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Debora [2.8K]
4 years ago
7

Jacob and Marla were both presented with a complex accounting issue that neither had seen before. Marla was able to look at the

problem and come up with a reasonable solution, but Jacob was not. What is the difference between Marla and Jacob?
Business
1 answer:
devlian [24]4 years ago
4 0

Answer: Generally, when trying to solve a complex accounting problem in which there are obstacles and little knowledge about the subject, the most advisable thing is to work from a conceptual framework which serves as a guide to find a reasonable answer to the problem in question. In this case Marla was clearly working with a conceptual framework, and instead Jacob was not.

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James has the choice of the following two Treasury Bills: A Government of Canada Treasury Bill for 98,000. The Canadian Treasury
kherson [118]

Answer:

E. The annual effective interest rate earned by the U.S. Treasury Bill is greater than rate for the U.S. Treasury Bill.

Explanation:

<em>Treasury bills, or T-bills, are short term investments that are issued by the government. Unlike normal bonds which governments issued with interest payment, they do not have interest payments, but instead are sold at a discount.</em> The Understanding how to calculate a T-bills yield and discount yield based on the maturity date is important to evaluate the investment.

5 0
4 years ago
Seventy percent of Parlee Corporation's sales are collected in the month of sale, 25% in the month following sale, and 5% in the
Gnoma [55]

Answer:

C) $370,000

Explanation:

sales expressed in thousands of $

Month          total sales       collected in          collected in         collected  

                                            current m. 70%     next m. 25%       2 m. 5%

Jan.              600                420            

Feb.              700                490                         150

Mar.              500                350                         175                     30

Apr.              300                 <u>210</u>                          <u>125</u>                     <u>35</u>

May                                                                      75                      25

June                                                                                               15

total cash collection in April = $210,000 + $125,000 + $35,000 = $370,000

4 0
4 years ago
Which of the following statement(s) is/are true?
Brrunno [24]

Answer:

The correct answer is option (F)In PERT, another path could become critical.

Explanation:

Solution

From the given question, the following statement is true, If In PERT another path could become critical.

Now,

Depending on the standard deviation of another path or way, even with a shorter duration or period, the higher degree of variability could  bring about the change in a critical path or result in the critical path being changed.

3 0
3 years ago
Jim recently joined the Austin Barter Club, an organization that facilitates the exchange of services between its members. This
alexdok [17]

Solution :

a). In the context, Jim received $ 275 for the car repairing services form some member from the club. In this exchange of the services, an income is been received in amount of a value of the services received ( the gross income includes receipt of the services and also the money and goods). Therefore, Jim is being taxed on an amount of $275 for the car repair services.

b). The issue in this case is whether a "credit" represents the valuable right. As the right can be redeemed for the that is property worth of $150, then under the constructive receipt,  Jim must recognize an income of $150.

c). Jim received an credit of $450 to be applied for the next year. If the credit can be redeemed or used for any future services, the taxpayer then can argue that the realization has not yet occurred. But, it has be included in Jim's gross income for the next year when his credit amount becomes the valuable right.

5 0
3 years ago
Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 20
STALIN [3.7K]

Answer:

Explanation:

1. Monthly insurance =  (1140/12) =120

Insurance expenses = 120* 7= 840

Debit insurance expenses 840 , Credit prepaid insurance 840

2. Rent in advance for 5 months = 5800

Monthly rent = 5800/5 =1160

Rent for 4 months till December 31 = 1160*4 = 4640

Debit rent expenses 4640 , Credit Prepaid rent 4640

3.Unearned revenue for 9 months = 4230

Monthly  revenue =  470

Revenue earned = 470*4 =1880

Debit revenue 1880 , credit unearned revenue 1880

4.Prepaid cleaning expense 950* 2 = 1900

Debit cleaning service 950 , credit prepaid cleaning service 950

5.Unearned cash revenue =1400

cash revenue earned = 1400-350 = 1050

Debit revenue 1050 , credit unearned revenue 1050

7 0
4 years ago
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