1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
gayaneshka [121]
3 years ago
7

or each of the following situations, indicate the liability amount, if any, that is reported on the balance sheet of Bloomington

Inc. at December 31, 2019. Next to each situation, enter the liability amount reported on Bloomington's balance sheet. If the amount is not reported as a liability, enter zero as your answer. a. Bloomington owes $220,000 at year-end 2019 for inventory purchase. Answer b. Bloomington agreed to purchase a $28,000 drill press in January 2020. Answer c. During November and December of 2019, Bloomington sold products to a customer and warranted them against product failure for 90 days. Estimated costs of honoring this 90-day warranty during 2020 are $3,100. Answer d. Bloomington provides a profit-sharing bonus for its executives equal to 5%
Business
1 answer:
ra1l [238]3 years ago
8 0

Answer:

Bloomington Inc.

Indication of Liability Amount on the Balance Sheet at December 31, 2019:

Situation            Liability Amount

a.                        $220,000

b.                        $0

c.                        $3,100

d.                        $0

Explanation:

For Bloomington to recognize a liability or record it in its financial statements, the probability that an outflow of economic resources will occur in the future must be established.  Bloomington must also be able to reliably measure the amount of the liability.  These two conditions are satisfied in situations A and C.  For situation B, the contract is not in force as at December 31, 2019, since the drill press will be purchased in January, 2020.  Lastly, for situation D, the amount of the profit-sharing bonus cannot be reasonably and reliably ascertained because the amount to apply the 5% is not clear or known.

You might be interested in
7. The idea that business demand comes from a demand for consumer goods is referred to as
Dvinal [7]
The answer would be: derived demand
7 0
2 years ago
Employee involvement and participation (eip) management is a method of management where ________.
Grace [21]
It's a method where <span>subordinates share a significant degree of decision-making power with their immediate superiors
One positive benefit of the employee involvement and participation is that companies will prepare more employees to understand the company's operational method and make more potential leaders for the company if it choose to expand in the future</span>
6 0
3 years ago
With regards to interpretation, what are the important areas that appear on a cvp graph?.
NeTakaya

The important areas that appear on a CVP graph includes break-even point, loss area, and profit area

<h3>What is CVP graph?</h3>

A Cost volume profit (CVP) graph is a graph that shows the relationship between the cost of production and the overall sales.

In conclusion, the important areas that appear on a cvp graph includes break-even point, loss area and profit area.

Read more about cvp graph

<em>brainly.com/question/26574343</em>

7 0
2 years ago
Land originally purchased for $28,390 is sold for $74,057 in cash. What is the effect of the sale on the accounting equation
Elodia [21]

There is no effect on the accounting equation.

<h3>What is accounting equation?</h3>

Accounting equation is the one which states that a company's total assets are equal to the sum of its liabilities and its shareholders' equity.

Assets = owner's equity + liability

The above means that land is not depreciated, therefore assets decrease (-land) but also increase (+cash).

The elements of accounting equation are :

  • Assets
  • Liabilities
  • Shareholders' equity.

Learn more about account equation here: brainly.com/question/24401217

8 0
2 years ago
Organizations offer aspiring entrepreneurs in developing countries small loans to help them get their businesses started. these
jolli1 [7]

microcredit

What is microcredit?

Microcredit is the provision of very tiny loans (microloans) to disadvantaged borrowers who lack collateral, consistent employment, or a verified credit history. It is intended to encourage business and alleviate poverty. Many clients are uneducated and hence unable to complete the documentation required for traditional loans.

Microcredit is a subset of microfinance, which provides the needy with a broader range of financial services, including savings accounts. The Grameen Bank, founded in Bangladesh in 1983, is widely regarded as the birthplace of modern microcredit. Despite initial reservations, many regular banks eventually adopted microcredit. 2005 was designated as the International Year of Microcredit by the United Nations. Microcredit is a method that can potentially help to lessen the feminization of poverty in developing countries.

To learn more about Microcredit

brainly.com/question/21182528

#SPJ4

4 0
1 year ago
Other questions:
  • Which statement best summarizes the role of households in the flow of
    7·2 answers
  • Escribir write a conversation between a mechanic and a customer with car problems.
    12·1 answer
  • From the list, select reasons people get insurance.
    6·1 answer
  • If the expected path of interest rates on one-year bonds over the next five years is 2%, 4%, 3%, 2%, and 1%, the expectations th
    5·1 answer
  • With respect to the roles in the family decision-making process, the individual who performs the physical act of buying the prod
    10·1 answer
  • Of course, these engineering controls will cost $33,000 dollars. This is compared to a continuing hearing conservation program t
    8·1 answer
  • Sharon and Roger decide to open a dry-cleaning business. They borrowed money from a bank and hired one employee. What is one adv
    15·1 answer
  • Bouchard Company's stock sells for $20 per share, its last dividend (D0) was $1.00, its growth rate is a constant 6 percent, and
    15·1 answer
  • I just applied for moderator<br> wish me luck
    10·2 answers
  • Question 7 (3 points)
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!