Answer:
1. Huprey can resonably estimate that a pending lawsuit will result in damages of $1,280,000, it is probable that Huprey will lose the case.
2. It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimable.
3. Huprey is being sued for damages of $2,400,000. It is very unlikely (remote) that Huprey will lose the case.
Explanation:
Contingent liabilities must be recorded only when it is probable that the liability will happen and you can estimate the associated costs.
When contingent liabilities are only reasonably possible or you cannot estimate the amount, they must be included in the footnotes of the financial statements.
When contingent liabilities are not reasonably possible, nothing needs to be disclosed.
Answer: $1,014,300
Explanation:
The company wants to maintain 20% of the next month's needs as ending inventory.
One Miniwap requires 2.5 kg of Jurision to be made.
Materials purchased is;
= Ending inventory + Materials used - Begining inventory
Ending Inventory;
= 20% of September Jurision
= 20% * 21,300 * 2.5
= 10,650 kg
Materials used
= 2.5 kg * August Miniwaps
= 2.5 * 22,600
= 56,500 kg
Materials Purchased = 10,650 + 56,500 - 10,800
= 56,350 kg
Cost of Jurision is $18 per kilo
= 56,350 * 18
= $1,014,300
Answer:
$1,440 per machine
Explanation:
The computation of the cost per machine is shown below:
= Total cost ÷ number of machine completed
where,
Total cost = Material cost + direct labor cost + manufacturing overhead applied cost + beginning work in process cost - ending work in process cost
= $15,000 + $11,000 + $7,000 + $11,000 - $8,000
= $36,000
And, the number of machine completed is 25
So, the cost per machine is
= $36,000 ÷ 25 machines
= $1,440 per machine
Answer: The answer is Discontinued Operation.
Explanation: Discontinued Operation in financial accounting is a term that is used to refer to part(s) of a company’s line of businesses or products that have been sold or shut down.
Discontinued operations are reported on the income statement, but separately from continuing operations.
The decision to list discontinued operations separately on the income statement is useful because it shows investors where the profits are coming from and which operations have ceased to function, especially useful when companies are about to merge.
The act that created a “pay-as-you-go” system that requires Congress to raise enough revenue to cover increases in direct spending
B. the 1990 Budget Enforcement Act
Question2 Every hour, the federal government spends about
B. $250 thousand
Explanation:
The act came as a response to the impending recession the western markets in the 1990 fiscal year which was to hit USA particularly hard. This came as a result of and in contrast with many conservative measures taken by the President George W Bush Sr up until that point.
The president had been saying till then that the opposition and the population could read his lips that there will not be new taxes.
It did happen though as this law allowed the government to increase taxation rates to cover governmental spending.
