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barxatty [35]
3 years ago
5

Which of the following statements describes GAAP?

Business
2 answers:
Lilit [14]3 years ago
8 0
The answer might be c
seraphim [82]3 years ago
6 0

Answer:

The answer is D

Explanation:

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The following are the cash flows for each of the independent cases. Case 1 Case 2 Case 3 Cash provided by (used for) operating a
Travka [436]

Answer and Explanation:

The classification is as follows

For case 1

It is a growing start-up company (S) with the following reasons

a. The cash flow from operating activities is very less as compared to the financing and investing activities

b. It is a start company so in this case the financing and investing activities are more

c. Moreover, the beginning cash balance is also less

For case 2

It is an established company facing financial difficulties (F) with the following reasons

a. The operating activity is in a negative amount

b. It is an established company so it facing a lot of difficulties

c. Net cash flow is also in negative

For case 3

It is a healthy established company (E) with the following reasons

a. The operating activity is in a positive amount

b. Since it is a healthy established company so it shows the positive net cash flow and strong cash position

6 0
3 years ago
The costs of direct materials are classified as: Conversion cost Manufacturing cost Prime cost A) Yes Yes Yes B) No No No C) Yes
WARRIOR [948]

Answer:

D) No Yes Yes

Explanation:

As we know that

The conversion cost includes the direct labor cost and the manufacturing overhead cost

And, the manufacturing cost records the  

= Cost of direct material cost + Direct labor cost + Manufacturing Overhead cost

And, the prime cost includes the direct material cost and the direct labor cost that is directly related to the production process of the product.

4 0
3 years ago
Read 2 more answers
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:
stiv31 [10]

Answer:

a) Determination of the amount of the amortization, depletion, or impairment for the current year for each item:

   Item                 Impairment   Amortization    Depletion

                             Expense         Expense          Expense

a. Timber rights                                                  $304,000

b. Goodwill        $ 1,110,000

c. Patent                                     $456,000

b) Adjusting Journal Entries:

Date       Account Titles                                   Debit         Credit

Dec. 31   Depletion Expense -Timber rights  $304,000

              Accumulated Depreciation - Timber rights     $304,000

To record the depletion expense for Timber rights.

Dec. 31   Goodwill Impairment Loss             $1,110,000

              Accumulated Goodwill Impairment                $1,110,000

To record the impairment loss for Goodwill

Dec. 31   Amortization Expense - Patent     $456,000

              Accumulated Amortization - Patent                 $456,000

To record the amortization expense for Patent.

Explanation:

a) Data and Calculations:

February 22, Purchase of Timber rights $1,140,000

Estimated stand of timber = 6,000,000

Used board feet of timber = 1,600,000

Units of product Depletion

= $1,140,000/6,000,000 * 1,600,000

= $304,000

December 31, Goodwill impairment

= $1,110,000

April 3 Patent:

Cost incurred $9,120,000

Amortization per annum = $608,000 ($9,120,000/15)

Amortization for the current year = $456,000 ($608,000 * 3/4)

8 0
3 years ago
Citibank need to borrow $1 million for 6 months starting in 2 years. Citibank is concerned about the interest rate would like to
Shkiper50 [21]

Answer:

"$ 15,000" is the correct solution.

Explanation:

The given values are:

Agreed fixed rate,

= 0.04

LIBOR rate,

= 0.01

No. of borrowing months,

= 6

National amount,

= 1000000

Now,

The net payment will be:

= National \ principal*(Floating \ rate - Fixed \ rate)\times \frac{No. \ of \ months}{12}

On substituting the above values, we get

= 1000000\times (0.01-0.4)\times \frac{6}{12}

= 1000000\times (-0.03)\times 0.5

= -15,000 ($)

3 0
3 years ago
3. Suppose Tyrone wants to open a savings account that earns 3.5% simple interest per year. He wants it to be worth $1500 in 4 y
saw5 [17]

Answer:

$1,307

Explanation:

The computation of the future value by using the following formula is shown below:

As we know that

Future value = Present value × (1 + interest rate)^number of years  

$1,500 = Present value × (1 + 0.035)^4

So, the present value is

= $1,500 ÷ (1.035)^4

= $1,307

Hence, the present value is $1,307 and the same is to be considered

3 0
3 years ago
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