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3 years ago

A company must account for a contract modification as a new contract if the:

Business

1 answer:

valina [46]3 years ago

8 0

Answer:

d. goods or services are distinct and company has right to receive the standalone price.

Explanation:

Goods or services are distinct and company has right to receive the standalone price.

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For for computation of pre-incorporation profit salary to vendor

Leokris [45]

Interest on purchase consideration, the salary of partners, and interest on vendor capital are to be charged during the pre-incorporation period.

8 0

2 years ago

When $45,000 of goods are completed in Production Department D and transferred to the finished-goods warehouse where completed p

kykrilka [37]

Answer:

A debit to Finished-Goods Inventory

Explanation:

While recording this transaction, the journal entry is as follows

Finished goods inventory $45,000

To work in process inventory $45,000

(Being the completed units are recorded)

For recording this, we debited the finished goods inventory and credited the work in process inventory so that the correct posting could be done and the same is shown above

8 0

3 years ago

Which of the following is true regarding the trial balance? Select all that apply. The trial balance includes all of the account

Luda [366]

Complete Question:

Which of the following is true regarding the trial balance? Select all that apply.

a) The trial balance includes all of the accounts needed to create the balance sheet and the income statement.

b) The trial balance is much less detailed than the balance sheet and income statement.

c) The accounting principle of materiality says that the information on the trial balance can be combined and simplified into more general reporting items.

d) The accounting principle of money measurement says that the information on the trial balance can be combined and simplified into more general reporting items.

e) The trial balance shows only nominal accounts.

Answer:

a) The trial balance includes all of the accounts needed to create the balance sheet and the income statement.

Explanation:

Company XYZ's trial balance summarizes all the general ledger account balances with the assets and expenses on the debit side and the liabilities, equity, and income on the credit side. It is extracted from the general ledger for all accounts that do not have equal debit and credit sides. It is one of the ways to ensure that proper double entry system of bookkeeping has been followed. That the two sides are in balance does not mean that the trial balance or the general ledger from which it is prepared is error-free. It simply means that the two sides agree in total. XYZ can prepare the trial balance at any time, not necessarily at the end of the period.

4 0

4 years ago

A united nations report shows the mean family income for mexican migrants to the united states is $26,580 per year. a floc (farm

AnnyKZ [126]

The test statistic t = t_(n-1) = 5.558457132 is greater than the critical value of t at 25 d.f which is Critical t value at 25 d.f. = 2.787436.

Hence we reject the null hypothesis and conclude that the average income of Mexican migrants to the U.S is not equal to $26,580.

Therefore the information from the sample disagrees with the United Nations report.

We use the follow these steps to arrive at the answer.

Null hypothesis : μ = $26,580

Alternate hypothesis : μ ≠ $26,580

Test : Since sample standard deviation is given, we use the Student's t-test

Level of Significance : 0.01, Two-tailed test

Degrees of freedom (d.f): n-1 d.f = 26-1 = 25

Calculation of test statistic:

The formula for test statistic is

t_(n-1)=(x ̅-μ)/(S/√n)

t_(n-1) = (38,900- 26,580) / (11,054/√26)

t_(n-1) = 12050 / 2167.867758

t_(n-1) = 5.558457132

Critical t value at 25 d.f. = 2.787436

7 0

4 years ago

Hairston Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets a

aleksandrvk [35]

Answer:

Amount in flexible budget of cost of direct material for the month of November shall be $93,456

Explanation:

Flexible budget is the budget prepared based on actual level of output, in relation to standard cost as estimated.

Here, for the month of November

Actual activity = 7,920 units

Standard material cost = $11.80 per unit

Amount in flexible budget based on actual quantity of output shall be

7,920 $\times$ $11.80 = $93,456

Actual cost = $93,926

Therefore, amount in flexible budget of cost of direct material for the month of November shall be $93,456

5 0

4 years ago