Answer:
The company’s inventory be reported on the balance sheet as $3,150.
Explanation:
GAAP and IFRS requires that the inventory of the company should be recorded as Lower cost and Net realizable value of the inventory.
According to given data
Available Inventory = 210 units
Cost of Inventory = 210 units x $20 = $4,200
Net realizable value is the value of the inventory which can be recovered on the immediate sale. the current market value of the inventory is $15.
So,
Net realizable value is = 2,100 units x $15 = $3,150
As the Net realizable value is lower than the cost of the inventory, $3,150 should be reported as inventory on the balance sheet.
A self-directed work team (SDWT) is a group of people who are responsible for an entire business operation. There us generally very little input from a manager or supervisor.
Self-directed teams will generally not report to a manager. Correct answer: D
These teams are empowered to make the decisions needed to manage themselves on a day-to-day basis
Answer:
<u>monthly flexible budget for each $11,100 increment </u>
Sales $11,100
Less Sales Commissions ( $11,100 × 6%) ($666)
Net Sales $10,434
advertising ( $11,100 × 5%) ($555)
traveling ( $11,100 × 4%) ($444)
delivery ( $11,100 × 2%) ($222)
Net Income $9,213
Explanation:
Consider Only the incremental costs and revenues.Fixed costs are not relevant for the $11,100 increment
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The amount of loss that should be recognized is the <u>minimum amount </u><u>of the </u><u>range. </u>
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<h3>Recording a Contingent liability </h3>
- It should only be recorded if the loss is probable and the amount to be incurred as liability can be reasonably estimated.
- If neither of the above are possible, the loss would be recorded as a footnote.
US GAAP rules state however that if the loss is probable and the amount is in a range, the amount to be recorded as a contingent liability should be the minimum of the range.
In conclusion, they should recognize the minimum amount.
Find out more on contingent liabilities at brainly.com/question/17371330.