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3 years ago

An antique dealer buying items and hoping to sell them for more than he or she paid for them is the very definition of a:

1 answer:

3 0

An antique dealer buying items and hoping to sell them for more than he or she paid for them is the very definition of a business. A business is economic system that includes commercial and industrial activities through production and sales or exchange of goods and services.
In every business there are investment and customers . In this case the investment is buying antiques and the customers are people interested in antique works.

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Talks-A-Lot, Inc. sells cell phones to customers and expects that 10% of phones sold will be returned for repair under its warra

poizon [28]

Answer:

amount of warranty liability that should be reported at December 31, 2021 is $3,375

Explanation:

When the Sale was made, the Warrant Liability is recorded as follows:

Warranty Cost $5,625 (Debit)

Warranty Provision $5,625 (Credit)

Warranty Cost = 750 cell phones × $75 × 10% = $5,625

When Warranty Claims were received during the year the records are as follows :

Warranty Provision $2,250 (Debit)

Cash $2,250 (Debit)

Warranty Cost = 30 × $75 = $2,250

At December 31, 2021 the amount of warranty liability should be

Warranty Provision = $5,625 - $2,250 = $3,375

6 0

3 years ago

What are the indicators are used to carry out capital budgeting for different ventures of a company.

Kryger [21]

Answer:

The answer is below

Explanation:

The indicators that are used to carry out capital budgeting for different ventures of a company are:

1. Profitability of the project

2. Profitability for equity investors

3. Financial sustainability of the project

These essential indicators assist the firms to evaluate a future project's lifetime cash inflows and outflows to know whether the probable returns would be yielded and satisfy an adequate target goal.

4 0

3 years ago

Al Dente Pasta Company overstated its inventory by $10 million at the end of 2021. The discovery of this error during 2022, befo

MAXImum [283]

Answer:

Retained earnings would be debited and inventory would be credited for $10 million each.

Explanation:

In the given scenario Al Dente Pasta Company overstated its inventory by $10 million.

This is an overstatement of assets of the company.

This also gives an understatement of the retained earnings of the company.

Adjusting entry in 2022 will now require Retained earnings would be debited and inventory would be credited for $10 million each.

7 0

3 years ago

The following events took place at a manufacturing company for the current year:(1) Purchased $95,000 in direct materials.(2) In

Rom4ik [11]

Answer:

D $88410

Explanation:

Work in progress includes all the raw materials, direct labour and conversion costs incurred so far excluding cost of goods sold .

WIP= Intial WIP +Manufacturing costs incurred- Cost of goods sold.

The WIP inventory at the begining of the period is given as nil.

WIP during the period = (95000*80%)+56000+13600+107000

=252600(but it was given that 65% of the Process was completedi.e., finished goodswhich are not the part of the WIP inventory ; hence the remaining 35% is the Work in process inventory)

=$ 88410.

Further the remaining raw material 20% = 95000*20% shall not comprise a part of the WIP as it has not been brought into process itself , it shall lie in raw materials inventory itself.It shall be counted into the WIP once it is brought into the manufacturing assembly line.

3 0

3 years ago

Read 2 more answers

Which of the following describes a self-managed team?A. Workers are trained to do all or most of the jobs in the unit.B. Workers

Oksanka [162]

Answer:

A. Workers are trained to do all or most of the jobs in the unit

Explanation:

A self-managed team is a group of employees that's responsible and accountable for all or most aspects of producing a product or delivering a service. Traditional organizational structures assign tasks to employees depending on their specialist skills or the functional department within which they work

7 0

3 years ago

An antique dealer buying items and hoping to sell them for more than he or she paid for them is the very definition of​ a:

An antique dealer buying items and hoping to sell them for more than he or she paid for them is the very definition of a: