Answer:
(a)-debit to accumulated depreciation of $40,000
(b)-debit to loss on impairment of $12,000
(c)-credit to assets of $52,000
Explanation:
There will be a debit to accumulated depreciation to the total of $40,000 to show the accumulated depreciation so far.
There will be a debit to loss on impairment of $12,000 because the net book value after depreciation is to be $60,000 yet an impairment loss was indicated that took this value to $48,000 so then the impairment loss must be 60,000 - 48,000 which is $12,000.
The assets will be credited to the tune of $52,000 as their balance needs to be reduced by the accumulated depreciation and the impairment loss.
Answer:
The answer is: Management
Explanation:
Management (usually CEO and CFO) is responsible for preparing the financial statements of a publicly traded company. So they are ultimately responsible for the accuracy, integrity and objectivity of the financial statements.
Besides management, an independent auditor is responsible for examining the financial statement information and expressing an opinion on their accuracy.
Answer:
D. Natural Monopoly
Explanation:
Natural Monopoly occurs when a single firm can supply a product to an entire market at a lower cost than could two or more firms. A natural monopoly is based on economies of scale.
Economies of scale act as a barrier to entry because one large firm can produce the market output at a lower average cost than several small firms.
A natural monopoly is created by substantial economies of scale.
Natural monopoly is a type of monopoly that exists due to the high starts-up cost or powerful economies of scale.
Answer:
market value; goods
The gross domestic product (GDP) of the United States is defined as the _market value_ of all _final goods and services_ in a given period of time.
Explanation:
Calculo, a U.S. electronics company, produces a calculator at a plant in Indonesia on March 27, 2015. Calculo imports the calculator into the United States on May 18, 2015.----- The GDP won't be affected by this mainly because it is imported.
Rotato, a U.S. tire company, produces a set of tires at a plant in Michigan on September 25, 2015. It sells the set of tires to Speedmaster for use in the production of a two-door coupe that will be made in the United States in 2015. (Note: Focus exclusively on whether the production of the set of tires increases GDP directly, and ignore the effect of the production of the two-door coupe on GDP.)----- This would have an effect on the GDP because it is a finished domestic product.
An accountant starts a client's 2015 tax return on April 14, 2016, finishing it just before midnight on April 15, 2016.--- This is excluded, the 2015 gdp won't be affected by this.
Fastlane, a Japanese automobile company, produces a sedan at a plant in Indiana on December 9, 2015. A family buys the sedan on December 24. ---It is included as it affects the GDP.
Awake Cafe, a U.S. coffee company, produces a latte at its location in Minneapolis on January 14, 2015. It sells the latte to a customer immediately.----- It affects the 2015 gdp because it's a domestic product.
Explanation:
the different types of professions related to financial sector are auditor accountant CA bank manager
