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kap26 [50]
3 years ago
8

For external reporting​ purposes, U.S. GAAP allows companies to use

Business
1 answer:
Vilka [71]3 years ago
8 0

Answer:

B. only the traditional format of the income statement.

Explanation:

There is only one format under US GAAP, that is the traditional format, the variable costing format or the contribution margin format are all concepts of cost accounting, and not of accounting.

As per US GAAP the books are prepared in traditional format income statement. No other format is followed for reporting and presenting the financial statements of the company.

Therefore, correct option is:

Option B

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An asset is purchased by a calendar or fiscal year firm for $60,000 on October 1, 1997. The asset has a useful life of four year
emmasim [6.3K]

Answer:

1. True

Explanation:

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First we have to find the depreciation rate which is

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= 25%

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5 0
3 years ago
A store is discounting all of it's stock. the original price of a pair of sunglasses was $44.95. the sale price is $26.97. at th
VikaD [51]
The first thing you should do to solve this problem is to know how much was the discount of the sunglasses.
 We have then:
 44.95 $ ---> 100%
 26.97 $ ---> x
 Clearing x:
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 therefore, the discount is
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 answer:
 the original price of a bathing suit that has a sale price of $ 28.95 is $ 40.53
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4 years ago
Bluebird Mfg. has received a special one-time order for 15,000 bird feeders at $2.30 per unit. Bluebird currently produces and s
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Answer:

Increase

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If Bluebird accepts this additional business, the effect on net income will be:

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Suppose that consumers' incomes increased, such that more video games were demanded at each price level. After the increase in d
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I Believe the answer is A
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