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3 years ago

Given the following adjusted trial balance:

Business

1 answer:

Mandarinka [93]3 years ago

5 0

Answer:

The balance in retained earnings will be $3,810

Explanation:

For computing the ending balance of the retained earning, first, we have to compute the net income

So, the net income would be equal to

= Service revenue + interest revenue - Salaries and wages expense - Travel expense

= $206 + $31 - $90 - $37

= $110

Now we can find out the ending balance of retained earnings. It is shown below:

= Beginning retained earning balance + net income - dividend paid

= $3,700 + $110 - $0

= $3,810

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Which statement best describes a significant similarity between the AICPA and IESBA codes? Both codes incorporate the conceptual

34kurt

Both codes incorporate the conceptual framework approach for evaluating threats when specific rules on a matter do not exist.

Explanation:

IFAC has enacted a Code of Ethics for Professional Accountants (IESBA Code), the International Ethics Standards Committee for Competent. The latest IESBA Code edition was upgraded and modified in July 2009 and comes into force on 1 January 2011. The adjustments clarified and considerably strengthened the independence specifications for all competent accountants.

IESBA and AICPA are more comparable than they are, but there are substantial differences. In many instances it will produce similar effects if codes are added to the same pattern of truth.

The IESBA Code deals with a number of possible independence issues which are covered by the AICPA Conceptual Structure but not AICPA. Examples include the Long Senior Human Resources Group (including Team Rotation).

Certain independence restrictions are enforced by the IESBA Code representing the "extent of public interest in certain companies" (i.e. entities listed on an accepted stock exchange for whose shares are listed), and institutions whose auditors are legally or administrative authorities required to comply with the same requirements for independence as the listings).

The IESBA splits the conditions for freedom into two regions. Section 290 offers the toughest prohibitions and includes accounting reports and audits. Section 291 generally provides less stringent requirements of freedom for all other insurance obligations. The AICPA does not change the principles of equality.

6 0

4 years ago

Chegg Megan Corp. recognizes revenue over time to account for long-term contracts. At the date the contract is signed, the price

anzhelika [568]

Answer: -$30,000

Explanation:

Gross profit for the year is calculated by multiplying the expected profit to be made by the cost - to -cost ratio and then subtracting the gross profit expected in the previous year.

Cost to cost ratio = Costs incurred till date / Costs to be incurred in total

Cost to cost ratio = 200,000 / ( Costs incurred + Cost to complete)

= 200,000 / (200,000 + 200,000)

= 50%

Gross profit = 50% * ( Price - estimated cost to complete)

= 50% ( 600,000 - 400,000)

= $100,000

Cost to cost ratio = 350,000 / ( Costs incurred + Cost to complete)

= 350,000 / (350,000 + 150,000)

= 350,000 / 500,000

= 70%

Gross profit = 70% * ( Price - estimated cost to complete) - Previous Gross

= 70% ( 500,000 - 400,000) - 100,000

= -$30,000

<h2><u>Gross Loss</u> of $30,000 in Year 2</h2><h2></h2>

<em>Note; Ignore the first comment</em>

7 0

3 years ago

Which of these is a concept that began in ancient Greece and influenced the development of American constitutional democracy?

vesna_86 [32]

A bill of rights is the right answer

3 0

3 years ago

Which of the following is not a determinant of a consumer's demand for a commodity?

uranmaximum [27]

Answer:

Law of Diminishing Marginal Utility

Explanation:

Demand refers to the volume of a product or service consumers are willing to buy at a given price over time. Demand is high when customers are willing to buy more of a product. Several factors influence the demand levels of a product. They include

Consumers preferences and tastes
consumers income
prices of related goods
consumer expectation on future prices
number of consumers in the market
Income distribution

The law of diminishing marginal returns associates the utility derived from an additional input while holding other factors constant. The law claims that the marginal utility of an input declines as its supply increases. It does not influence the demand for a product in any way.

5 0

3 years ago

Krystal plans to save $500 at the end of Year 1, $600 at the end of Year 2, and $700 at the end of Year 3. If she earns 2.8 perc

mestny [16]

Answer:

$1,845.192

Explanation:

The computation of the amount saved at the end of year 3 is shown below:

= Amount at the year 1 × (1 + interest rate)^number of years + Amount at the year 1 × (1 + interest rate)^number of years + Amount at the year 1 × (1 + interest rate)^number of years

= $500 × (1 + 0.028)^2 + $600 × (1 + 0.028)^1 + $700 × (1 + 0.028)^0

= 528.392 + $616.80 + $700

= $1,845.192

We simply applied the above formula so that the amount saved for the year 3 could come

3 0

3 years ago