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3 years ago

12

Contingent liabilities should be recorded in the accounts when: it is possible the future event will occur the amount of the lia

bility can be reasonably estimated. both of the above either of the above

1 answer:

slava [35]3 years ago

3 0

Either of the above would be correct

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What percent of adults, nationally, were current on all credit payments in the last year?

Furkat [3]

The percentage of adults, nationally, that were current on all credit payments in the last year is 78.5% .

Your friend is incorrect in assuming that all will have high credit scores. because base on the fact that a lot young adults have no credit experience. They are said to often have a high balance on too many credit card.

The state’s on-time payment record compare to the national rate is known to be Texas who are said to have an on-time payment record of 6.7% that is known to be lower than the national rate.

Miral county’s payment rate is 80%, 10% higher than the state of Texas.

The “clumping may be due to the types of jobs that are available to certain states.

<h3>The reasons our credit card or loan bill paid late?</h3>

The reasons why our credit card or loan bill late said to be late is known to have a lot of serious effects if not managed. It can lead to:

Credit score reduction drastically, that can affect your credit report badly.
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8 0

2 years ago

Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sol

Levart [38]

Answer:

Ending inventory is $424,045

Cost of goods sold is $889,955

Explanation:

Retail Inventory method is used to estimate the value of inventory using retail price of the unit of inventory.

As per given data

Cost Retail

Beginning inventory $370,000 $515,000

Net purchases $890,000 $ 1,280,000

Freight-in $54,000

Net markups $55,000

Net markdowns $25,000

Net sales $1,235,000

Cost of Purchase = 890,000 + 54,000 = $944,000

Retail Price of Purchases = Net Purchases Retail + ( Net Markup ) = $1280,000 + ( 55,000 - 25,000 ) = 1,310,000

Cost to retail Percentage = ( $944,000 / $1,310,000 ) x 100 = 72.06%

Closing Inventory = Purchases + Net Markup - Sales = $1,280,000 + ( $944,000 / $1,310,000 ) - $1,235,000 = $75,000

Retail Cost

Beginning inventory $515,000 $370,000

Net purchases <u>$75,000</u> <u> $54,045</u> ( $75,000 x 72.06% )

Ending Inventory <u>$590,000</u> <u>$424,045</u>

Closing Inventory = Opening + Purchases - Closing = $370,000 + ( 890,000 + 54,000 ) - 424,045 = $889,955

7 0

3 years ago

People who make goods and services are called _____ . <br> consumers<br> producers<br> investors

Aneli [31]

People who make goods and services are called PRODUCERS.

They are called producers because they produce the goods and services needed by the consumers.

Consumers are people who requires the goods and services provided by the producers.

8 0

3 years ago

Read 2 more answers

. Zoe Corporation has the following information for the month of March: Purchases $ 92,000 Materials inventory, March 1 6,000 Ma

rodikova [14]

Answer:

1. Cost of goods manufactured = $150,500

2. Net income = $36,500

3. Total Inventory = $61,500

Explanation:

Requirement 1

Zoe Corporation

Schedule of cost of goods manufactured

For the month ended March 31

Direct Materials:

Beginning Materials inventory $6,000

Add: Raw materials purchases <u> 92,000</u>

Raw materials available for use $98,000

<u>Less: Ending Raw Materials 8,000</u>

Direct materials used $90,000

<u>Direct Labor 25,000</u>

Prime Cost $115,000

<u>Factory overhead 37,000</u>

Total manufacturing cost $152,000

Add: Work in process, March 1 22,000

<u>Less: Work in process, March 31 (23,500)</u>

Cost of goods manufactured $150,500

Requirement 2

Zoe Corporation

Income Statement for manufacturing company

For the month ended March 31

Sales revenue $257,000

<em>Less: Cost of goods sold</em>

Beginning finished goods inventory $ 21,000

Add: Cost of goods manufactured (Req.1) <u> 150,500</u>

<em>Finished goods available for sale 171,500</em>

Less: Ending finished goods inventory <u> (30,000)</u>

<u>Cost of goods sold 141,500</u>

Gross Profit $115,500

<u>Less: Sales and administrative expenses 79,000</u>

Net operating Income $36,500

Requirement 3

Zoe Corporation

Balance Sheet

As at March 31

Inventory:

Materials $8,000

Work-in-process 23,500

<u>Finished goods 30,000</u>

Total Inventory $61,500

Inventory consists of all the ending materials, ending work-in-process, and ending finished goods. All the ending items need to be shown in the balance sheet because those inventories will remain at hand at the end of the period.

5 0

3 years ago

The skills, knowledge, and experience of an individual or group and its value to an organization refers to _____.

kirill [66]

Answer:

Human capital

refers to the economic value of the combined knowledge, experience, skills, and capabilities of employees

8 0

3 years ago