.24

The overhead cost per unit for Job 4286= $ 383,397.5/2,500= $ 153.36

6 0

4 years ago

All of the following statements regarding long-term liabilities are true except?

Jlenok [28]

Answer:

C. Liabilities that do not have a fixed due date, but are payable on demand, are reported as long-term liabilities.

Explanation:

The liabilities are the responsibility with regard to the amount that is borrowed by someone from any other person or financial institution. It is a responsibility of a person to return the borrowed amount within the prescribed time along with the interest. Its time period is more than one year

Based on the given options, the option A, B and D are correct but option D is not correct as they have the specified date

Hence, the option C is correct

6 0

3 years ago

A mutual fund that only invests in companies outside the united states is called a(n) ____________ fund.

Nataliya [291]

A mutual fund that only invests in companies outside the united states is called a(n) sector fund.

A mutual fund is a professionally controlled investment fund that swimming pools money from many traders to purchase securities. The time period is commonly used inside the united states of America, Canada, and India, at the same time as comparable structures throughout the globe including the SICAV in Europe and open-ended funding corporation within the united kingdom.

A mutual fund is a pool of money controlled by a professional Fund manager. It's far a consider that collects money from some the buyers who share a common investment objective and invests the same in equities, bonds, cash marketplace instruments, and/or different securities.

Mutual funds are good funding for traders looking to diversify their portfolios. in preference to going all-in on one company or enterprise, a mutual fund invests in special securities to try and reduce your portfolio's risk.

Learn more about Mutual funds here: brainly.com/question/14967316

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3 0

2 years ago

At the lowest price for jeans consumers will demand the ___ jeans and Producers Supply the ___ jeans

At the lowest price for jeans consumers will demand the _ jeans and Producers Supply the _ jeans