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leonid [27]
3 years ago
15

Michael McNamee is the proprietor of a property management company, Apartment Exchange, near the campus of Pensacola State Colle

ge. The business has cash of $8,000 and furniture that cost $9,000 and has a market value of $13,000. The business debts include accounts payable of $6,000. Michael’s personal home is valued at $400,000, and his personal bank account has a balance of $1,200. Consider the accounting principles and assumptions discussed in the chapter, and identify the principle or assumption that best matches the situation:a. Michael’s personal assets are not recorded on the Apartment Exchange’s balance sheet.b. The Apartment Exchange records furniture at its cost of $9,000, not its market value of $13,000.c. The Apartment Exchange reports its nancial statements in U.S. dollars.d. Michael expects the Apartment Exchange to remain in operation for the foreseeable future.
Business
1 answer:
AnnyKZ [126]3 years ago
7 0

Answer:

a. Michael’s personal assets are not recorded on the Apartment Exchange’s balance sheet. ECONOMIC ENTITY PRINCIPLE, the owner's personal assets are not part of his business assets and therefore should be reported separately.

b. The Apartment Exchange records furniture at its cost of $9,000, not its market value of $13,000. HISTORIC COST PRINCIPLE, assets must be recorded at their purchase price.

c. The Apartment Exchange reports its financial statements in U.S. dollars. MONETARY UNIT PRINCIPLE, businesses must record their transactions in a unit of currency (US dollar).

d. Michael expects the Apartment Exchange to remain in operation for the foreseeable future. GOING CONCERN PRINCIPLE, the business will remain in operation for the foreseeable future.

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Answer:

He must have a skratta du flörlar du in his album cover

Explanation:

You laugh, you lose

4 0
3 years ago
Read 2 more answers
On March​ 15, Maxwell Plush sold and shipped merchandise on account for​ $6,000 to Kittson Amusement​ Park, terms FOB shipping​
a_sh-v [17]

Answer:

(a)- Its assets will​ increase, as will its equity

Explanation:

The commercial terms state FOB shipping​ point therefore the transfer succeeds once the cargo enter the port.

The sale is thus completed. The revenue can be recognize thus, increasing the company's equity and assets.

Account receivable(+Assets)     debit

             Sales Revenue(+Equity)           credit

8 0
3 years ago
Integrated Masters Inc. (IMI) is presently operating at 80% of capacity and manufacturing 116,000 units of a patented electronic
balu736 [363]

Answer:

a. $3.13 per unit

b. No

c Yes

Explanation:

The computation is shown below

a. Fixed overhead per unit is

= Fixed overhead ÷ Number of units manufactured

= $363,000 ÷ 116,000 units

= $3.13 per unit      

b. The cost calculation is not appropriate because the fixed overhead per unit is not be involved while calculating the cost

c. Now the acceptance of the offer should be based on total relevant cost which is            

Total relevant cost

= $6.1 + $6.1 + $8.1

= $20.3  

Since the offer is accepted because total relevant cost is less than the offered purchase price i.e $24.50    

       

3 0
3 years ago
What function of the management process is used to monitor and ensure the organization is meeting its​ goals? A. Controlling B.
Andrews [41]

Answer: Controlling

Explanation:

Controlling is a management process which involves comparing the outcome of an organization's processes to the targets set for those processes beforehand, and taking corrective measures in case the outcome is deviating from the set targets. For example, a manager of a business running at a loss, can identify the cause of the loss and find ways of correcting the negative outcome.

5 0
3 years ago
Match the careers to the consumer service industry to which they belong.
Gemiola [76]

Answer:

The correct answers are:

1. Actor, writer, musician  : entertainment.

2. Dietician, optician  : health care.

3. Litigator, paralegal, attorney  : legal industry

Explanation:

Industries dedicated to consumer service are those whose product is directed directly to a consumer, and not to a company.

The product they offer is a service, and not a material good.

These industries will have professionals or people specialized in the subject who will be in charge of offering and selling this product.

That is what we see in the examples.

The health industry will offer services dedicated to health, therefore it will have professionals dedicated to this field.

The legal industry will have services dedicated to legal issues such as a lawyer, a litigator, etc.

And the entertainment industry will be dedicated to shows, this is where actors, musicians or writers come in.

8 0
3 years ago
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