Answer:
Situation 1 is a probably contingency. This recall is occurring and can be estimated as costing $2 million. This amount should be charge to the warranties payable and warranties expense accounts.
Date
Particulars
Ref.no
Debit $
Credit $
Warrantee expenses
20,00,000
Warranty payable account
20,00,000
[To record the estimated claims]
Comment
Step 3 of 3
Situation 2 is a reasonable contingency. The costs are possible and there are rough estimates for cleanup but there are also rough estimates about reimbursements for property damage. This situation would be disclosed on the balance sheet.
Situation 3 is a remote contingency. There is a small change that there could be property damage but there is no way to determine how much or what the costs could be. There is no amount marked down for this situation
Explanation:
Answer:
B. oversee every aspect of the business, including such things as ordering merchandise and arranging for janitorial services
Explanation:
A budgeting procedure that includes the enter and negotiation of numerous layers of control describes the control philosophy of Participative budgeting.
The required details for Participative budgeting in given paragraph
Participative budgeting is a procedure below which humans impacted with the aid of using a price range are actively concerned within side the price range advent procedure. This method offers lower-stage managers a more feel of possession within side the ensuing price range. A basically participative price range does now no longer take high-stage strategic issues into account, so control desires to offer personnel with hints concerning the general path of the business enterprise and the way their man or woman departments suit into it. When participative budgeting is used for the duration of an business enterprise, the initial budgets paintings their manner up via the company hierarchy, being reviewed and probably changed with the aid of using mid-stage managers alongside the manner.
Advantages of Participative Budgeting
This bottom-up method to budgeting has a tendency to create budgets which might be greater workable than are top-down budgets which might be imposed on a business enterprise with the aid of using senior control, with tons much less worker participation.
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Answer: $400
Explanation:
M1 money supply simply refers to the monies which are liquid like the checkable deposits, traveler's checks, and the coins and currencies that are in circulation.
Therefore, based on the information given in the question, the bank's deposits that are part of M1 will be the $400 in checkable deposit.
Answer:
B)Consult with key competitors about the optimal set of prices to charge, i.e., the prices that will maximize profits for our firm and its competitors.
Explanation:
The financial planning process can be regarded as series of steps which states best way of using money and investments as well as other assets so that financial goals can be potentially achieved. Most of the financial plans has its focus savings of goals as well as payoff goals even estate planning goals so that roadmap to financial freedom can be set.
The steps that can be taken in the financial planning process are;
✓ Forecast the funds that will be generated internally. If internal funds are insufficient to cover the required new investment, then identify sources from which the required external capital can be raised.
✓Develop a set of forecasted financial statements under alternative versions of the operating plan in order to analyze the effects of different operating procedures on projected profits and financial ratios
✓Determine the amount of capital that will be needed to support the plan. e. Monitor operations
