Answer:
B. False
Explanation:
There was economic prosperity in the US economy.
Answer: Debit: Litigation expense $300,000
Credit: Litigation liability $300,000
Explanation:
Loss contingency is typically a charge to expense for a future occurence in this case, a lawsuit. A loss contingency simply makes the economic entity to be aware at an early stage of the loss and its likely financial implication.
The entries that Buchanan should record to recognize this loss contingency will be to:
Debit: Litigation expense $300,000
Credit: Litigation liability $300,000
After approving all documents from a shipment received, the purchaser sends a <u>check</u> to the vendor.
Who is a Purchaser?
The person who oversees the complete process of choosing, purchasing, and assessing the goods and services a restaurant or food service organisation needs.
Purchase order is a letter advising suppliers that their quotes for goods meeting the quality and quantity requirements in the request for proposals have been accepted and that the shipment should be delivered.
Who is a vendor?
Vendor is someone from whom a business purchases products or services on credit or in cash.
Shipment is the actual physical transportation of things between two locations, such as when goods are transported from a warehouse to a customer.
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Answer:
B) 3 scarves
Explanation:
total fixed costs per day = $60 (rent)
selling price per scarf = $40
variable cost per scarf = $15
contribution margin = selling price per unit - variable cost per unit = $40 - $15 = $25
break even formula in units = total fixed costs / contribution margin = $60 / $25 = 2.4 units, since you can only sell complete units, the break even amount is 3 scarves.