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3 years ago

Which of the following concepts requires that economic data be recorded in dollars in the United States?

Business

2 answers:

solniwko [45]3 years ago

8 0

Unit of measure concept

s344n2d4d5 [400]3 years ago

4 0

Answer:

Unit of measure concept

Explanation:

The definition for a unit of measure refers to a common principle used throughout accounting, whereby all activities should be reported uniformly using the same currency. For instance, a business that holds its documents in just the U.S. will report its whole dealings in U.S. dollars, whereas a German company will report all its payments in euros.

If a transaction includes transactions or transfers in another currency, the sum is translated until being registered to the domestic currency utilized by an entity. Without a specific standard unit, financial reports will be impossible to generate.

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At December 31, 2019, Sharon Lee Corporation reported current assets of $343,980 and current liabilities of $196,600. The follow

gtnhenbr [62]

Answer:

1.97 times

Explanation:

The formula to compute the current ratio is shown below:

Current ratio = Total Current assets ÷ total current liabilities

Current ratio before any adjustment is shown below:

So, current ratio = $343,980 ÷ 196,600 = 1.75 times

Current ratio after adjustments are shown below:

Current assets = Before adjustment balance + goods purchased costing - physical count of inventory + freight-in charges

= $343,980 + $20,440 - 11,890 + 3,040

= $355,570

Current liabilities = Before adjustment balance - goods not received

= $196,600 - $15,950

= $180,650

So, the current ratio would be

= $355,570 ÷ $180,650

= 1.97 times

3 0

3 years ago

How many bones of human body

jeka94

There are 206 bones in the average adult human body

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6 0

2 years ago

According to the following table, which of these factors affects your credit

Ludmilka [50]

Answer: New credit

Explanation:

8 0

2 years ago

Cynthia loves her apartment and would like to have the option to buy it once her lease is up. Who is the best person to help Cyn

Volgvan

A real estate attorney is the best person to help Cynthia prepare a lease option.

<h3>Who is the optionee in an option contract?</h3>

The seller is the optionor and the buyer is the optionee in an option contract.
It is a unilateral contract since the buyer has the option to purchase while the seller is required to sell.

<h3>What is an option to buy agreement?</h3>

An option-to-purchase agreement is a contract that grants a tenant or investor the opportunity to buy real estate in the future in exchange for a fee.

<h3>What does first option to buy mean?</h3>

When an owner intends to sell a property, this clause, also known as a right of first refusal or first right to purchase, compels the owner to provide the holder the first opportunity to purchase the property.
The holder cannot compel the owner to sell, unlike the option to purchase.

<h3>What is purchase option?</h3>

A purchase option is the freedom to buy, rent, or lease real estate or other property interests.

Learn more about Cynthia here:

brainly.com/question/11916034

#SPJ4

5 0

2 years ago

Specter Consulting purchased $8,900 of supplies and paid cash immediately. What general journal entries will Specter Consulting

sergiy2304 [10]

Answer:

Debit Supplies $8,900; Credit Cash $8,900

Explanation:

Based on the information given the general journal entries that Specter Consulting will make to record this transaction assuming the companyâs policy is to initially record prepaid and unearned items in balance sheet accounts will be :

Debit Supplies $8,900

Credit Cash $8,900

7 0

2 years ago