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Sedbober [7]
4 years ago
14

Which statement is false? A) Taking a physical inventory involves actually counting, weighing, or measuring each kind of invento

ry on hand. B) No matter whether a periodic or perpetual inventory system is used, all companies need to determine inventory quantities at the end of each accounting period. C) An inventory count is generally more accurate when goods are not being sold or received during the counting. D) Companies that use a perpetual inventory system must take a physical inventory to determine inventory on hand on the balance sheet date and to determine cost of goods sold for the accounting period.
Business
1 answer:
Hatshy [7]4 years ago
3 0

Answer:

A) Taking a physical inventory involves actually counting, weighing, or measuring each kind of inventory on hand

Explanation:

The physical inventory involves an actual physical count only.  During the physical counting, the counter employs analytical procedures to verify that the actual physical account and the records in the financial statement match. The physical count may include a review of the company's inventory procedures.

The counting process follows some accepted best practices, which include.

  1. Two-person count teams
  2. Pre-numbered tickets and unique sequencing
  3. Halt issuing and receiving of products during the inventory count
  4. Separation of customer products
  5. A master count sheet that is controlled only by the manager of the inventory

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Which law most likely prompted organizations to create codes of ethics and install ethics hotlines?
MAVERICK [17]

Answer:

B) Federal Sentencing Guidelines for Organizations Act.

Explanation:

The Federal Sentencing Guidelines for Organizations Act (FSGO) was passed on November, 1991, and it provides a guideline for organizations' compliance and ethics programs. It applies to virtually all types of private organizations, including corporations, partnerships, non-profits, labor unions, etc.

7 0
3 years ago
On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in ex- change for 12,500 shares of $25 pa
Georgia [21]

Answer:

Journal Entry to be recorded

DR.    Land                                           $475,000

                 Cr.     Common stock                          $312,500

                 Cr.     Add-in-capital common stock  $162,500

Explanation:

Number of Shares = 12,500 shares

Share Market price = $38

Share Par Value = $25

Total value of property to be recorded= 12,500 x $38 = $475,000

Common stock value at par = 12,500 x $25 = $312,500

Add-in-Capital common stock value = $475,000 - $312,500 = $162,500

Property will be recorded as the total value of exchange which is $475,000. On other other hand the common stock value will be recorded in two parts common stock at par value and add-in-capital common stock over par value.

7 0
3 years ago
The transition to an information economy was characterized by ______.
Viefleur [7K]
The transition to this new helpful worldwide economy really started coming to fruition back in the 1950s—a period in which the machines that drove the Industrial Age changed apparatuses for the new Information Age. 
The real move to a data based economy accentuated data dispersion and recovery and in addition transnational monetary collaboration. As a feature of this pattern, in the 1950s different broad communications businesses started showcasing music, motion pictures, TV projects, and PC programming on a worldwide level.
7 0
3 years ago
An asset used in a four-year project falls in the five-year MACRS class for tax purposes. The asset has an acquisition cost of $
tia_tia [17]

Answer:

After tax salvage value $1,278,852.8‬

Explanation:

MARCS five years class:

after four years we will have depreicate:

0.2 + 0.32 + 0.192 + 0.1152 = 0,8272‬

(Data from the attached MACRS)

tax basis of the asset:

6,170,000 x ( 1 - 0.8272) = 1.066.176‬

We will be taxed for the difference between the basis and the salvage value:

1,370,000 - 1,066,176 = 303,824‬ taxable gain:

303,824 x 30% = 91,147.2

After tax salvage value:

salvage valeu - income tax expense

1,370,000 - 91,147.2 = 1,278,852.8‬

3 0
3 years ago
George offers to sell his car to Suzy for $10,000 on the coming Sunday, to which Suzy agrees. They write down the details on a p
max2010maxim [7]

Answer:

Promissory estoppel

Explanation:

Promissory estoppel means that in legal tenet that a promise or pledge can be enforced by law, actually if formulated without legal consideration, if the George now the (promisor) has made a pledge to a Susy the (promises) who then depends on that promise for a subsequent detriment. So what Promissory estoppel is expected to do is to stop the (George) promisor from insisting that an underlying promise should not be legally authorized or implemented. So Susy can sue George on the basis of promissory estoppel and get a reward for George's disappointment

8 0
3 years ago
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