Answer: We have no legal responsibility but do have some ethical responsibility.
Explanation: As the owner of a casino we do not have any legal liability but as human and a part of society we do have to make sure that gambling in such casinos is not ruining the environment for the individuals living in it.
We have the responsibility towards the kids especially. We must make sure that kids stay away from such casinos as no one knows at an early age of what is right for them and what is not.
We can make rules about the maximum amount of which one can gamble and should monitor strictly of any other unethical conduct that is going on.
Answer:
b. a credit to rent expense for $13,500
Explanation:
The computation is shown below:
Since there is an advance rent for $18,000 on Jan 1 and the adjusting entry would be made on March 31
So, the amount would be
= $18,000 - $18,000 × 3 months ÷ 12 months
= $18,000 - $4,500
= $13,500
This amount i.e $13,500 would be credited to rent expense
Hence, the second option is correct
Answer: Option c
Explanation: In simple words, standard cost refers to the estimated amount of resources that an organisation thinks would be incurred to produce a specified amount of goods or service for the product.
These estimates are based on past experiences and future expectations, therefore, these are not certain and have a high chance that a difference will occur in actual performance. These estimates works as a guideline for performance, thus, it is prepared by the top managers of the departments of the entity.
Answer and Explanation:
The computation is shown below:
a. EPS = Net income ÷ Outstanding shares
= $20,350,000 ÷ 3,700,000 shares
= $5.50 per share
b. Price/Earnings ratio = Price of common stock ÷ EPS
= $5 ÷ $5.50
= 0.9091
Hence, the above represent the answer and the options that are given are incorrect
