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Ivenika [448]
3 years ago
14

Changes in accounting estimates are: Multiple Choice Extraordinary items. Accounted for with a cumulative "catch-up" adjustment.

Considered accounting errors. Reported as prior period adjustments. Accounted for in current and future periods.
Business
1 answer:
Tom [10]3 years ago
4 0

Answer:

The answer is D. Accounted for in current and future periods.

Explanation:

A change in accounting estimate is an adjustment of the carrying value of an asset or liability arising from reassessing the expected future economic benefits and obligations associated with that asset or liability.

Changes in accounting estimates must be shown in the accounting period in which the estimates are revised and periods after i.e accounted for prospectively. Example is a change in useful life and salvage value of a fixed asset

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Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in uni
Reika [66]

Answer:

485,000 units

Explanation:

The computation of the number of units manufactured is shown below:

= Number of units sold + ending finished goods units - beginning finished goods units

= 515,000 units + 87,000 units - 57,000 units

= 485,000 units

Basically we added the ending finished goods units and deduct the beginning finished goods units to the number of units sold                      

7 0
3 years ago
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During Jun
stepan [7]

Answer:

I used an excel spreadsheet because there is not enough room here.    

Explanation:

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7 0
4 years ago
g On January 2, 2010, Howdy Doody Corporation purchased 12% of Ranger Corporation's common stock for $50,000 and classified the
Aliun [14]

Answer:

$7,200

Explanation:

The calculation of income that should be presented in the income statement is shown below:-

Dividend Received = Given percentage × Paid dividend

= 12% × $60,000

= $7,200

Therefore for computing the income that should be presented in the income statement we simply applied the above formula.

Therefore the above is the answer

8 0
4 years ago
Arabica Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentage of direct labor cost. At th
Natalija [7]

Answer:

B) $56,750

Explanation:

Direct materials cost $27,500

Direct labor cost$13,000

As manufacturing overhead rate is  based on a percentage of direct labor cost so dividing the manufacturing overheads by direct labor costs we get =$1,050,000,/$840,000= 1.25

Multiplying this rate with the actual overheads we get 1.25* 13000 = $16250

The total job cost would be = Direct materials cost+Direct labor cost + budgeted Overheads =  $27,500 +$13,000+$16250= $56,750

8 0
3 years ago
Michele is a manager at MDH Incorporated. She monitors the progress of an affirmative action program to advance minorities withi
bija089 [108]

Answer:

"Controlling" is the right response.

Explanation:

  • Michele helps to monitors whether the curriculum has been implemented according to another strategy or indeed any adjustments that need to be created.
  • The whole information will assist in appropriate corrective measures.

After that, Michele checks the availability as well as chooses to make several other significant changes to the program.

7 0
3 years ago
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