Answer:
the proper recording of this liability each year from 2016 through 2018 under GAAP is $150,000.
Explanation:
since the first amount cannot be determinable now, we cannot record it as a liability.
After the settlement of the dispute by the customer and company outside the court the company should record the loss and a liability at an amount of $150,000 because it is certain and determinable now.
Answer:
The correct answer is letter "C": consumerism.
Explanation:
Consumerism is the approach stating that only individuals' demand for goods and services should drive the economy. This idea departures from the belief that an increase in consumption leads to an increase in production, thus, the overall economic growth.
Legazint most likely follows <u>b. a customer-based division</u>.
<u>Explanation:</u>
The customer-based division is generally followed in an organization to split the functional areas based on the customer demand. This is mainly followed due to increase in production and sales. The working departments are classified into separate categories.
In the above scenario, customer-based division is followed in the law firm. This was done for the facilitation of the clients. The staffs are organized into separate departments based on the client demands. The common departments are federally incorporated organizations, partnerships, corporations, sole proprietorship and limited liability companies.
Answer:
Basic EPS = $6.6
Diluted EPS = $5.06
Explanation:
The computation of basic and diluted EPS is shown below:-
Basic EPS = Net income ÷ Weighted average shares outstanding
= $660,000 ÷ 100,000
= $6.6
Interest on convertible bonds = 1,000,000 × 8%
= 80,000
Diluted EPS = (Net income + Interest on convertible bonds × (1 - Tax%)) ÷ (Weighted average shares outstanding + Shares from Convertible bonds)
= ($660,000 + 80,000 × 60%) ÷ (100,000 + 40,000)
= ($660,000 + 48,000) ÷ (140,000)
= $708,000 ÷ 140,000
= $5.06
An economic system is characterized by public ownership of the means of production, the pursuit of collective goals (rather than market-oriented production), and centralized decision making is called "command economy (socialism)."
<h3>
What is command economy (socialism)?</h3>
A form of command economy is socialism. The majority of the production factors, including land and capital goods, are owned and under the jurisdiction of the state.
Key features of command economy are-
- A populist economic and political structure, socialism is founded on the common, collective, or public ownership of the means of production.
- The equipment, resources, and manufacturing facilities utilized to create products that are intended to directly meet human needs are among those means of production.
- The state uses central planning.
- The state maintains centralized control over the production of products and services, as well as their prices and distribution.
- While free-market economies have historically been identified with capitalism and democratic countries, command economies have historically been connected with socialist and communist countries.
Socialism the best economic system because-
- Theoretically, socialism aims to create the greatest amount of common wealth through public benefits.
- Since the government oversees the majority of societal activities, it can utilize resources, labor, and lands more efficiently.
- Socialism lessens wealth disparity not only between different regions but also between all social classes and ranks.
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