1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
makkiz [27]
3 years ago
15

For external reporting purposes, U.S. GAAP allows companies to use

Business
1 answer:
DanielleElmas [232]3 years ago
6 0

Answer:

1. Only the traditional format of the income statement.

Explanation:

For external reporting purposes, United States of America, Generally Accepted Accounting Principles (GAAP) allows companies to use only the traditional format of the income statement.

United States of America, Generally Accepted Accounting Principles (GAAP) is the accounting principles, procedures and standard issued by the Financial Accounting Standards Board (FASB) and adopted by the United States of America, Securities and Exchange Commission (SEC).

When accountants prepare and compile financial statements for public firms, it must be in line with United States of America, Generally Accepted Accounting Principles (GAAP).

You might be interested in
has a standard of 2 direct labor hours per unit. The standard wage rate of each worker is $32.50 per hour. In July, the company
ikadub [295]

Answer:

$130 Favourable

Explanation:

Given the above information,

Standard hours = 2 × 4770 = 9,540

Actual hours = 8,940

Standard rate = $32.50

Then, Direct labor efficiency variance is computed as

= ( Standard hours allowed for production - Actual hours taken) × Standard rate per direct labor hour

= [(2 × 4,770) - 8,940] × $32.50

= [9,540 - 8,940] × $32.50

= 600 × $32.50

= $130 Favourable

6 0
2 years ago
There exists a(n)
FrozenT [24]

Answer:

Direct, upward sloping

Explanation:

Supply refers to the quantities of goods or services that firms are willing to sell to the markets are a specific price. As per the law of supply, an increase in prices leads to an increase in the quantity supplied. Therefore, the relationship between the price and quantity supplied is direct. Firms prefer to supply more products to the markets at higher prices because they will make more profits.

The supply curve is a graphical presentation of the relationship between price and quantity supplied.  The supply curve is upward sloping. It originates from the bottom left corner, showing how quantities vary along the curve at different prices. Quantity supplied increases as the price rise.

7 0
3 years ago
Seven months ago, you purchased 140 shares of Mitchum Trading for $50.07 per share. The stock pays a quarterly dividend of $.17
sesenic [268]

Answer:

The answer is $47.6

Explanation:

Solution

Given that

You bought = 140 shares of  Mitchum Trading for $50.07  per share

The quarterly dividend = $.17

The current price = $51.03

So we find the total dividend income you received which is computed below:

The total dividend received = (0.17 * 2) * 140

=(0.34) * 140

= $47.6

Therefore the total dividend of income that you received is $47.6

4 0
3 years ago
The notes receivable account of a business should include both the notes that haven't matured and the dishonored notes.
den301095 [7]

This statement is false. The notes receivable account should only include those notes which can still be collected. Notes that have not matured yet is still included in the notes receivable account because there is still the probability of collection. Dishonored notes should not anymore be included because there is no more probability of collection.

6 0
3 years ago
During the year,Liptom Company made an entry to write off a $4,000 uncollectible account. Before this entry was made, the balanc
Andru [333]

Answer:

$55,500

Explanation:

The computation of the net realizable value after the write off entry is show below:

The credit balance in allowance with terms to bad debts is

= $4,500 - $4,000

= $500

Now the net realizable value is

= ($60,000 - $4,000) - ($4,500 - $4,000)

= $56,000 - $500

= $55,500

Hence, the same is to be considered

7 0
3 years ago
Other questions:
  • When an organization has a strong talent pool available from which it can draw employees, the organization is positively influen
    15·1 answer
  • When a person is authorized by the principal to transact all affairs in connection with a particular type of business or trade o
    8·1 answer
  • Service perishability means that ________.
    10·1 answer
  • With a​ downward-sloping demand​ curve, average revenue is equal to price A. because the firm must lower its price to sell addit
    14·1 answer
  • The Treasury bill rate is 4% and the market risk premium is 7%. Project Beta Internal Rate of Return, % P 0.85 18 Q 0.00 14 R 2.
    6·1 answer
  • If a business offers both routine and specialized​ services, a single cost driver rate will​ overprice: A. the specialized servi
    9·1 answer
  • The cost accountant for Kenner Beverage Co. estimated that total factory overhead cost for the Blending Department for the comin
    12·1 answer
  • Pauley Company provides home health care. Pauley charges $35/hour for professional care. Variable costs are $21/hour and fixed c
    10·1 answer
  • After Sandra finishes making her list, she does a bit of research to learn about the different technologies available. She
    11·1 answer
  • Who is responsible for governing a condominium?
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!