Answer:
A. Expand-ability Relevance
Explanation:
Financial statements does not need expansion, therefore expand-ability relevance is not one of the qualities of financial statements.
A. Faithful representation- financial statements must be a faithful representation of the state of the entity. it should represent the correct position of the entity.
B. Comparability - The financial statements must be prepared in accordance with acceptable standard to ensure comparison within and without the entity.
C. Consistency and Verifiability - The numbers must be verifiable and methods choosing in treating certain items must be consistent over time.
Answer:
the business will provide finance for the event
Explanation:
When messages are sent to business, local or international, to sponsor events, it is more often than not thought to be a request fro financial backing or financial muscle for the event. For this reason, the business being courted does not involves itself in the event but rather provides financial aid and maybe send out company representatives to see the event if necessary.
Cheers.
Answer: $222000
Explanation:
The dollar value of February Expected cash collections from customers will be calculated as the addition of the January credit sales collection and the February credit sales collection and this will be:
= ($160,000 × 30%) + ($290000 × 60%)
= $48000 + $174000
= $222000
The value of February expected cash collections from customers is $222,000.
Answer:
$37.30
Explanation:
Sales per share S = 25.37
PS ratio = 1.47 times
PS ratio = Price to sales ratio = P/S
P/S = 1.53
Price per share = (P/S) * Sales per share
Price per share = 1.47 * 25.37
Price per share = $37.2939
Price per share = $37.30
Answer: The following journal entries would be recorded upon disposal of the equipment:
Debit Credit
Cash $100,000
Accumulated depreciation $140,000
Equipment $250,000
Loss on disposal of asset $10,000
Explanation: Using the straight-line method of depreciation, the following formula applies: (Historical cost - Salvage value) / No of years
<u>Depreciation = ($250,000 - $50,000) / 5 years = $40,000 yearly </u>
Accumulated depreciation (January 1, 2010 - July 1, 2013) for three and half years is $140,000 (3.5 years * $40,000). This means that the equipment had a net book value (NBV) of $110,000 as at the time of disposal. So, the above entries would eliminate the asset in the books and recognise the loss on disposal (sales proceed was less than the NBV).
