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notka56 [123]
3 years ago
12

10. An Accounting Standards Update A. is authoritative, but has less authority than the Codification. It is used to make changes

to the Codification. B. is not authoritative. It serves only to update the authoritative Codification. C. is the document issued by the Emerging Issues Task Force. D. includes the Board’s basis for conclusions, which then becomes part of the authoritative Codification.
Business
1 answer:
Mila [183]3 years ago
3 0

Answer:

The correct answer is letter "B": is not authoritative. It serves only to update the authoritative Codification.

Explanation:

The Financial Accounting Standards Board (FASB) Accounting Standards Codification is the source of Generally Accepted Accounting Principles (GAAP) that applies to nongovernmental institutions valid since 2009. The Code was created in an attempt to be the primary source of accounting principles.

<em>To avoid conflicts with the widely accepted GAAP, the FASB Accounting Standards Update Codification would only update the authoritative GAAP when necessary but has no power to create new principles. The Codification can even provide guidance on the updates, and bases for the conclusions on the changes.</em>

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During 2021, its first year of operations, a company provides services on account of $255,000. By the end of 2021, cash collecti
ryzh [129]

Answer:

Dr Bad Debt Expense 16,120

Cr Allowance for Uncollectible Accounts 16,120

Explanation:

Based on the information given we were told that the company provides services of the amount of $255,000 in which the cash collections on the accounts was the amount of $131,000 and 13% of accounts receivable will be uncollectible which means that the adjusting Journal entry for uncollectible accounts on December 31, 2021 will be :

Preparation of the adjusting Journal entry for uncollectible accounts on December 31, 2021.

December 31,2021

Dr Bad Debt Expense 16,120

Cr Allowance for Uncollectible Accounts 16,120

[($255,000-$131,000)*13%]

$124,000*13%

=$16,120

8 0
2 years ago
Question help what is the definition of​ monopoly?
Juliette [100K]
Monopoly is a seller<span> that is selling a unique product in the market and in a </span>monopoly<span> market, the seller faces no competition. </span>
A firm that is a monopoly can ignore the actions of other firms. From the given option the following best describes monopoly:
<span>C: A monopoly is a firm that is the only seller of a product in a given industry.</span>
8 0
3 years ago
McDonald's major distribution partner, The Martin-Brower Company, needs at least $1 million to build a new warehouse in Medicine
aleksley [76]

Answer:

No it wont have enough money to build a warehouse in two years.

Explanation:

Firstly we are given that the warehouse is $1 million so the company needs to save this amount of money in two years time.

We know that the company has invested $500000 to date therefore we need to calculate if this $50000 per quarter investment will cover the the other portion for $500000 to meet the warehouse cost of $1 million so we will use the future value annuity formula to calculate this which is :

Fv = C[((1+i)^n -1)/i]

where Fv will be the future value after two years of the $50000 investment

C is the periodic payment of $50000

i is the interest rate per period which is 6% per quarter

n is the number of periods the payment is done here it is 4 x 2years= 8 periods / investments of $50000 that will be done.

thereafter we substitute on the above formula:

Fv = 50000[((1+6%)^8 - 1)/6%]

Fv = $494873.40

then we combine this amount to $500000 to see if it reaches $1 million

$494873.40+ $500000 = $994873.40 which is close to the warehouse cost of $1 million but it does not reach it so the company wont have enough money to purchase the warehouse.

5 0
2 years ago
The Dennis Company reported net income of $50,000 on sales of $300,000. The company has average total assets of $500,000 and ave
densk [106]

Answer:

C) 12.5%

Explanation:

The computation of the return on equity is shown below

Return on equity is

= net income ÷ equity

where,

equity is

= Total assets - total liabilities

= $500,000 - $100,000

= $400,000

Now the return on equity is

= $50,000 ÷ $400,000

= 12.50%

Hence, the return on equity is 12.50%

Therefore the corredct option is c.

7 0
3 years ago
How does a price floor set above the equilibrium price affect quantity demanded and quantity supplied?
irakobra [83]

When the price floor is set above the equilibrium price, the quantity supplied exceeds the quantity demanded, creating an oversupply or surplus. When government laws regulate prices instead of letting market forces set prices, this is the equilibrium price affect quantity demanded and quantity supplied.

If demand does not change, there is an inverse relationship between supply and price of goods and services. When the supply of goods and services increases at the same demand, prices tend to fall resulting in lower equilibrium prices and higher equilibrium quantities of goods and services.

Setting the price cap below the equilibrium price causes demand to exceed supply, resulting in overdemand or shortage. A floor price prevents the price from falling below a certain level.

Learn more about equilibrium at

brainly.com/question/517289

#SPJ4

5 0
1 year ago
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