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galina1969 [7]
4 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]4 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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The death of a promisor in a personal services contract discharges an agreement. However, if a promisor dies, other types of con
IRINA_888 [86]

Answer:

The interpretation of the discussion is characterized throughout the interpretation section elsewhere here.

Explanation:

  • The reinstatement including its service agreement shall be signed throughout the event of termination of each of the wings of the party in such a way that perhaps the replacement does not instantaneously embrace plausible transformations depending on the temperature acknowledged either by promiser.
  • Unless the particular responsibilities set out during this Agreement aren't adequately accomplished as well as throughout the lack of mention including its new contractual obligations.
  • The same would be true whether it is approximately necessary to manage the service agreement when the world collapses. After that, Suo-moto seems to be the cancelation including its service agreement. It would have the natural world of consciousness of leases. Because if the real estate of the dead person is expected to take responsibility again for contractual agreement through by the dearly departed.
5 0
3 years ago
What is the law of demand and supply<br><br><br>​
Svetradugi [14.3K]

Answer:The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource. The theory defines what effect the relationship between the availability of a particular product and the desire (or demand) for that product has on its price.

Explanation:

8 0
3 years ago
If the next year’s dividend is forecast to be $5.00, the constant growth rate is 4%, and the discount rate is 16%, then the curr
SCORPION-xisa [38]

Answer:

The answer is $41.67

Explanation:

Po = D1/r - g. This formula is called Discount Dividend Model and it is one of the methods used in valuing company's stock.

Po is the present or current value of the stock

D1 is the next year dividend payment

r is the discount rate

g is the growth rate.

Po = $5.00 /0.16 - 0.04

= $5.00/0.12

=$41.67

Therefore, the current stock price is $41.67

6 0
3 years ago
Use the graph to answer the question that follows. Graph has quantity along the horizontal axis and price along the vertical axi
Jlenok [28]

The statement that would describe the shift from D1 to D2 is Demand for the product increased.

<h3>Why was there a shift from D1 to D2?</h3>

D2 is a curve that is to the right of D1 which means that it represents a higher level of demand for goods and services.

This means that for the demand to move from D1 to D2, there must have been an increase in the demand for the good or service and this could have been for any number of reasons including a reduction in the price of complimentary goods.

Find out more on determinants of demand at brainly.com/question/1245771

#SPJ1

8 0
1 year ago
1.Explain mountain tourism?<br>2.Explain inland tourism?​
gulaghasi [49]
1. Mountain Tourism is a type of "tourism activity which takes place in a defined and limited geographical space such as hills or mountains with distinctive characteristics and attributes that are inherent to a specific landscape, topography, climate, biodiversity (flora and fauna) and local community.


2.
Inland trips means trips to the part of the country away from the coast, without specifying who is taking those trips. Such trips may let the world know about your country, or they may not.

Foreign trips. on the other hand, is fatally ambiguous. It can mean, and has been taken by others here to mean, trips by foreigners to your country, which would be what is asked for. But technically, a foreign trip is just a trip to a foreign country and the trip-takers should be presumed to be your fellow-countrymen; if they travel abroad, that would give them information about the world, not the other way about.

So the choice is between a bad answer and a very bad answer. I would say inland is less bad, but if the examiner thinks one choice is correct, you need to know how he thinks, not how the English language works.


I hope some of that may help I found it off the web.. sorry if it dosent
7 0
3 years ago
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