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3 years ago

The IAC must obtain a IAC written certification with every cargo shipment

1 answer:

5 0

Yes, they must always have it.
The written certification form the IAC will guarantee the content of the cargo.
Using this certification system will prevent potential crimes that conducted through cargo such us drug smuggling, Slave tradings, or illegal antiques tradings.

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Shen has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Valerie,

iren [92.7K]

Answer:

3. Correctly ignored a sunk cost

Explanation:

Sunk costs refer to those costs which have been incurred in the past, which are non recoverable and which have no current or future benefits.

Sunk costs are considered as irrelevant for decision making process as they do not relate to current period and have no future implications. For example, research and development expenditure incurred in the past represents a sunk cost.

In the given case, the ticket for opera was already purchased for $100 which can now neither be recovered nor transferred. Thus this cost is irrelevant for decision making as expenditure has already been made. When Shen decided to go for a party instead of the concert, Shen has correctly ignored a sunk cost.

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3 years ago

Presented below are selected account balances for Homer Winslow Co as of December 31, 2014.

Ronch [10]

Answer:

Sales Revenue 410,000 debit

Income Summary 410,000 credit

--to close revenues accounts--

Income Summary 95,000 debit

Administrative Expenses 38,000 credit

Income Tax Expense 30,000 credit

Sales Returns and Allowances 12,000 credit

Sales Discounts 15,000 credit

--to close expenses and other--

Income Summary 18,000 debit

Dividends 18,000 credit

--to close dividends--

Income summary 297,000 debit

Retained Earnings 297,000 credit

--to close the income summary against RE--

Explanation:

We have to close against income summary he temporary accounts:

To close this accounts we need to post them in their opposite side of the normal balance. Revenues will be debited while expenses credited.

At last, we solve for the income summary balance and close it against retained earnings

410,000 - 95,000 - 18,000 = 297,000

4 0

3 years ago

In his mid-forties, edgar felt enormous turmoil, dissatisfaction, and unhappiness with his life. he decided to quit his job, lea

serious [3.7K]

<span>The research on midlife crisis indicates that "Edgar is </span>unlike the average middle-aged adult".

A midlife crisis is a change of character and self-assurance that can happen in middle aged people, normally 45– 64 years old. This phenomenon is portrayed as a mental emergency realized by occasions that feature a man's developing age, inescapable mortality, and perhaps weaknesses of achievements throughout everyday life. This may produce sentiments of wretchedness, regret, anxiety and nervousness, or the want to accomplish energy or roll out intense improvements to current way of life.

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3 years ago

Indirect labor and indirect materials are classified as factory overhead and product costs factory overhead and period costs ope

Dvinal [7]

Answer:

True

Explanation:

Product costs are the costs directly incurred from the manufacturing process. The three basic categories of product costs they are;

1) direct material

2) direct labour

3) manufacturing (factory) overhead.

Manufacturing overhead cost also include the following;

a) indirect labour: Indirect labor is the labor of those who are not directly involved in the production of the products.

b) indirect material: Indirect materials are materials that are used in the production process but that are not directly traceable to the product.

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3 years ago

A business issued a 90-day, 9% note for $70,000 to a creditor on account. Illustrate the effects on the accounts and financial s

SSSSS [86.1K]

Answer:

The computation is shown below:

Explanation:

The journal entries are shown below:

a. Account payable $70,000

To Notes payable $70,000

(Being the issuance of the note is recorded)

b. Note payable $70,000

Interest expense $1,575

To Cash $71,575

(Being the payment of the note at maturity date including interest is recorded)

The computation is shown below:

= $70,000 × 9% × 90 days ÷ 360 days

= $1,575

We assume 360 days in a year

Now the effects on the accounts and the financing statement for issuance of the note is shown below:

Balance sheet

Assets = Liabilities + Stockholder equity Income statement cash flow statement

No effect = Account payable - $52,000 + No effect No effect + no effect

Note payable + $52,000

7 0

3 years ago