What define(s) "degrees of acceptability and unacceptability"?

On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable.

earnstyle [38]

Answer:

The journal entry for the following economic activity is given below.

Explanation:

Interest revenue = 6000*12% * 91/360 = 182

Date Account Title Dr Cr

Oct 31 Cash 6,180

Notes receivable 6,000

Interest revenue 180

5 0

3 years ago

(q.d) have you been an appointee or employee of any regulator at any point over the past two years?

Anna [14]

I have not been an appointee of employee of any regulator at any point in the past two years. I have worked as an independent contractor for a computer company for the last 5 years. Since a regulator company is one that usually involves systematic schemes and benefits to the employee, my emoployer would not fall into the category.

4 0

3 years ago

Which of the following is not a type of bank?

seraphim [82]

If you just search up banks you might be able to find your answer Idk but I think its D

5 0

3 years ago

You have recently accepted a position with Vitex, Inc., the manufacturer of a popular consumer product. During your first week o

brilliants [131]

Answer and Explanation:

According to the scenario, computation of the given data are as follows:-

1. Standard Quantity for Actual Output is

= $574600 ÷ $16.90

= 34000 Pounds

Actual Output = $34000 ÷ 2 = $17000

Unit Produced = 17,000 Units

2.Material Efficiency Variance is

= (Actual Quantity - Standard Quantity) × Standard Price

33,800 = (Actual Quantity - 34,000) ×$16.90

33800 ÷ $16.90 = Actual Quantity - $34,000

2000 = Actual Quantity - 34,000

Actual Quantity = 34,000 + 2000

= 36,000 Pounds

3.Material Rate Variance is

= (Actual Price - Standard Price) × Actual Quantity

$10,440 = (Actual Price - $16.90) × 36,000

$10440 ÷ 36000 = Actual Price - $16.90

-0.29+$16.90 = Actual Price

Actual Price = $16.61

4. Labor Efficiency Variance is

= (Actual Hour - Standard Hours) × Standard Rate

15500 = (Actual Hour - 263500 ÷ $15.50) × 15.50

15500 ÷ $15.50 = (Actual Hour - 17,000)

1000 + 17000 = Actual Hour

Actual Hour = 18,000

5. Labor Rate Variance is

= (Actual Rate - Standard Rate) × Actual Hours

$3600 = ( Actual Rate - $15.50) × 18000

$3600 ÷ 18000 = Actual Rate - $15.50

$0.2 + $15.50 = Actual Rate

Actual Rate = $15.70

We simply applied the above formulas

8 0

4 years ago

Write a team consensus response of 525 to 700 words to include the following: • Provide detailed rational of why goodwill must b

grin007 [14]

1)Provide detailed rational of why goodwill must be adjusted for impairment

U.S. generally accepted accounting principles (GAAP) require companies to review their goodwill for impairment on an annually basis at a reporting unit level. Events that are considered as the main causes of goodwill impairment include deterioration in economic conditions, increased competition, loss of key personnel, and regulatory action

Explanation:

1)Provide detailed rational of why goodwill must be adjusted for impairment

U.S. generally accepted accounting principles (GAAP) require companies to review their goodwill for impairment on an annually basis at a reporting unit level. Events that are considered as the main causes of goodwill impairment include deterioration in economic conditions, increased competition, loss of key personnel, and regulatory action

2) List the tests for impairment. 

Impairment test is an accounting procedure carried out to find out if an asset is impaired( i.e. whether the economic benefits that the asset embodies have dropped drastically.)

As per US GAAP, if the carrying value of an asset exceeds the sum of undiscounted expected cash flows of an asset, the asset is impaired

3)Explain the meaning of a non cash impairment charge

A non-cash charge is a accounting expense that does not involve a cash payment.

(Depreciation, amortization, depletion, stock-based compensation, and asset impairments are common non-cash charges that reduce earnings but not cash flows)

5 0

4 years ago