When examining whether a company has underrecorded accounts payable, each of the following ratios is helpful except:

A company had a standard sales price of $1.79 per unit and expected to sell 10,000 units. Due to a downturn in the economy, the

Sloan [31]

Answer:

Sales price variance = $1,900.

Explanation:

We know,

Sales price variance = (Standard sales price - Actual sales price) × Actual sales quantity

Given,

Standard sales price = $1.79 per unit.

Actual sales price = $1.59 per unit.

Actual sales quantity = 9,500 units.

Putting the values into the formula, we can get

Sales price variance = (Standard sales price - Actual sales price) × Actual sales quantity

or, Sales price variance = ($1.79 - $1.59) × 9,500

or, Sales price variance = $0.2 × 9,500

or, Sales price variance = $1,900.

4 0

2 years ago

You received a signed broker-to-broker transfer initiation form (TIF) from an established customer desiring to transfer a specif

almond37 [142]

Your firm must submit the transfer instruction to the carrying member through the ACATS <u>A) Immediately.</u>

<h3>What is the Automated Customer Account Transfer Service (ACATS)?</h3>

The Automated Customer Account Transfer Service (ACATS) is a standardized and automatic system sanctioned by the Financial Industry Regulatory Authority (FINRA) that transfers financial securities in customers' accounts from one brokerage firm or bank to another.

Under the FINRA's Uniform Practice Code, a customer may transfer some or all of their securities.

Thus, the FINRA's Uniform Practice Code requires that your firm <u>immediately</u> forwards the TIF to the next broker.

Learn more about Financial Industry Regulatory Authority (FINRA) at brainly.com/question/8777317

#SPJ1

<h3>Question Completion with Answer Options:</h3>

What does FINRA's Uniform Practice Code require?

A) Immediately.

B) within 1 business day.

C) within 3 business days.

D) within 2 business days.

4 0

1 year ago

Some policymakers have argued that products like cigarettes, alcohol, and sweetened soda generate negative externalities in con

White raven [17]

Answer: The correct answers are "decrease" and "decrease".

Explanation: Some policymakers have argued that products like cigarettes, alcohol, and sweetened soda generate negative externalities in consumption. All else equal, if the government decided to impose a tax on soda, the equilibrium quantity of soda would <u>decrease</u> and the equilibrium price of soda would <u>decrease.</u>

4 0

2 years ago

You work for an airline that is expanding its service overseas and hiring several thousand new employees from the countries that

arsen [322]

Depending on where overseas is managers should get to know a little about the cultures, being bilingual would help both managers and employees. Hiring someone who can translate a number of languages would also be a benefit. I'd consider writing out the questions and getting them translated. Managers should come up with no more than 5 questions, it's going to be cumbersome already.

Cultural differences are bound to surface. Some of the ones I would learn about would be; eye contact, hand gestures, physical space, also practice matching there expressions.

8 0

2 years ago

To raise operating funds, North American Courier Corporation sold its building on January 1, 2021, to an insurance company for $

Ganezh [65]

Answer:

North American Courier Corporation

1. Appropriate Entries:

Jan. 1, 2021:

Debit Cash Account $503,000

Credit Building $500,000

Credit Gain on Sale-Leaseback $3,000

To derecognize the asset and recognize the gain on the sale-leaseback.

Dec. 31, 2021:

Debit Lease Rental $89,023

Credit Cash Account $89,023

To account for the lease rental for the year.

Note: This treatment is in accordance with ASC 842 and not IFRS 16, which has withdrawn the concepts of operating and finance (capital) leases. The treatment under IFRS 16 is quite different.

Explanation:

A transaction qualifies for sale and leaseback accounting under ASC 840 when an entity has determined if the transfer of the underlying asset meets the definition of a sale under ASC 606 Revenue from Contracts with Customers. The two key criteria which can be used by an entity to determine this, are as follows:

1. Does a contract exists; and

2. Has control of the asset been transferred?

We believe that the criteria are met. Since this transaction qualifies for sale and leaseback accounting under the old ASC 840, the accounting for the Seller-lessee (North American Courier Corporation) is:

1. Recognize transaction price (determined under ASC 606) when buyer-lessor obtains control, adjusted for any off-market terms

2. Derecognize the carrying amount of the underlying asset

3. Recognize gain or loss in full, subject to any off-market terms

4. Account for the (operating) lease in accordance with ASC 840.

8 0

2 years ago