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nata0808 [166]
2 years ago
13

REV Co. is reviewing the accounting and disclosure requirements for its significant guarantees, commitments, and contingencies,

including litigation, as of December 31, year 3. The financial statements are expected to be available to be issued on February 10, year 4. Use the information in the exhibits above to determine the amount, if any, to recognize and whether disclosure is required in REV's financial statements as of and for the year ended December 31, year 3.
Business
1 answer:
victus00 [196]2 years ago
5 0

Answer:

REV Co. has made disclosure in notes to the financial statement section. The disclosures include the details about related party transaction which was carried out by the brother of Chief Operating Officer. It is ensured that the transaction was completed on arm's length.

Explanation:

Disclosures are mandatory for any company which is listed. The companies provide details of specific transactions in Notes to the Financial statements. These additional information provides details of transaction to the shareholders and removes any ambiguity in the transaction. The purpose of disclosures is to ensure the shareholders that the company has not incurred any fraudulent activity in certain transactions and all transactions are fair and complies with International Accounting Standards.

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A journal entry that debits manufacturing overhead and credits property taxes payable records the ______.
Dafna1 [17]

A journal entry that debits manufacturing overhead and credits property taxes payable records the purchase materials.

Journal entries can also include multiple statistics factors however usually include A header, that's a descriptor of the access kind, and the date entered within the journal; a unique numerical identifier or reference range; · One or extra debts and quantities with a view to being debited through the transaction and the date those debits are made; One or greater bills and amounts the transaction will credit and the date those credits are made; and A brief description of the transaction. magazine entries may additionally consist of statistics precise to the enterprise, along with the subsidiary or subsidiaries concerned within the transaction and the foreign money or currencies used.

Every magazine access contains the information tremendous to a single enterprise transaction, Journal entries which include the date, the amount to be credited and debited, a quick description of the transaction, and the accounts affected. relying upon the organization, it can list affected subsidiaries, tax info, and different information.

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7 0
1 year ago
What is the right use for the Introducing SAFe resource?
Gnesinka [82]

The right use for the Introducing SAFe resource is: Introduce stakeholders to SAFe to drive interest in SAFe training. Option D.

<h3>What is the  SAFe resource in agile training?</h3>

For applying agile principles at an enterprise scale, there is a set of organizational and workflow patterns called the Scaled Agile Framework (SAFe). A body of knowledge known as the framework provides systematic direction on roles and responsibilities, how to organize and manage the work, and values to uphold.

Scaled Agile Framework, also known as SAFe, is a knowledge base used by development teams to integrate Agile ideas into big businesses. In order to make the methodology work for larger teams, it modifies the best practices of Agile project management.

With the help of this framework, larger teams can employ agile approaches like Scrum or Kanban. Leaders can develop and carry out the philosophy with the aid of SAFe training and certification programs.

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8 0
1 year ago
Astro Co. sold 20,600 units of its only product and incurred a $55,028 loss (ignoring taxes) for the current year as shown here.
Alex

Answer:

Explanation:

Contribution : Contribution tells the availability of funds.  It is computed by taking a difference  of sales and variable cost.

The equation to compute net income is shown below:

Sales - Variable cost = Contribution ;

Contribution - Fixed expense = Net income

For computing the foretasted contribution for 2018, the following information is need to be considered which is shown below.  

1. As for variable cost, 50% should be recognized i.e 627,888 × 50% = $313,944

2. The fixed cost is increased by $156,000. So the revised fixed cost = 212,000 + $156,000 = $368,000

3. Other things remain same.

The calculation attachment is given below:

6 0
3 years ago
Larry's Lawn Care incurs significant gasoline costs. This cost would be classified as a variable cost if the total gasoline cost
mafiozo [28]

Answer:

Increases in direct proportion to the number of hours the lawn equipment is operated.

Explanation:

Variable costs refer to those costs which vary or change with the level of production output. Such costs rise as production level increases and fall with decrease in the production level.

Examples of variable costs would include direct labor cost which varies with the number of hours worked, or sales commission which varies w.r.t the volume of sales effected by a salesperson.

In the given case, the cost incurred on gasoline, which is used as fuel for lawn equipment, would be classified as a variable cost if, such cost increases when lawn equipment is operated for more hours or falls when the same equipment is operated for lesser number of hours.

Thus, such costs should increase in direct proportion to the number of hours the lawn equipment is operared, to be classified as a variable cost.

5 0
2 years ago
Knowing that a third party may use the information that Ray is providing, does Ray owe a duty of confidentiality to Onyx?
artcher [175]

Answer:

<em>B. Yes, although it may be breached in most states if there is a court order to do so.</em>

Explanation:

<em>Duty of confidentiality is a provision that has been put in place in most states, to enable clients open up freely if they need help. This allows professionals to take whatever actions necessary to carry out full service delivery when helping the client. </em>Some of these details include health status, a client-lawyer case story, a social media's access to users' personal details, etc. The law prohibits professionals from disclosing information made available to them by the client to a third party. This duty is held by many professional bodies like the medical body, legal body, among others. <em>This duty can be broken by law in situations where the client sues the professional, or when there is a legal court order to do so</em>.

3 0
3 years ago
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