1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ilia_Sergeevich [38]
3 years ago
6

An inventory loss from market decline of $1,200,000 occurred in May 2015, after its March 31, 2015 quarterly report was issued.

None of this loss was recovered by the end of the year. How should this loss be reflected in the company's quarterly income statements(Three Months Ended; 3/31/15; 6/30/15; 9/30/15; 12/31/15)?
Business
1 answer:
JulsSmile [24]3 years ago
8 0

Answer:

The answer is:

The inventory loss should be recorded entirely in the second quarter that ends in 6/30/2015 since losses have to be recorded as soon as the company recognizes them. The other quarters should not reflect any of the losses associated with this event.

Explanation:

The accrual accounting principle states that accounting transactions have to be recorded in the period when they actually happen. The conservatism principle states that liabilities and losses have to be recorded as soon as they are recognized.

You might be interested in
Instead of living in a service economy, we now live in a(n) ________ economy.
Nataly [62]

Instead of living in a service economy, we now live in a(n)  Mixed economy.

Explanation:

  • A mixed economy consist of  both private and government /state owned economies which  share control of owning, making, selling, and exchanging good in the country.
  • U.S. and France are two example of Mixed Economy
3 0
3 years ago
Which of the following statements is true in the context of selecting the best alternative? a. The decision maker can only selec
Assoli18 [71]

Answer:

d. The decision maker must only stick to completely rational, mathematical analysis while selecting an alternative.

Explanation:

It is most ideal for a decision maker to stick to completely rational way of selecting an alternative as this means that the decision maker will only make choices that will be of maximum benefits and low costs. Factors such as personal feelings, or sense of obligation do not interefere when a decision maker sticks to completely rational and mathematical analysis method of decision making.

7 0
3 years ago
Depreciating assets: a become more valuable over time. b become less valuable over time. c stay the same value. d none of the ab
NemiM [27]
Depreciating means to become less valuable over time, so I believe the correct answer is <span>b. become less valuable over time.</span>
6 0
2 years ago
Read 2 more answers
Suppose that Billy McGee owns the Internet domain www.ironmaiden.com. Iron Maiden, the legendary British heavy metal band, was g
Eduardwww [97]

Answer:

B

Explanation:

Coase theorem states that in a situation of conflicting property right . the trading parties should be able to arrive at a mutually benefiting term that should cover the the  cost and other underlying value of the property involved.

In the scenario above , for  Billy McGee to retain the domain name as the WIPO has already given the right to Iron maiden , he will have to pay iron maiden more than the value to iron maiden and less than the value to him so that the two can mutually benefit from the transaction

5 0
3 years ago
According to Robert Merton, ____________________ occurs when individuals feel social and psychological strain due to a lack of a
ivanzaharov [21]

According to Robert Merton, Anomie occurs when individuals feel social and psychological strain due to a lack of acceptable means for achieving success.

Explanation:

The American sociologist named Robert King Merton. He worked most of his profession at Columbia University where he graduated as a professor of the University.

Anomie is "the state that society gives persons no moral guidance" .

Conflicts between values and social linkages between an individual and the group will contribute to anomia.

Goals can become so relevant that illegal means can be used if the institutionalised means — that is to say, appropriate in compliance to social standards — collapsed. Stronger emphasis on results than means produces a tension that leads to a deterioration of the regulatory structure–that is to say, anomie.

7 0
3 years ago
Other questions:
  • On june 25, ritts roofing extended an offer of $250,000 for land that had been priced for sale at $300,000. on july 9, ritts acc
    11·2 answers
  • What is an investment report that is given to potential investors called
    5·1 answer
  • Karl and Leonard want to make trail mix. In order to get the right balance of ingredients for their tastes they bought 2 pounds
    8·1 answer
  • The result of the accounting process is several financial statements. The income statement, the balance sheet, and the statement
    10·1 answer
  • North Inc. is a calendar-year C corporation, accrual-basis taxpayer. At the end of year 1, North accrued and deducted the follow
    11·1 answer
  • Flick Company uses a standard cost system in which manufacturing overhead is applied to units of product on the basis of standar
    6·1 answer
  • Purchasing-power parity holds between the nations of Ectenia and Wiknam, where the only commodity is Spam. a. In 2015, a can of
    14·1 answer
  • Identify the percent increase in total sales and the percent increase in sales of trench coats. Then find which percent of incre
    6·1 answer
  • What would chester corporation’s market capitalization be if the current stock price fell 10%?.
    12·1 answer
  • what term best describes a set of documents that detail manufacturing and service delivery specification
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!