Answer:
$392,400
Explanation:
The computation of correct balance for ending inventory on December 31 is shown below:-
Correct balance for ending inventory = Ending inventory – Office supplies
= $416,000 - $23,600
= $392,400
Therefore for computing the correct balance for ending inventory we simply deduct the office supplies from ending inventory and ignore all other amounts as they are not relevant.
Answer:
C. Governments have a difficult time fine-tuning the economy by using fiscal policy because there are several time lags and these are often variable.
Explanation:
Fiscal policy includes two important tools, one is taxation and the other is government spending, the balance of which is essential for the sustainable economy, however the collection of expected tax and the nature of spending (also include the priorities) takes time and certain variable factors e.g. economic growth (GDP), employment, inflation, etc makes it difficult for the government to fine tune the economy.
Answer:
Under the lower-of-cost-or- net realizable value basis of accounting for inventories, the value that Taylor should report for the TVs on the balance sheet is $350 × 5 = $1,750
Explanation:
The lower-of-cost-or- net realizable value basis of accounting for inventories values inventory at the lower of its cost or net realizable value. This basis of accounting gives a <em>faithful representation</em> to the users of the value of assets in inventory that firm holds. This is also <em>prudent</em> in that profits are not overstated in the Income statement.
Liability to Desean for non performance of the contract may be imposed on BERRY AND CUISINE CATERING.
Berry is required by the law to perform the duties in the contract agreement, failure to do this will creates liability for Berry and in that case, both Berry and Cuisine catering will be liable, because Berry had said that she is working on behalf of Cusine catering, thus, Cusine catering is already a part of the contract.
Answer:
D) normative control.
Explanation:
In this case, Lydia is using normative control so as to train her staffs to treat customers with utmost care and provide them with reliable fashion advice.
In order to achieve this, Lydia carefully chooses her staff and appoints people who are attentive, friendly, and have a good fashion sense.
Normative control is a strategy that governs the behavior of employees through the use of beliefs and values called norms rather than the written procedures and policies.
