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3 years ago

Distinguish between limited and unlimited liability

1 answer:

5 0

This relates to liability of business owners. When a company has unlimited liability and starts losing money, the owners can be personally liable for losses meaning their home and personal assets could be lost. Limited liability means they can only lose the amount that they invested in the company and none of their personal assets.

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City Bus Corporation provides school bus transportation to private and public schools in Lancaster County. City Bus owns 50 buse

Greeley [361]

Answer:

1. The measures that City Bus Risk Manager should take in the risk management process are as follows

Figure out the risk context: In this case, we need to find out which market City Bus is catering to and what sort of service it can provide. The risk manager will take into account what the business requirements are, what are the technical criteria for delivering this service, such as the legal regulations that City Bus has to follow.

5 0

4 years ago

Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Dete

storchak [24]

Answer:

The cost of goods sold using the LIFO menthod is;

d. $3,580

Explanation:

Last in First Out (LIFO) method is an inventory method where the recently purchased good is sold first. This means that when accounting for the cost of goods sold, we use the unit cost of the goods that were purchased recently. In our case;

1 Beginning Inventory 150 units @ $10.00

5 Purchase 220 units @ $12.00

10 Sales 140 units @ $20.00

15 Purchase 100 units @ $13.00

24 Sales 150 units @ $21.00

Step 1: Determine total number of units sold;

Total number of units sold=number of sales on May 24+number of sales on May 10

where;

number of sales on May 24=150 units

number of sales on May 10=140 units

replacing;

Total number of units sold=(150+140)=290 units

Total number of units sold=290 units

Step 2: Determine total cost of goods sold

The first 100 units sold were each sold at $13

The remaining 190 units were each sold at $12

Total cost of goods sold=(100×13)+(190×12)=(1,300+2,280)

Total cost of goods sold=$3,580

5 0

4 years ago

Motorsports, Inc. had a predetermined overhead rate of $2 per direct labor hour. The direct labor hours were estimated to be 25,

Marat540 [252]

Answer:

$1,000

Explanation:

For the computation of overhead over/under applied last year first we need to find out the applied overhead which is shown below:-

Applied overhead = Actual direct labor × Per direct labor

= 24,000 × $2

= $48,000

Over applied overhead = Applied overhead - Actual overhead

= $48,000 - $47,000

= $1,000

Therefore for computing the overhead over/under applied last year we simply applied the above formula.

7 0

3 years ago

Can some one do this for me ASAP please help.

charle [14.2K]

Professional growth and development - Bob
Mentoring - Debby
Certification - Joseph
Scholarship - Libby
Networking - Chad

8 0

3 years ago

A company purchased a delivery van for $23,000 with a salvage value of $3,000 on September 1, Year 1. It has an estimated useful

kaheart [24]

Answer:

It will recognize 1,333.33 Depreciaton expense

for December 31th, year 1

Explanation:

The straight-line Method is simply and easy to understand, It distribute the depreciation equally between years. So that implies that the formula should be:

$\frac{Adquisition \: Value- \: Salvage \: Value}{useful \: life}= Depreciation \: coplete \: year$

(23,000 - 3,000) / 5 = 20,000 / 5 = 4,000

Now we have to calculate the proportion

4,000 x 4/12 time in company's possesion = 1,333.33 depreciation

September + October + Novemember + December = 4 months

3 0

3 years ago