Answer: Option (B)
Explanation:
From the given case/scenario we can state that the Love Bandit Bear is an example of product item. Product item is referred to as or known as the specific version or type of a product or commodity that are designated in order to have a distinct offering among the organization's commodity or products.
Answer:
Loss= $30,000
Explanation:
<u>First, we need to calculate the annual depreciation and the accumulated depreciation at the moment of the sale:</u>
Annual depreciation= (original cost - salvage value)/estimated life (years)
Annual depreciation= (60,000 - 6,000) / 10
Annual depreciation= $5,400
Accumulated depreciation= 5,400*5= $27,000
<u>Now, the book value and loss from the sale:</u>
Book value= 60,000 - 27,000= $33,000
Loss= selling price - book value
Loss= 33,000 - 3,000
Loss= $30,000
Answer:
The trader B's net position in the contract at the end of the day is 5 long position contract
Explanation:
The computation of net position for the trader B is shown below:
Net position = Long position - short position
= 10 long position contracts - 5 short position contracts
= 5 long position contract
The other traders are irrelevant because we have to find out the net income for traders B only. Hence, all other information is ignored
Answer:
False
Explanation:
we could see the following difference between Managerial and Financial accounting
Managerial Accounting
- Primary User: Internal
- Purpose of Information: To help managers make decisions
- Focus: Segments
- Frequency: As needed
- Auditing: Not subject to audit
- Required: No
- Time Frame Focused:Future
Managerial Accounting
- Primary User: External
- Purpose of Information: To help investor and creditor make decisions
- Focus: Entire organization as a whole
- Frequency: Quarterly and annually
- Auditing: Publicly held companies are audited
- Required: Required by GAAP, SEC, IRS, and others
- Time Frame Focused: Past (historical transactions)