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2 years ago

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

Business

1 answer:

DanielleElmas [232]2 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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Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or

zubka84 [21]

Answer:

a. For each country, graph the production possibilities frontier. Suppose that without trade the workers in each country spend half their time producing each good. Identify this point in your graphs.

attached graph

b. Who has the comparative advantage in the production of shirts? What about for computers?

China has the comparative advantage in the production of shirts, while the US has the comparative advantage in the production of computers.

c. If these countries were open to trade, which country would export shirts? Give a specific numerical example and show it on your graphs. Which country would benefit from trade?

China would export 50 million shirts in exchange for 5 million computers (or more if they can). Trade would benefit the US since it will only need to trade 5 million computers in exchange for 50 million shirts, and it will still have 15 million computers that it can consume or trade with come other country.

d. Explain at what price of computers (in terms of shirts) the two countries might trade.

the minimum and maximum prices would be 5 to 10 shirts per computer. If the price of shirts per computer is 10 or near 10, then the US wins more. If the price of shirts per computer is 5 or near 5, then China wins more.

Explanation:

opportunity cost of producing 1 shirt in the US = 20/100 = 0.2 computers

opportunity cost of producing 1 computer in the US = 100/20 = 5 shirts

opportunity cost of producing 1 shirt in China = 10/100 = 0.1 computers

opportunity cost of producing 1 computer in China = 100/10 = 10 shirts

without trade:

total production of shirts in the US = 50 million
total production of computer in the US = 10 million

total production of shirts in China = 50 million
total production of computer in China = 5 million

with trade:

total production of computers in the US = 20 million
total production of shirts in China = 100 million

8 0

2 years ago

Luxury Dwellings Inc. is a condominium-building company that is based in the country of Veritas. Itsells high-priced homes to co

meriva

Answer:

A) international

Explanation:

Luxury Dwellings knows that their clients are wealthy individuals from their home country Veritas and specially from foreign countries. That is why they are not worried about local economic conditions and about varying costs. Since their brand if highly recognized overseas, they are more worried about satisfying their international clients.

This is very common in vacation destinations, including some in the US, like Miami. Many luxury real estate companies located in Miami carry out marketing campaigns in European, Asian and Latin countries more than in domestic markets.

7 0

3 years ago

Questions Answered Incorrectly

mylen [45]

abcdefghijklmnopqrstuvwxyz

4 0

2 years ago

Read 2 more answers

The Constitution expressly grants which of the following powers to Congress? a. to receive ambassadors b. to appoint judges c. t

lbvjy [14]

Answer:

d. to regulate interstate commerce

Explanation:

The United States Constitution has the commerce clause in Article 1 Section 8 which allows the Congress to control the commerce with other nations and among the states.

According to this clause, the Congress can regulate the commerce that takes place between states and because of that, the answer is that the Constitution expressly grants the power to regulate interstate commerce to Congress.

3 0

2 years ago

Which of the following will not increase the demand for hot dogs (i.e. which will not shift demand to the right)?

lapo4ka [179]

Answer:

b. The price of hotdogs fall.

Explanation:

The demand curve will shift to the right when the demand increases with an increase in demand due to change in factors other than the price.

5 0

2 years ago