Answer:
Effect on income= $15,000 increase
Explanation:
Giving the following information:
A business received an offer from an exporter for 10,000 units for $13.50 per unit.
Unit manufacturing costs:
Variable 12
<u>Because it is a special offer and there is unused capacity, we will not take into account the fixed costs.</u>
Effect on income= number of units*unitary contribution margin
Effect on income= 10,000*(13.5 - 12)
Effect on income= $15,000 increase
Answer:
1. Going concern
2. Economic entity
3. Monetary unit
4. Periodicitys
Explanation:
1. Since Jumbo's Restaurant is planning to close, the assumption of continuity (going concern) is no more applicable. This should be disclosed. Instead asset was still recorded at historical price which is misleading.
2. Gorloks Tax Services is an economic entity, and the property and assets of owners are not considered to be for the business. In this case the boat Sam bought was wrongly reported as an asset of the company.
3. Claim Jumpers when reporting the 5 trucks purchased must include a monetary value for them. The assumption of monetary unit states that all items reported on the balance sheet must be expressed in monetary terms.
4. Cobbler's Etc violated the assumption of periodicity which states the financial position of the business must be declared in a particular accounting period. Accounting period can monthly, quarterly, biannually, and yearly. The business should choose and accounting period and ensure financial position is reported for each of them. In this case financial reporting is not consistent with reporting happening after 14 months and before that 18 months.
Please the remaining part of the question below :
1.Amount a business earns after paying all expenses and costs associated with its sales and revenues.
2.An examination of an organization’s accounting system and records that adds credibility to financial statements.
3.Principles that determine whether an action is right or wrong.
4.Accounting professionals who provide services to many clients.
5.An accounting area that includes planning future transactions to minimize taxes paid.
Answer:
1.Amount a business earns after paying all expenses and costs associated with its sales and revenues.
- Net income (G)
2.An examination of an organization’s accounting system and records that adds credibility to financial statements.
- Audit (A)
3.Principles that determine whether an action is right or wrong.
- Ethics (C)
4.Accounting professionals who provide services to many clients.- Public accountants (F)
5.An accounting area that includes planning future transactions to minimize taxes paid- Tax accounting (D)
Explanation:
Answer:
D. Only customers receive a financial institution privacy notice automatically
Explanation:
Let us take an illustration of all the points, primarily A is inaccurate because simply customers acquire a financial institution's privacy note directly. B and C are unreliable because, depending on the bank's privacy practices, both consumers and customers may have rights under the law and be able to opt-out. So, the answer will be D as we know that, the Privacy Rule demands thou to provide a note to each of your "customers" regarding your privacy systems.
Answer:
$30,000 increase
Explanation:
Piper Corp is operating at 70% capacity, and so we can produce the unit in-house at no increase to fixed cost we are already incurring. So we assume fixed cost for the extra production is zero
Without fixed cost the unit can be produced at $26, so cost of producing the units needed= 26*15,000= $390,000
To buy the product we need $24 per unit, so the cost of buying the needed units is= 24* 15,000= $360,000
The differential cost of making the part rather than purchasing it = Cost of inhouse production- Cost of Buying= 390,000- 360,000= $30,000
