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nata0808 [166]
3 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]3 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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Within the manufacturing plant of Reliable Garment Production Co., a company that makes clothing for many of the top fashion lab
stira [4]

Answer:

b. Sequential interdependence

Explanation:

Sequential interdependence occurs when the output or work of one department is necessary for the performance of another department.

So a delay in output in one department leads to lack of work by the second department.

This is the case in the given instance where the employees who assemble the garments are rarely able to meet their daily production quotas because the employees who cut the fabricare almost always running behind schedule.

6 0
3 years ago
On Monday, Merlin buys a tablet for $500 from a Pads & Pods store. On Tuesday, he returns to the store and buys a GPS device
Tamiku [17]

Answer:

Tablet only.

Explanation:

As Given Merlin have bought tablet for $500, he return it and buy GPS device for $200 and downloaded tunes for $100.

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Under uniform commercial code (UCC), certain contract for sales of goods Article 2 must be in writing.

All the sales of goods worth $500 and more must have contract in writing and must be signed by the party against which enforcement is sought. It is valid even if the contract is not written in detail, it is enforceable.

Therefore, only purchase of Tablet must have contract in writing as it is worth $500.

6 0
3 years ago
Catalog companies are committed to selling at the prices printed in their catalogs. a. If a catalog company finds its inventory
iren2701 [21]

Answer:

The demand for sweaters was unexpectedly low.

Explanation:

If the inventories are rising for sweaters then we know that demand for sweaters must be falling. This is because prices are fixed, so this implies that people are buying less of the good due to a decrease in demand.  In most circumstances, this accumulation of inventories suggests that the demand for sweaters was unexpectedly low since companies try to smooth out production to minimize costs.

8 0
2 years ago
When did banks of deposit first arise?
Roman55 [17]

Answer:

Around 2000BC

Explanation:

3 0
3 years ago
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Andreas93 [3]
The international monetary fund established special drawing rights as the replacement for gold as a world standard. International monetary fund helps countries in balancing their economies by letting states to borrow against their deposits of financial reserves and repay the loans in subsequent years.
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