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3 years ago

Accounting standard-setters use the following process in establishing accounting standards:

Business

1 answer:

IceJOKER [234]3 years ago

4 0

Answer:

Accounting standard-setters such as International Accounting Standards Board, use the following process in establishing accounting standards:

Research-discussion paper-exposure draft- standard

As a result,option D is correct.

Explanation:

When a new standard is envisaged,rigorous research is undertaking,followed by the call for experts to submit discussion papers from exposure draft is crafted before a standard is finalized.

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you plan to deposit $1,500 quarterly for 35 years at 7% interest, compounded monthly. how much will you have in the account in 3

VikaD [51]

After 35 years, you will have $911,053.82 in the account.

This is based on a quarterly deposit of $1,500 per year for a period of 35 years at 7% interest, monthly compounded.

Data and Calculations:

Quarterly Deposit = $1,500

Number of years = 35 years

N (# of periods) = 140 (35 x 4)

I/Y (Interest per year) = 7% (0.583% per month)

PV (Present Value) = 0

Quarterly PMT (Periodic Payment) = 1500

P/Y (# of periods per year) = 4

C/Y (# of times interest compound per year) = 12

PMT made at the of each period

Results:

Future Value = $911,053.82

Sum of all periodic payments = $210,000.00 ($1,500 x 140)

Total Interest = $701,053.82 ($911,053.82 - $210,000)

Thus, after 35 years, the account will have a balance of $911,053.82.

Learn more: brainly.com/question/17028320

7 0

2 years ago

Hitzu Co. sold a copier costing $6,500 with a two-year parts warranty to a customer on August 16, 2018, for $13,000 cash. Hitzu

Marina CMI [18]

Answer and Explanation:

1. The computation of warranty expenses is shown below:-

Warranty expense in 2018 = Warranty for a customer × Rate of sales

= $13,000 × 6%

= $13,000 × 0.06

= $780

2. The computation of estimated warranty liability is shown below:-

As we have calculated in part 1 so it is same that is

Estimated warranty liability in 2018 = $780

3. The computation of Warranty expenses in 2019 is shown below:-

In 2019 no warranty expense is there so the correct answer is $0

4. The computation of estimated warranty liability is shown below:-

Estimated warranty liability = Warranty expenses in 2018 - Repairs cost

= $780 - $121

= $659

5. The Journal entries is shown below:

a. Cash Dr, $13,000

To Sales $13,000

(Being cash is recorded)

b. Cost of goods sold Dr, $6,500

To Merchandise inventory $6,500

(Being cost of goods sold is recorded)

c. Warranty expense $650

To Estimated warranty liability $650

(Being warranty expenses is recorded)

Estimated warranty liability Dr, $121

To Repair parts inventory $121

(Being warranty liability is recorded)

4 0

3 years ago

Demand for earbuds is represented by: P = 402 – 2Q The costs are $8 per set of earbuds. In order to stock earbuds, other items w

Mkey [24]

Answer:

Q is 98

Explanation:

Marginal (average) cost (including opportunity cost) = $8 + $2 = $10

Profit is maximized when MR = MC = 10.

P = 402 - 2Q

Total revenue (TR) = P x Q = 402Q - 2Q^2

MR = dTR/dQ = 402 - 4Q

Equating with MC,

402 - 4Q = 10

4Q = 392

Q = 98

7 0

3 years ago

Last year, Sams swimming pool cleaning had a gross profit of $105,355 and net income of $72,010. Calculate sams operating expens

Sindrei [870]

The answer is B. You subtract the profit and income and you should get 33,345.

6 0

4 years ago

Mill Co.'s trial balance included the following account balances at December 31, Year 6:

o-na [289]

Answer:

D) $45,000

Explanation:

The computation of the amount which is included in the current liability section is shown below:

= Account payable balance + bonds payable - discount on bonds payable + dividend payable

= $15,000 + $25,000 - $3,000 + $8,000

= $45,000

The current liability is that liability which is arise for one year. Since, the notes payable is a long term liabilities so we do not consider in the computation part.

4 0

3 years ago