Answer:
c. $155.
Explanation:
Kimzey Medical Supply's merchandise inventory:
Surgical equip. Surgical supplies Rehab equip. Rehab supplies
Selling price $335 $195 $415 $240
Cost $245 $165 $325 $237
Replacement $315 <u>$155</u> $310 $233
cost
Net RV $275 $175 $375 $200
If we apply the lower of cost or market rule for determining the value of surgical equipment, its value would be: $155 because the replacement cost (or market price) is lower than the historical cost or the net realizable value.
When we use the lower of cost or market rule, we should value our inventory at the lowest value between original purchase cost, replacement (or market) price or net realizable value.
The Vocational Rehabilitation Act of 1973 requires that executive agencies and subcontractors and contractors of the federal government receiving more than $2,500 a year from the government engage in affirmative action for disabled individuals.
<h3><u>
Explanation:</u></h3>
The law that grants the states for the independent living, vocational rehabilitation services, client assistance and supported employment is The Rehabilitation Act of 1973. There are lot of programs that receives federal financial assistance and are held by many federal agencies. The main aim of this act is to eliminate the discrimination that prevails based on disability.
The Rehabilitation Act has Section 501 which mainly focus on the prohibition of discrimination that exists in employees and job applicants mainly on the basis of disability. This also makes the agencies to be engaged in affirmative action for individuals who has disabilities. They are providing them $2,500 a year for engaging with these activities.
Risk pooling allows an insurance carrier to provide an income stream via an immediate annuity, even with its costs and expenses, far more cheaply than a person could on his or her own. Risk pooling is the practice of sharing all risks among a group of insurance companies.
Answer:
The correct answer is letter "B": Extend the useful life of an asset beyond its original estimate by several years.
Explanation:
Ordinary repairs refer to routine maintenance that equipment and machinery need to work over its estimated useful life. <em>It does not aim to extend the life of the equipment but helps meeting the estimated time a company plans to use those assets.</em> In accounting terms, ordinary repairs demand to record a debit to an expense account and a credit to a cash account.
