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Mashutka [201]
2 years ago
9

Overton Corporation, a manufacturer of household paints, is preparing annual financial statements at December 31, 2019. Because

of a recently proven health hazard in one of its paints, the government has ordered Overton to recall all cans of this paint sold in the last six months. The management of Overton believes it is probable it would lose if it contested the recall and estimates that this recall would cost $800,000. What accounting recognition, if any, should be accorded this situation, assuming the amount would be considered material to Overton of the company had to make the recall
Business
1 answer:
Andre45 [30]2 years ago
5 0

Answer:

The answer is "Operating expense of $800,000 and liability of $800,000".

Explanation:

It's obvious from its government that the company must recall any paint cans which have proved health hazardous. Its organization must remember its $800,000 in canned cans. The cost of recall would also be referred to as administration fees since these costs aren't linked to its production of the paints. All operations of the company were performed. It must be held responsible for the calculation of the recalling costs.

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At your new job, the human resources department ask you to bring two forms of identification before you can start working. Which
Karolina [17]

Answer:

the answer is b

Explanation:

8 0
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Monica has strong interpersonal skills. At international business forums, she can work out solutions between people without gett
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Answer:

C. negotiation

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5 0
3 years ago
Journalize the entries to record the following.
vredina [299]

Answer:

Explanation:

The journal entries are shown below:

1. Petty cash A/c $1,100

       To Cash A/c $1, 100

(Being the petty cash fund is established)

2. Office supplies A/c Dr $614

   Miscellaneous selling expense A/c Dr $200

   Miscellaneous administrative expense A/c Dr $145

   Cash short and over A/c $26

             To Petty cash A/c $985

(Being the expenses are recorded)

The Cash short and over is computed below:

= $1,100 - $115- $614 - $200 - $145

= $26

4 0
3 years ago
Corris Co. accumulates the following data concerning a mixed cost, using miles as the activity level. Miles Driven Total Cost Ja
Sedbober [7]

Answer:

Variable cost per unit= $1.5

Fixed costs= $2,000

Explanation:

Giving the following information:

Miles Driven Total Cost

January 10,000 $17,000

February 8,000 13,500

March 9,000 14,400

April 7,000 12,500

<u>To calculate the variable and fixed costs under the high-low method, we need to use the following formula:</u>

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (17,000 - 12,500) / (10,000 - 7,000)

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Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 17,000 - (1.5*10,000)

Fixed costs= $2,000

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 12,500 - (1.5*7,000)

Fixed costs= $2,000

5 0
3 years ago
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