Answer: Statement D
Explanation: Qualitative characteristics are those characteristics the values of which cannot be calculated appropriately and the one that cannot be recorded in the books as they do not have any quantitative value.
In the given problem cost of machine at which it is purchased is its value, Depreciation is the value of original cost which has been used and amount at which the machine used can be sold is its value.
Hence among all the options Option D shows qualitative characteristics.
Answer:
Correct option is (d)
Explanation:
Current liabilities are part of obligations of the organization that it needs to meet within one year. Current maturities of long term debt represents that part of long term debt such a bonds or loans that need to be paid of in the current financial year.
It is shown as a separate item in the balance sheet as it is paid off using highly liquid asset such as cash.
Answer:
Concurrent powers are powers enjoyed by both the state and federal government. These powers may be exercised simultaneously, in the same area, and among the same group of citizens. For instance, residents of most states are required to pay both federal and state taxes.
Answer:
Debit bad debt expenses with $1,680, and credit Accounts receivable also with $1,680.
Explanation:
Uncollectibles = Accounts receivable × 1.50% = $112,000 × 1.50% = $1,680
The December 31 year-end adjusting entry for uncollectibles will be as follows:
<u>Details Dr ($) Cr ($) </u>
Bad debt expenses 1,680
Accounts receivable 1,680
<u><em>Being the amount Accounts receivable estimated to be uncollectible</em></u>
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Answer: b. (200 airplanes, 12,500 cars) and (150 airplanes, 15,000 cars)
Explanation:
The opportunity cost of an airplane is 50 cars. This means that if the number of planes produced were reduced by 50, the number of cars should increase by:
= 50 * 50
= 2,500 cars.
In option B, the airplanes were 200 and then reduced by 50 to 150. This led to an increase in cars of:
= 15,000 - 12,500
= 2,500 cars
Option B therefore satisfies the constraints and is correct.
