One of the usual differences between financial and managerial accounting is the time dimension of the information reported.

Seventeen years ago, Susan designed a corrugated steel culvert for a rural road. Her work was accepted and paid for by the count

Lemur [1.5K]

Answer:

C. Statute of limitations.

Explanation:

Statute of limitations are laws which states the time limit of when legal proceedings must be initiated between concerned parties from the date in which alleged offence was perpetrated.

In statue of limitations, the time limit for somebody is wronged to initiate legal action is not fixed in all jurisdiction. It means that depending on the nature of the alleged offense under statute of limitation, time allowed to institute legal actions varies.

Example of statue of limitation is that for certain states, the time limit to initiate legal case say on fraud is two years. It means that one must bring up the case in a court of law within the stipulated two years period. Once the two year grace elapse, one can no longer sue for fraud in the court of law.

Although there is no time limit for certain offence like murder case, sex offence with minor etc.

As in the case above, the judge threw away the case because according to the law of statute of limitation, a party that is wronged can only sue the wrong doer within the stipulated time as spelt out within the jurisdiction where the alleged offence was committed.

4 0

3 years ago

Why might you complete a 1040 instead of a 1040ez?

Liula [17]

D none of the above

8 0

3 years ago

Which of the following is an objective of capital budgeting?

polet [3.4K]

Answer:

C. To earn a satisfactory return on investment.

Explanation:

The objective of the capital budgeting is that the company should have to do the investment in that thing which should be profitiable. In this, the company have the options i.e. either it selects the better investment or proposal for the enterprise

So as per the given situation, when the return on the investment is earn and it becames satisfactory so this represent the capital budgeting objective

Hence, the option c is correct

5 0

3 years ago

Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March Marc

san4es73 [151]

Answer:

1. Prepare general journal entries to record these transactions using the following titles:

March 1

Dr Cash (101) 175,000

Dr Office Equipment (163) 26,000

Cr Common Stock (307) 201,000

March 2

Dr Prepaid Rent (131) 6,000

Cr Cash (101) 6,000

March 3

Dr Office Equipment (163) 3,800

Dr Office Supplies (124) 2,200

Cr Accounts Payable (201) 6,000

March 6

Dr Cash (101) 4,500

Cr Services Revenue (403) 4,500

March 9

Dr Accounts Receivable (106) 10,900

Cr Services Revenue (403) 10,900

March 12

Dr Accounts Payable (201) 6,000

Cr Cash (101) 6,000

March 19

Dr Prepaid Insurance (128) 6,400

Cr Cash (101) 6,400

March 22

Dr Cash (101) 4,000

Cr Accounts Receivable (106) 4,000

March 25

Dr Accounts Receivable (106) 5,330

Cr Services Revenue (403) 5,330

March 29

Dr Dividends (319) 5,400

Cr Cash (101) 5,400

March 30

Dr Office Supplies (124) 1,700

Cr Accounts Payable (201) 1,700

March 31

Dr Utilities Expense (690) 1,400

Cr Cash (101) 1,400

2. Post the journal entries from part 1 to the ledger accounts.

Account Description Debit Credit

101 Cash 175,000

6,000

4,500

6,000

6,400

4,000

5,400

1,400

101 Cash 158,300

106 Accounts Receivable 10,900

4,000

5,330

106 Accounts Receivable 12,330

124 Office Supplies 2,200

1,700

124 Office Supplies 3,900

128 Prepaid Insurance 6,400

131 Prepaid Rent 6,000

163 Office Equipment 26,000

3,800

163 Office Equipment 29,800

201 Accounts Payable 6,000

6,000

1,700

201 Accounts Payable 1,700

307 Common Stock 201,000

319 Dividends 5,400

403 Services Revenue 4,500

10,900

5,330

403 Services Revenue 20,730

690 Utilities Expense 1,400

3. Prepare a trial balance as of April 30.

Account Description Debit Credit

101 Cash 158,300

106 Accounts Receivable 10,900

106 Accounts Receivable 12,330

124 Office Supplies 3,900

128 Prepaid Insurance 6,400

131 Prepaid Rent 6,000

163 Office Equipment 29,800

201 Accounts Payable 1,700

307 Common Stock 201,000

319 Dividends 5,400

Retained earnings 11,000

403 Services Revenue 20,730

690 Utilities Expense 1,400

TOTAL 234,430 234,430

6 0

3 years ago

To automate one of its production processes, the Milwaukee Corporation bought three flexible manufacturing cells at a price of

liq [111]

Answer:

$1,521,800

Explanation:

The computation of cost basis is shown below:-

Three cells cost price = 3 × $470,000

= $1,410,000

Combination of rate charges = $30,000 + $16,000 + $39,000 + $3,600

= $88,600

Wages of one foreman = wage per hour × weeks worked × hours per week

= $29 × 5 × 40

= $5,800

Wages of 4 foremen = 4 × $5,800

= $23,200

Three cells cost basis = Three cells cost price + Combination of rate charges + Wages of one foreman

= $1,410,000 + $88,600 + $23,200

= $1,521,800

4 0

3 years ago