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3 years ago

Regarding convergence of accounting standards, the FASB and IASB:

Business

1 answer:

Ahat [919]3 years ago

6 0

Answer:

D. Are not likely to achieve full convergence of accounting standards in the near future.

Explanation:

FASB and IASB has joined hands to work together and achieve full convergence. This agreement was signed in 2002, but yet the full convergence has not been achieved. Though both the organisations are still working on the same.

They have not combined their organizations as to form a single organization and work on BUSY format, thus, statement A is not correct.

As they intend to work together statement C is also not correct.

As full convergence is not yet done, Statement B is also not correct.

Accordingly, Statement D is correct.

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Bentley estimates manufacturing overhead of $3,251,600 for 2013 and will apply overhead to units produced based on 739,000 machi

saul85 [17]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Estimated overhead= $3,251,600

Estimated machine-hours= 739,000

During 2013, Bentley used $1,640,000 of raw materials, paid $5,335,800 of direct labor, generated 734,000 machine hours, and produced 2,190,000 units.

First, we need to calculate the predetermined overhead rate:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 3,251,600/739,000

Predetermined manufacturing overhead rate= $4.4 per machine hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 4.4*734,000= $3,229,600

Finally, we can determine the total cost and unitary cost:

Total cost= 1,640,000 + 5,335,800 + 3,229,600= $10,205,400

Unitary cost= 10,205,400/2,190,000= $4.66 per unit

4 0

3 years ago

Y3K, Inc., has sales of $7,475, total assets of $3,525, and a debt−equity ratio of .34. Assume the return on equity is 20 percen

azamat

Answer:

Net Income is $485.4

Explanation:

According to the accounting equation

Assets = Equity + Liabilities

So putting value of assets = 3,525, and assuming equity = x, then:

3252 = Liabilities + x

Liabilities = 3252 - x

Now putting this value in the debt to equity formula,

Debt / Equity = 0.34

(3252 - x) / x = 0.34

3252 - x = 0.34x

1.34x = 3252

x = 3252 / 1.34 = $2427 This is the value of equity.

Now

Return on Equity = Net Income / Equity

and return on equity is $2427, so by putting values in the equation, we have:

0.20 = Net Income / 2427

Net Income = $485.4

4 0

4 years ago

If a consumer requests additional information concerning an investigative consumer report, how long does the insurer or reportin

pentagon [3]

The correct answer to this question is:

“5 days”

Under the Fair Credit Reporting Act (FCRA), consumers should be advised that they have a right to request further information regarding Investigative Consumer Reports, and the insurer or reporting agency has 5 days to present the consumer with the additional information.

4 0

3 years ago

Based on the following information, what would be recorded as purchases discount if the invoice is paid within the discount peri

lisabon 2012 [21]

Answer:

$30

Explanation:

2/10 net 30 means the supplier extends 30 days credit to the purchaser. If the payment is made between 10 days and 30 days, no discount is allowed.

However if the payment is made within 10 days, 2% of net purchase price would be allowed as a discount by the supplier.

Now, Net Purchases = Total invoice price - freight - purchases returns

Net Purchases = $2150 - $150 - $ 500

Net Purchases= $1500

Rate of discount = 2%

Purchases discount = 2% of 1500= $30 will be allowed if the payment is made within the discount period.

5 0

4 years ago

Question 6 of 22:

shusha [124]

Answer:

Socratic app

Explanation:

it will help you

7 0

2 years ago