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galina1969 [7]
3 years ago
11

Long and Short, CPAs, were auditing Island Corporation for the year ended December 31, 2014. On January 11, 2015, a major custom

er of Island Corporation declared bankruptcy as the result of an uninsured loss due to a major fire in their warehouse on January 8, 2015. As a result, a material accounts receivable from the customer was determined to be uncollectible. Long and Short, CPAs, would expect the client to:____________.
A) treat the loss as a subsequent event and adjust the 2014 financial statements to record the loss on uncollectible accounts.
B) record the loss on uncollectible accounts as a routine transaction in the year 2015.
C) treat the loss as a subsequent event and provide a footnote about the loss in the 2014 financial statements.
D) file a lawsuit against the customer in hopes of collecting some of the money owed to the client.
Business
1 answer:
dusya [7]3 years ago
8 0

Answer: C) treat the loss as a subsequent event and provide a footnote about the loss in the 2014 financial statements.

Explanation:

The event happened in January 2015 which was after the books ended in December 2014. This makes it a subsequent event which is an event that occurs after the accounting period but before the Financial results are released.

The loss is therefore a subsequent event and must be treated by putting a footnote in the financial statement to reflect that the event happened after the accounting period.

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One way products can be categorized is by brand.<br> O a) True<br> Ob) False
Scorpion4ik [409]

Answer:

A. True.

Explanation:

One of the direct implementation for this categorization can be seen if you go to your supermarket. Supermarkets tend to categorize their product in a way that resulted in the most sales.

In order to achieve this, they tend to lined up the most popular brands on a place that's close to costumers' eye level on the shelf. The less popular brand will be place on top or lower part of the shelf that's a little bit harder to see.

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3 years ago
Definitley marking the brainliest ASAP
Burka [1]

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It's A im thinking

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7 0
3 years ago
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Which of the following is a typical current liability?
Anestetic [448]

Answer: Option B

                 

Explanation: In simple words, current liabilities refers to the obligations and promises that an entity has to pay within a year. These liabilities usually arise due to the need of an organisation to fulfill their short term requirements to operate the business efficiently.

These liabilities are of critical in nature as they directly affects the liquidity of the business. In the given case, sales tax payable is the only obligation that must be fulfilled with a year. Hence it is a current liability.

6 0
3 years ago
Which button in the Print Preview tab allows users to set specific margins on the page of a report?
Irina-Kira [14]

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Page Setup

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6 0
3 years ago
Assume that you have a balance of $4000 on your credit card and that you make no more charges. If your APR is 23.9% and each mon
KatRina [158]

Answer:

The balance will be less than $100 after 44 months payment

Explanation:

In this question, we are asked to calculate the time at which the Balance on a credit card would be less than $100.

To calculate this, we proceed as follows;

The monthly Interest rate = 23.9%/12 = 1.99166667%

Balance after t months = Credit Card balance * [(1 + Monthly interest rate ) * (1- Minimum payment rate)]^t

The credit card balance is $4,000, and the minimum payment rate is 5%

We plug these values into the equation to get;

$4,000 * [(1+1.99166667%) * (1 - 5%)]^t

= $4000 *[1.0199166667 * 0.95]^t

= $4000 * (0.968920836)^t

Balance after t months < 100

$4,000 * (0.968920836)^t < 100

(0.968920836)^t < 0.025

t = 43.9 months = 44 months

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3 years ago
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