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2 years ago

A characteristic of generally accepted accounting principles includes:

Business

1 answer:

77julia77 [94]2 years ago

4 0

Answer:

The correct answer is letter "C": a common set of standards and principles.

Explanation:

The Generally Accepted Accounting Principles (GAAP) are a compilation of <em>official rules, standards, and procedures to be used by publicly traded companies</em> to prepare their financial statements. GAAP standards define how businesses record and report their financial data, and are used in accounting practices to ensure consistency and precision.

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Great Eastern Rectangle (GER) currently has 970,000 shares of stock outstanding that sell for $29.25 per share. Assuming no mark

Nina [5.8K]

Answer:

Please see attachment

Explanation:

Please see attachment

3 0

2 years ago

Mr. Hopper expects to retire in 30 years, and he wishes to accumulate $1,000,000 in his retirement fund by that time. If the int

Karo-lina-s [1.5K]

Answer:

Annual deposit = $4100

Explanation:

Annual deposit = $4100

Number of years for retirement = 30 years

Future value of money = $1000000

Interest rate = 12%

Now use the below formula to find the annuity amount.

Annual deposit = Future value (A/F, r, n)

Annual deposit = 1000000 (A/F, 12%, 30)

Annual deposit = 1000000(0.0041)

Annual deposit = $4100

3 0

2 years ago

Cyclical unemployment:_________

STatiana [176]

Answer: Occurs only during a recession.

Explanation:

Cycling unemployment is a kind of unemployment where company lay-off workers because they can't meet up with their payments: as a result of a general drop in the demand for goods and services in the economy of country.

Cyclical unemployment are very common in recessions as companies then massively drop workers in their establishment due to general low economic activities.

8 0

3 years ago

Lunchco Inc. produces picnic tables in a two-step process. Pretreated wood is cut in the Cutting Department and then the lumber

babunello [35]

Answer: company’s direct labor budget = $320000

Explanation:

Given that,

Standard hourly labor rate in the Cutting Department = $12

It takes 30 minutes of direct labor time to cut the lumber

Tables take one hour to assemble

Standard hourly rate in the Assembly Department = $10

Lunchco’s production budget = 20,000

Cutting Department = production budget × direct labor time × Standard hourly labor rate

= 20000 × 0.5 hours/unit × $12/unit

= $120000

Assembly Department = production budget × Tables take one hour to assemble × Standard hourly labor rate

= 20000 × 1 hour/unit × $10/unit

= $200000

Therefore,

company’s direct labor budget = Assembly Department + Cutting Department

= 200000 + 120000

= $320000

5 0

2 years ago

On December 31, 2018, the balance in Megan's Products Accounts Receivable was $680,000 and net credit sales amounted to $3,800,0

RoseWind [281]

Answer:

Bad Debt Expense ($40,000 - $3,200) $36,800

To Allowance for Doubtful Accounts $36,800

(Being the bad debt expense is recorded)

Explanation:

The adjusting entry is shown below:

Bad Debt Expense ($40,000 - $3,200) $36,800

To Allowance for Doubtful Accounts $36,800

(Being the bad debt expense is recorded)

For recording this we debited the bad debt expense as it increased the expenses and credited the allowance for doubtful debts as it decreased the value of the assets

And since there is a credit balance so the same is deducted from the account receivable

5 0

3 years ago