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Sergio039 [100]
3 years ago
7

Any company claiming compliance with GAAP must comply with most standards and interpretations but does not have to follow the di

sclosure requirements. True or false?
Business
1 answer:
Anuta_ua [19.1K]3 years ago
5 0

Answer:

False

Explanation:

US GAAP requires companies to comply with all their standards and interpretations, and all their disclosure requirements also. Therefore, any company claiming to comply with US GAAP must comply with all the standards and disclosure requirements, not only the once they choose or like.

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On October 17, Nickle Company purchased a building and a plot of land for $589,200. The building was valued at $312,276 while th
Travka [436]

Answer:

Explanation:

The journal entry is shown below:

Building A/c Dr $312,276

Land A/c Dr       $276,924

        To Cash A/c             $61,900

        To Notes payable A/c $527,300

(Being the purchase of building and land for cash and note payable is recorded)

The computation of the notes payable is shown below:

= Total purchase value - cash paid

= $589,200 - $61,900

= $527,300

3 0
3 years ago
Assume that salaried employees of Mayer, Inc., earn 2 weeks of vacation per year. The salaried employees earn a total of $160 ea
Dafna11 [192]

Answer:

Jan .7 Dr Vacation Benefits Expense $ 160

Cr To Vacation Benefits Payable $160

Explanation:

Journal entry for Mayer

Date Account Name Debit Credit

Jan .7

Dr Vacation Benefits Expense $ 160

Cr To Vacation Benefits Payable $160

( to record vacation pay expense.)

4 0
3 years ago
Read 2 more answers
A company has preferred stock that can be sold for​ $21 per share. The preferred stock pays an annual dividend of​ 3.5% based on
NeX [460]

Answer:<em> </em><em>Therefore, the cost of preferred stock is </em><em>17.72%.</em>

Given:

Selling price (preferred stock) = $21

Annual dividend = 3.5%

Flotation costs = $1.25

We can compute the cost of preferred stock as:

cost \ of \ preferred \ stock = \frac{annual \ dividend}{( Price\ of \ stock - Flotation\ costs )}\\

Cost of preferred stock = 3.5 / ($21 - $1.25)

Cost of preferred stock = 17.72%

<u><em>The correct option is (b)</em></u>

3 0
3 years ago
Read 2 more answers
What will you be least likely to be responsible of as part of the accounting team of your organization? A. reconciling accounts
riadik2000 [5.3K]

Accounting is <em>a field that is concerned with the processing, measuring, and communicating of financial information of a company.</em> If you worked in an accounting department, you would most definitely have to reconcile accounts, prepare financial statements, monitor accounting activities, and prepare an investment schedule for the organization.

You will not, however, be expected to (D) develop marketing and advertising strategies. This type of task is usually assigned to the marketing department of a company.  

5 0
3 years ago
Optimization using total value calculates ________.
Jlenok [28]

Answer:

A

Explanation:

Optimization using total value calculates the total value of each feasible option and then picks the option with the highest total value.

Optimization using marginal analysis calculates the change in total value when a person switches from one feasible option to another, and the uses these marginal comparisons to choose the option with the highest total value.

Both gives identical answers.

Optimization can be implemented using many different techniques.

One of it, is Total value total benefit - total cost (net benefit).

It translate all cost and benefits into common units, like dollar per month.

Calculate the total net benefit of each alternative.

Pick the alternative with the highest net benefit.

7 0
2 years ago
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