Answer;
-A foreign company that wants to have their shares traded on U.S. stock exchanges who uses accounting practices that comply with IFRS
Explanation;
Financial Accounting Standards Board (FASB) is the primary accounting standard-setting body in the United States. Generally accepted accounting principles (GAAP) is a set of accounting standards that have substantial authoritative support and which guide accounting professionals.
-FASB goal is to provide leadership for public companies in establishing and improving the accounting methods used to prepare financial statements. The FASB has the authority to set, but not enforce, accounting standards. Enforcement falls under the jurisdiction of the SEC. The FASB takes recommendations from the SEC and the AIPA when devising or improving standards; however, it is not required to.
Answer: PMI will automatically be dropped when the balance reaches $117,000.
Explanation: PMI stands for private mortgage insurance. This is an insurance policy that banks often require lenders to have when they do not have a 20% down payment on a new home.
PMI is automatically dropped with the amount of the mortgage due is reduced to 78% of the original appraised value of the home. In this case, the home was originally purchased for $150,000. 78% x 150,000 = $117,000. When the loan reaches $117,000 the pmi will automatically be dropped.
Answer:
Cost of goods sold=$955000
Explanation:
we know that to calculate cost of goods sold we have to first finds cost of goods manufactured and to calculate cost of goods manufactured we will need total manufacturing cost.
Step#01: Total manufacturing cost=?
Total manufacturing cost= raw material used+direct labour+ factory overhead
Raw material used=?
Raw material (open)= 72000
Add: Raw material purchase=<u>467000</u>
539000
less: Raw material (ending)= (<u>93000</u>)
Raw material used 446000
Total manufacturing cost=446000+363000+213000=1021000
Step#2: Cost of goods manufactured (COGM)=?
we know that: COGM= Total manufacturing cost+ work in process (open)-work in process (end)
COGM= 1021000+63000-84000=1000,000
Step#3: Cost of goods sold (COGS)=?
we know that : COGS= Cost of goods manufactured+finished goods (open)-finished goods (ending)
COGS= 1000000+171000-216000=955000
Answer:
April 1. Paid six months of rent, $4,800
Requires Deferred expense-type of adjusting entry
April 10. Received $1,200 from customer for six month service contract that began April 1.
Requires Deferred revenue-type of adjusting entry
April 15. Purchased a computer for $1,000.
Requires Deferred expense-type of adjusting entry
April 18. Purchased $300 of office supplies on account
Requires Deferred expense-type of adjusting entry
April 30. Work performed but not yet billed to customer, $500
Requires Accrued revenue-type of adjusting entry
April 30. Employees earned $600 in salaries that will be paid May 2.
Requires Accrued expenses-type of adjusting entry
Answer:
The percentage loss will be "-9.08%". The further explanation is given below.
Explanation:
The given values are:
Invested amount
= 20,000
Price of purchase
= $66
Total number of shares
= 500
The borrowed amount will be:
= 
= 
When the price increase to 69.63, the gain will be:
= 
= 
($)
The total gain will be:
= 
= 
Increase in percentage will be:
= 
= 
%
Whereas if price stays quite well at $66, there is really no increase, so the percentage growth would be 0%.
If the price declines toward a loss of 62,37 per share:
= 
= 
Now,
The total loss will be:
= 
= 
The percentage loss will be:
= 
= 
(%)
