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3 years ago

32. How many significant accounting policies are listed under its Summary of Significant Accounting Policies

Business

1 answer:

Gnom [1K]3 years ago

4 0

Answer:

There are various significant accounting policies which are governed by IFRS and GAAP framework.

Explanation:

The significant accounting policies are revenue recognition, inventories accounting cost or NRV, Property plant and equipment, goodwill recognition and others. These policies are governed by accounting frameworks such as GAAP and IFRS. Both of these frameworks have differences in accounting treatment.

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You are the director of marketing. Your department has been doing well, but the company as a whole has been losing revenue stead

garik1379 [7]

Answer:

I. Thank employees for being willing to make a sacrifice for the good of the company.

II. State the facts of the company's financial situation.

III. Inform employees that they will receive a 15% pay cut.

IV. Close with forward looking statement.

Explanation:

The company's financial situation has led the managers to decide for a pay cut instead of lay off to improve the financial position of the company and stay in the budget. The company should appraise employees that they understand the company's situation and are willing to accept the pay cut. The director should inform employees about the current financial situation and provide details about the pay cut plan. The email should close with a forward looking statement and a statement that as soon as the situation of company gets better the employees will receive full salaries as always.

7 0

3 years ago

One of the trade-offs Tesla faces is between safety and the maximum range someone can drive an all-electric car before having

Nina [5.8K]

Answer:

A creation conceivable outcomes outskirts demonstrates the most extreme sum that an economy can deliver.

Explanation:

The creation plausibility outskirts is a marginalist model that mirrors the most extreme amounts of merchandise and ventures that a nation or endeavour is fit for delivering in a given period and dependent on certain generation factors and innovative learning. Hence there are three circumstances in the profitable structure of a nation or endeavour:

Inefficient beneficial structure: When it is underneath the PPF, that is, either all assets are not utilized (inactive assets), or the innovation isn't satisfactory.

Efficient beneficial structure: It is situated before the fringe or near it. There are no inactive assets and the best innovation is being utilized.

Unattainable beneficial structure: It is over the generation potential outcomes. It is hypothetical since no nation or endeavour can deliver past its ability.

7 0

3 years ago

Ingrid Inc. has strict credit policies and only extends credit to customers with outstanding credit history. The company examine

Leviafan [203]

Answer:

Ingrid Inc.

a. Ingrid's balance in accounts receivable on December 31, 2018, prior to the adjustment is:

= $833,720.

b. Ingrid's balance in allowance for doubtful accounts on December 31, 2018, prior to the adjustment is:

= $6,800.

c. Adjusting Entry:

Debit Bad Debts Expense $3,180

Credit Allowance for Doubtful Accounts $3,180

To record the bad debts expense for the year and bring the balance of the Allowance for Doubtful Accounts to a credit balance of $6,800

Explanation:

a) Data and Calculations:

January 1, 2019 balances:

Accounts Receivable $478,000

Allowance for Doubtful Accounts $7,900 (credit)

Accounts Receivable $3,075,000 Sales Revenue $3,075,000

Cash $2,715,000 Accounts Receivable $2,715,000

Allowance for Doubtful Accounts $4,280 Accounts Receivable $4,280

Ending balance:

Allowance for Doubtful Accounts $6,800 (Credit)

T-Accounts

Account Titles Debit Credit

Beginning balance $478,000

Sales Revenue $3,075,000

Cash $2,715,000

Allowance for Doubtful Accounts $4,280

Ending balance $833,720

Allowance for Doubtful Accounts

Account Titles Debit Credit

Beginning balance $7,900

Accounts Receivable $4,280

Bad Debts Expense 3,180

Ending balance $6,800

6 0

2 years ago

19. A call has 6 months left before expiration and a put (on the same stock) has 2 months left before expiration. If the company

tekilochka [14]

Answer:

a. the call price would decrease.

Explanation:

it is important you note that a company pays dividend (share of profit) to shareholders sometimes with a motive of attracting new investors.

Thus, we may likely expect the call price to decrease as a result of the sudden announcement.

7 0

3 years ago

The following are the typical classifications used in a balance sheet:

goldfiish [28.3K]

Answer:

a. Current assets

Allowance for uncollectable accounts

Inventories

Prepaid rent for next 9 months

Cash

b. Investments and funds

Investment in xyz corporation

c. Property, plant, and equipment

Equipment

Land in use

Building in use

d. Intangible assets

Patents

e. Other assets

Land held for investment

f. Current liabilities

Accounts payable

Deferred rent revenue for the next 12 months

Notes payable due in 6 months

Accrued liabilities

Taxes payable

g. Long-term liabilities

Notes payable due in 5 years

h. Paid-in-capital

Common stock

i. Retained earnings

Income less dividend accumulated

Explanation:

A Balance Sheet shows the balances of Assets, Liabilities and Equity as at the reporting date.

Assets

There are two major asset categories which are Current Assets and Non- Current Assets. Current Assets are assets not exceeding 12 months examples are Inventories and Cash. Whilst Non-Current Assets are assets exceeding a period of 12 months examples are Property, Plant and Equipment items such as Land, Investments and Intangible Assets

Liabilities

There are two major asset categories which are Current Liabilities and Non- Current Liabilities. Current Liabilities are liabilities due to be paid within a period not exceeding 12 months examples are Accrued liabilities and Accounts payable. Whilst Non-Current Liabilities are assets liabilities payable in a period exceeding 12 months examples are Notes payable due in 5 years.

Equity

We have Paid In Capital such as Common Stock and Retained Earnings comprising of Profits and dividends.

Classification of items as will be shown in the balance sheet will be done as above.

3 0

3 years ago