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3 years ago

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).

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Data is oftentimes considered a defensible source of competitive advantage; however, advantages based on capabilities and data t

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Data is oftentimes considered a defensible source of competitive advantage; however, advantages based on capabilities and data that others can acquire will be short lived.

It should be noted that data simply means the facts and statistics that are used to analysis.

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1 year ago

A first step when considering a career is to________.

Aleonysh [2.5K]

Your answer will d.have to know ypur interest

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3 years ago

Read 2 more answers

On January 1, Concord Corporation had 113000 shares of $10 par value common stock outstanding. On March 17 the company declared

Alik [6]

Answer and Explanation:

The Journal entry is shown below:-

March 17

Stock Dividend Dr, $84,750 (113,000 × 5% × $15)

To Common Stock Dividend Distributable $56,500 (113000 × 5% × $10)

To Paid in capital in excess of Par - Common Stock $28,250

(Being stock dividend is recorded)

Here we debited the stock dividend and we credited the Common Stock Dividend Distributable and Paid in capital in excess of Par - Common Stock

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3 years ago

Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount

aniked [119]

Answer:

$24,990

Explanation:

2/15 net 45 means that if the customer pays within the period of 15 days, he will get the discount of 2% of invoice amount, otherwise he has to pay the whole amount of invoice within the period of 45 days.

In the given scenario, since the Pound Co. has paid the invoice within the discount period, so therefore, the Pound Co. has availed the discount of 2% and accordingly the sales amount shall be recorded as follows:

Sales amount=Invoice amount*98%

=$25,500*98%

=$24,990

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3 years ago

Jerry has an insurance policy with a premium of $150 per month. In June, he’s in an accident and receives a bill with a total co

bazaltina [42]

$250

COVERAGE LIMIT-DEDUCTIBLE = $4000-$1500 = 2500

$2500/10 = $250

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3 years ago