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Pachacha [2.7K]
3 years ago
10

Fox Corp. failed to accrue warranty costs of $150,000 in its December 31, 20x2, financial statements. In addition, a $130,000 ch

ange from straight-line to accelerated depreciation was made at the beginning of 20x3. Both the $50,000 and the $30,000 are net of related income taxes. What amount should Fox report as prior period adjustments in 20x3?
Business
1 answer:
faust18 [17]3 years ago
8 0

Answer:

$150,000

Explanation:

$150,000

The failure to accrue warranty expense is an accounting error. It gives rise to a Prior period adjustment in the year of discovery (20x3).

Prior period adjustments are limited to corrections of errors affecting prior-year net income. They adjust the beginning balance of retained earnings in the year of correction.

The change in depreciation method is an estimate change, which is reported in earnings. It is not a Prior period adjustmen

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If you co-sign for a friend's credit card, what is the danger to you if your friend fails to pay? A. You might get secured credi
klasskru [66]

Answer:

The correct option is C

Explanation:

When the person who co- sign for a credit card of a friend, then the person will be in a danger of lowering its own credit score if the person's friend fails to pay for the payment.

Credit score is a expression in terms of numerics grounded on the level analysis of the credit files of the person and also represent the credit worthiness of the person. It is used by lenders for determining who qualifies for the loan and for credit limits.

7 0
3 years ago
Read 2 more answers
In the case discussed, the Supreme Court held that the trademark for Coca-Cola was valid and banned another company from using a
lakkis [162]

Answer:

The Supreme Court ruled that the name Coke was so well known around the world, that it is effectively a common term for the trademarked Coca Cola. If other companies try to use similar terms like Koke for other types of products, e.g. bakery items, there is a risk that the Coca Cola company would be negatively affected by that product's image since consumers might associate Koke directly to Coca Cola.

It doesn't matter if the products were low quality or not, the courts cannot determine that, what matters is that the use of the term may negatively impact another company.

7 0
3 years ago
Lorraine belongs to a national consumer panel created by a market research company. She regularly receives samples of new produc
kherson [118]

Answer:

A. premarket testing.

Explanation:

The pre market testing is when people from a certain business send products to people that are the target of that product to see if they would use it, continue to use it and how much would they be willing to pay for that product, this is done prior to the launch of the product, in order to get to know better the consumer and how they can improve their product, also to see if it is viable to start mass production and launch it into the market, so what Lorraine is doing is premarket testing.

5 0
3 years ago
Herr Corporation has 3,000 shares of 8%, $120 par value preferred stock outstanding at December 31, 2017. At December 31, 2017,
Sliva [168]

Answer:

1. $28,800

$103,200

2. $28,800

$103,200

3. $86,400

$45,600

Explanation:

1. The dividend paid to preferred stockholders = Shares × Par value × Percentage

= 3,000 shares × $120 × 8%

= $28,800

The dividend paid to Common stockholders = Cash dividend - Dividend paid to preferred stockholders

= $132,000 - $28,800

= $103,200

2. The dividend paid to preferred stockholders = Shares × Par value × Percentage

Note :- Because preferred stocks are non-cumulative in nature, the company is not allowed to pay last two years' dividends and preferred stocks are liable for payment only for the current year.

= 3,000 shares × $120 × 8%

= $28,800

The dividend paid to Common stockholders =  Cash dividend - Dividend paid to preferred stockholders

= $132,000 - $28,800

= $103,200

3. The dividend paid to preferred stockholders = Shares × Par value × Percentage × Number of years

Note: Since preferred stocks are cumulative in nature, the company is forced to pay last two years' dividends along with the current year's dividend.

= 3,000 shares × $120 × 8 % × 3 years

= $86,400

The dividend paid to Common stockholders = Cash dividend - Dividend paid to preferred stockholders

= $132,000 - $86,400

= $45,600

4 0
3 years ago
What does it mean when an economist says that a consumer has demand for a good or service?
FrozenT [24]
Demand means the consumers want the product or service. If there is a demand, companies must supply. "supply and demand"
7 0
3 years ago
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