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3 years ago

When determining whether to record an asset as a fixed asset, what two criteria must be met?

1 answer:

5 0

Answer: To classify an asset as fixed it must be met: "Must be long lived and must use the asset in a productive manner."

Explanation: Fixed assets: those assets and durable rights, which have been obtained in order to be exploited by the company. These are property, materials, equipment, tools and utensils that are not going to be marketed, that is, they are not going to become liquid at least during the first year.

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Sadie contracted with Sean, who agreed to replace the carpets in her house. Sean damaged some of the walls when he installed the

denpristay [2]

Answer:

Letter d is correct. A waiver of breach

Explanation:

In this situation Sadie filed a waiver of the violation. This occurs when the contractor waives his legal rights in respect of any breach of contract. As was the case with Sean, a contract to replace Sadie's carpeting, which consequently damaged some of its walls, resulting in poor contract performance.

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3 years ago

If an organization under a compliance law is not in compliance, how critical is it for your organization to mitigate this noncom

serg [7]

Answer:

It is a very critical factor for companies to comply with what the Occupational Risk Prevention law says. Companies are responsible for achieving a safe work environment, and all the sanctions will fall on them if they fail to comply with appropriate security measures, such as an economic, criminal or civil sanction, depending on each situation

Explanation:

The Law on Occupational Risk Prevention aims to guarantee safety and health in the workplace, by complying with certain labor measures. The worker can have a civil responsibility in case of not acting correctly, and will have to answer for it legally if it causes damage to third parties. However, it is finally the company that must respond even when workers cease to comply with their safety obligations.

A good prevention reduces the risk of endangering the integrity of workers. On the other hand, there are various sanctions against companies that do not comply with these measures, the most important is the economic damage, which should be avoided. In more serious cases, criminal or civil liability could also exist, but it would depend on the situation

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3 years ago

Great Lake Glassware Company issues $ 1 comma 197 comma 000 of its 12%, 10minusyear bonds at 95 on February 28, 2018. The bond

Wewaii [24]

Answer:

Dr interest expense 74,812.50

Cr Cash 71,820

Cr Discount on bonds payable 2,992.50

Explanation:

the cash interest payments = principal x coupon rate x 1/2 (semiannual) =$1,197,000 x 12% x 0.5 = $71,820

since the bonds were sold at a discount, we must add the discount amortization = [($1,197,000 x 5%) / 10 years] x 1/2 = $5,985 x 0.5 = $2,992.50

total interest expense = $71,820 + $2,992.50 = $74,812.50

So the journal entry should be:

Dr interest expense 74,812.50

Cr Cash 71,820

Cr Discount on bonds payable 2,992.50

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3 years ago

Primo Industries collected $105,000 from customers in 2019. Of the amount collected, $25,000 was for services performed in 2018.

bearhunter [10]

Answer:

a. $33,000.

b. $36,000.

Explanation:

Net income is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is also called net earnings.

Now, Cash accounting recognizes revenue and expenses only when money changes hands, but accrual accounting recognizes revenue when it's earned, and expenses when they're billed (but not paid).

a. 2014 Cash-basis net income:

Primo Industries collected $105,000 from customers in 2019

Primo Industries also paid $72,000 for expenses in 2019

=105,000-72,000

=$33,000

b. 2014 accrual-basis net income.

=(105,000-25000+40000)-(72000-30000+42000)

=120000-84000

=$36,000

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3 years ago

Other things the same, when the price level rises, interest rates select one:

laiz [17]

I think its number c, i hope it is
:P

5 0

3 years ago