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Alexandra [31]
3 years ago
13

It is a gaap standard that ___ copy(ies) of a check be attached to all documents for filing.

Business
2 answers:
Luda [366]3 years ago
7 0

Answer: one

Explanation:

11111nata11111 [884]3 years ago
4 0

<span>GAAP stands for generally accepted accounting principles, it is the accounting standard which is adopted by the U.S. Securities and Exchange Commission, it is also known as US GAAP.</span>

A GAAP standard is that one copy of a check be attached to all documents for filing. GAAP provides the guidelines for financial accounting.

<span> </span>

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During its first and second years of operations, Rogers Company, a corporation using a periodic inventory system, made undiscove
elena-s [515]

Answer:

Net Income understated by $20,000

Explanation:

In the first year, closing inventory was overstated by $80,000. The implications of the above would be,

Net Income for the first year would be overstated by $80,000

In the Second year,

Opening Stock would be overstated by $80,000

Due to this, cost of production stands overstated by $80,000.

Now, given in the question that closing stock for second year is overstated by $60,000 i.e profits are overstated by $60,000.

This means, the net effect on profits would be, $80,000 less $60,000 i.e $20,000 understated profits for the second year.  

4 0
3 years ago
The Phoenix Suns decide to increase their ticket prices for next season. We might expect revenue will rise due to the higher pri
vaieri [72.5K]

We might expect revenue will rise given that Phoenix is a large city.

<h3>What is a revenue?</h3>

This refers to the income generated from normal business operations which are calculated by average sales price * the number of units sold

Because Phoenix Suns decide to increase their ticket prices for next season, then, we might expect revenue will rise given that Phoenix is a large city.

Therefore, the Option B is correct.

Read more about revenue

<em>brainly.com/question/4618859</em>

#SPJ1

5 0
2 years ago
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as fo
agasfer [191]

Answer:

Using LIFO:

TOTAL Sales : $19,875,500

COGS = $11,021,250

GROSS PROFIT = $8,853,750

Explanation:

KINDLY CHECK ATTACHED PICTURE

4 0
3 years ago
When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when A. a customer’s accou
MaRussiya [10]

Answer:

Option D. management estimates the amount of uncollectibles

Explanation:

When the company estimates the bad debts, reflects it in the balance sheet through a Debit entry in the Bad Debt Expenses againts the asset account Allowance for Doubtful Accounts as a Credit.

When the bad debt are confirm as uncollectible the loss is reflected in the Account Receivable as a Credit with the correspondent debit entry in the Allowance for Doubtful Accounts.    

7 0
3 years ago
If nominal gdp is $12 trillion and real gdp is $10 trillion, then the gdp deflator is
Juli2301 [7.4K]
<span>If nominal gdp is $12 trillion and real gdp is $10 trillion, then the gdp deflator is: </span><span>120, and this indicates that the price level has increased by 20 percent since the base year.</span>
<span>
GDP deflator reflect the effects of new prices to the product that produced domestically. 
It calculated with this equation:

GDP Deflator = GDP Nominal/Real GDP x 100

= 12 Trllion /10 Trillion   x 100
= 120</span>
6 0
3 years ago
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