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3 years ago

Financial accounting and reporting standards in the United States are established primarily by the:

Business

1 answer:

GREYUIT [131]3 years ago

3 0

Answer:

Financial Accounting standards Board (FASB)

Explanation:

Financial Accounting Standards Board (FASB) is a private body that works as a non-profit organization that main purpose is established accounting principles in the united states. FASB work for the government, private and for a non-profit organization to prepare and present their financial statement.

FASB working with international accounting standard boards for maintaining and preparing standards worldwide

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Exercise 11-2 Blossom Company had these transactions during the current period. June 12 Issued 78,000 shares of $1 par value com

Mekhanik [1.2K]

Answer:

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $292,500

To Common Stock $78,000 (78,000 × $1)

To Additional Paid-in Capital in excess of par - Common Stock $214,500

(Being the issue of the stock is recorded and the balance remaining is credited to the additional paid-in capital account)

2. Cash A/c Dr $260,000 (2,500 shares × $104)

To Preferred stock $250,000 (2,500 shares × $100)

To Additional Paid-in Capital in excess of par - Preferred Stock $10,000

(Being the issue of the stock is recorded and the balance remaining is credited to the additional paid-in capital account)

3. Treasury stock A/c Dr $7,100

To Cash A/c $7,100

(Being the treasury stock is purchased for cash)

5 0

3 years ago

Kuzma Foods, Inc. has budgeted sales for June and July at $ 680 comma 000.00 and $ 720 comma 000.00, respectively. Sales are 8

atroni [7]

Answer:

The budgeted Accounts Receivable balance on July 31 is $ 244,800.

Explanation:

Since the company sells 85% credit of which 60% is collected in the month of sale and 40% in the following month. This implies that where the sales for the month of June is $ 680,000, all of the credit sales for the month of June would have been collected by 31 July. Hence no receivables will be budgeted for considering June sales by 31 July.

For sales to be made in July budgeted at $ 720,000, 85% will be credit sales

This amounts to

Credit sales for July = 85% of 720000

= $\frac{85 * 720000}{100}$

= $ 612,000

60% of the credit sales in the month of July will be collected by 31 July while 40% will be collected in the following month hence,

Accounts Receivable balance on July 31

= 40% of 612000

= $\frac{40 * 612000}{100}$

= $ 244,800

6 0

3 years ago

A salesman at a music store always begins by showing his customers high-priced instruments. When the customers refuse these, the

quester [9]

Answer: Rejection-then-retreat approach.

Explanation: The musical equipment salesman is using the Rejection-then-retreat approach to sell his musical items. This method is used to frighten the customers with higher priced items then make them settle for lesser priced items.

4 0

3 years ago

Read 2 more answers

What is traditionalist account? Give an example.

horsena [70]

Answer:

in folklore, a narrative containing information about actual persons and events. Originating from the tales of eyewitnesses, the traditional account departs from its original factual basis when retold and becomes subject to free poetic interpretation.

7 0

2 years ago

In an eight-hour day Nicolas can catch 24 pounds of fish or he can repair 15 cars. In an eight-hour day Alejandro can catch 27 p

Roman55 [17]

Answer:

Explanation:

Here Nicolas will gain comparative advantage only when he is selling the good he is specializing in and he would specialize in that good which would have lower opportunity cost for him. So the first step that we have to do here is to find out for which good Nicolas will have lower opportunity cost.

For Nicolas who in 8 hours can either catch 24 pound of fish or repair 15 cars,

the opportunity cost for catching 1 fish is = 15/24 = .625

the opportunity cost for repairing 1 car is = 24/15 = 1.6

So from the above observation we can say that for Nicolas catching fish has lower opportunity cost for him , so he should specialize in catching fish.

Therefore the term of trade for Nicolas would be

1 fish = .625 cars ,

if he can catch and sell 100 units worth of fish then he would have to give up 62.5 cars and then only he will gain from trade,

1 x 100 fish = .625 x 100

100 fish = 62.5 cars.

8 0

3 years ago

Read 2 more answers