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3 years ago

Identify the level of the literature hierarchy for u.s. gaap to which each item belongs

Business

1 answer:

kompoz [17]3 years ago

7 0

A. Industry Practice - 3

B. FASB Concept Statements - 3

C. Codification - 1

D. Textbooks - 3

E. Authoritative rules and principles for U.S. GAAP for similar transactions - 2

F. International Financial Reporting Standards (IFRS) - 3

G. SEC rules and interpretive releases - 1

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HELP PLEASE HURRY!!!! Is it fair to restrict people's ability to work based on their age? Why or why not? Justify your answer.

7nadin3 [17]

Yes, it is fair. Younger people (Below 18) need to focus more on school. Work can take their attention off of school. And without school they wont be able to get a better job. Plus younger people can only work part time due to child labor. Most workers below 18 also have parents that's job is to feed and care for them, which means they do not even need to work until they are over 18. most people that work under the age of 18 is just for the fact of having money, not because they need it to live.

3 0

3 years ago

Read 2 more answers

Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of net credit sales

mixer [17]

Answer:

b. $3,000

Explanation:

According to the above information, the following data are given

Credit sales = $100,000

Uncollectible percentage = 3%

So, after the adjustment by using allowance method, Bad debt expense can be calculated as;

Bad debt expense = Credit sales × Uncollectible percentage

= $100,000 × 3%

= $3,000

3 0

3 years ago

When Harriet went away for the summer, Landry, a house painter, painted her house. He had a contract to paint a neighborâ€™s hou

Goshia [24]

No, Because Harriet had no knowledge of the painting for her house, While there was an added benefit. There is no quasi-contract at all.

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3 years ago

Joe was tired of working for other people. He had an idea to start his own ice cream business and wanted to set it up where he a

d1i1m1o1n [39]

Answer:

Authority - Responsibility Balance & Incentive Development.

Explanation:

Authority refers to the power to command, give orders to somebody. And enjoying the position of having right to get it obeyed.

Responsibility refers to being in a position of accountability, answerability for an allocated task or job & its performance.

For Eg : A manager given responsibility to complete a task of production targets achievement, is also given authority to command the entire staff at the production site.

Joe had problem while working for someone else that :- he had responsibility to complete employers allocated task, but may be not given enough authority to do so, thats why he felt he is being 'commanded by, working for' someone else. Also, he doesn't owe the rewards of his acts, so lacks incentive.

Being an entrepreneur will entitle him with managerial responsibilities, but at the same time will also give him higher authority to take his own independent decisions. And, he is himself responsible for his acts, will bear losses or enjoy profits for himself. So, it also incentivises him to work for himself.

8 0

3 years ago

Expenses recognition Sun Microsystems uses the accrual basis of accounting and recognizes revenue at the Lime it sells goods or

s2008m [1.1K]

Answer:

Sun Microsystems

Amount of Expenses to recognize during the months of June, July, and August in each of the following transactions:

a. Rent Expense = $30,000

b. Utility Expense = $4,650

c. Supplies Expense = $9,700

d. Property Taxes = $1,800

e. No expense is recognized.

f. Salary Expense = $4,500

g. Advertising Expense = $6,600

Explanation:

Data and Calculations:

a. Rent Expense = $180,000/12 * 2 = $30,000 Rent Prepaid $150,000

b. Utility Expense $4,560

c. Supplies Expense $9,700 ($12,600 - $2,900)

d. Property Taxes = $7,200 *3/12 = $1,800

e. No expense is recognized for the advance payment for delivery van.

f. Salary Expense $4,500

g. Advertising Expense $6,600

4 0

3 years ago