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pantera1 [17]
3 years ago
7

Haley is a corporate certified public accountant (CPA) working on a new budget. When she lists the company’s liabilities, which

of the following will she include? Entry field with incorrect answer Computer software Owners’ equity Marketable securities Employees’ wages and salaries
Business
1 answer:
pshichka [43]3 years ago
8 0

Answer:

None of the listed items would fall under the category of a liability

Explanation:

A liability is a present obligation that entails an outflow of economic resources (e.g cash) to settle. For an item to be classified as a liability it must relate to an event that had happened (i.e in the past) and not the future.

Computer software is likely an asset of a company. The payment for same, if not made already, can then be a liability.

Owners' equity is a contribution by the owner to further the business objectives.

Marketable securities are assets of the company, precisely current assets since it is assumed that they can be convertible to cash in a short while.

Employees' wages and salaries are expenses. It is only when they have not been paid as at when due i.e when the performance obligation has been satisfied (e.g workers have worked for a full month to which the salary relates) that it becomes a liability.

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Neon Light Company of Kansas City ships lamps and lighting appliances throughout the country. Ms. Neon has determined that throu
Airida [17]

Answer:

a. Cash freed up by cash management:

= Amount received * speed increased by + Amount disbursed by speed reduced by

= 2,550,000 * 2 days + 1,110,000 * 1/2 days

= 5,100,000 + 555,000

= $‭5,655,000‬

b. Interest on freed up cash:

= ‭5,655,000‬ * 7%

= $‭395,850‬

c.<u> No.</u> It is less than the income earned from interest from freed up cash so it should not be implemented as it brings no additional benefit.

4 0
2 years ago
Cull Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The
Nina [5.8K]

Answer:

The selling price for a unit in Job X455 is closest to a. $379.92

Explanation:

stimated total manufacturing overhead cost = Estimated total fixed manufacturing overhead cost + (Estimated variable overhead cost per unit of the allocation base × Estimated total amount of the allocation base)

= $358,400 + ($2.30 per machine-hour × 56,000 machine-hours)

= $358,400 + $128,800 = $487,200.

Predetermined overhead rate = Estimated total manufacturing overhead cost ÷ Estimated total amount of the allocation base

= $487,200 ÷ 56,000 machine-hours = $8.7 per machine-hour.

Overhead applied to a particular job

= Predetermined overhead rate × Amount of the allocation base incurred by the job

= $8.7 per machine-hour × 80 machine-hours = $696

Direct materials                                                          $810

Direct labor cost                                                       $1,620

Manufacturing overhead applied                             $696

Total cost of Job X455   (a)                                      $3,126

Number of units              (b)                                          10

Unit product cost                   (a) ÷ (b)                       $312.6

Markup (20% × $312.6)                                            $62.52

Selling price                                                             $375.12

6 0
3 years ago
Joe Sullivan and Mark Holland, members of the top management at EuAir, a European airlines, were preparing for a meeting to disc
anzhelika [568]
I think the answer is C but i could be wrong if so sorry
3 0
2 years ago
Furniture World is required by law to collect and remit sales taxes to the state. If Furniture World has $82,680 of cash receipt
gregori [183]

Answer and Explanation:

The journal entry to record the cash sales is shown below:

Cash  $82,680  

         To Sales  $78,000    ($82,680 × 100 ÷ 106)

         To Sales taxes payable $4,680  ($82,680 × 6 ÷ 106)

(Being the cash sales is recorded)

Here cash is debited as it increased the assets while on the other hand the sales and sales tax payable is credited as it increased the revenue and liability

8 0
2 years ago
Pahn, a nongovernmental not-for-profit organization, received an unconditional pledge of $50,000. The donor stipulated that the
siniylev [52]

Answer:

The element of Pahn's statement that will increase as a result of the unconditional pledge will be pledge receivables.

Explanation:

In the question it is given that Pahn (a non governmental not for profit organization ) has received a unconditional pledge $50,000 from a donor , who has given the stipulation that this $50,000 must be spent in the next year, this will lead to increase in the pledge receivables.

Whenever a not for profit organizations receives a pledge , it is recorded as pledge receivables , with given donor restriction ( restriction here are temporary inn nature ).

3 0
3 years ago
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