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3 years ago

the direct write-off method is used for tax purposes but is generally not permitted for financial reporting. true or false?

1 answer:

4 0

True, the direct write-off method is used for tax purposes but is generally not permitted for financial reporting.

Direct write-off method occur when account receivable uncollectible are written or recorded as bad debt and this occur when the money a company is expecting to receive from their customers or clients are uncollectible because the customer did not pay.

Direct write-off method is used for tax purposes because bad debt expense is recorded based on uncollectible amount which is the amount a company is not expecting to receive from their debtors.

This method is not in accordance with the Generally accepted accounting principles which is why it is generally not permitted for financial reporting.

Inconclusion True, the direct write-off method is used for tax purposes but is generally not permitted for financial reporting.

Learn more about direct write-off method here:brainly.com/question/12419642

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A seller hired broker N under the terms of an open listing. While that listing was still in effect, the seller without informing

ludmilkaskok [199]

Answer:

commission to both brokers N and K.

Explanation:

Broker N is entitled to a sales commission because he/she sold the property. But broker K is also entitled to a commission because an exclusive right-to-sell agreement allows him/her to collect a commission no matter who sells the property. The only exception to the agreement would be if the seller himself/herself sold the property, but that is not the case here.

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3 years ago

Haft Construction Company determines that 54,000 pounds of direct materials are needed for production in July. There are 3,200 p

alexandr402 [8]

Answer:

cost of direct materials purchases 160,800

Explanation:

pounds required for production 54,000

desired ending inventory 2,800

total needs 56,800

beginning inventory (3,200)

units to be purchased 53,600

cost per unit of direct materials 3

cost of direct materials purchases 160,800

<u>Notes:</u>

The pounds for production and the ending inventory are the raw materials demand.

The beginning inventory is a portion we already have, so we need to purchase less.

Then, we multiply the pounds to be purchased by their cost to get the total cost for direct materials

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3 years ago

Suppose that an issuing bank pays on documents that are conforming to the requirements of the letter of credit, but the seller h

AleksAgata [21]

Answer:

a) As long as the documents strictly comply with the letter of credit requirements, the bank will not have to reimburse the buyer

Explanation:

A letter of credit refers to the letter in which the bank is made a guarantee to pay the amount to a particular person by compiling the specific conditions during the exporting of goods

Since in the question, it is given that the seller has shipped the goods that are worthless i.e of no use for the buyer so in this case, the bank would not reimburse the buyer.

Therefore the correct option is A.

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3 years ago

The primary method for sterilizing instruments is

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Steam under pressure, dry heat, rubbing alcohol, buying a new one. its important to clean it after each use you might not have what you had yesterday.

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3 years ago

Which type of private label brand carries no evidence of a retailer s affiliation, is manufactured by a third party, and is sold

Drupady [299]

Answer:

A. A captive brand

Explanation:

-A captive brand is when a brand is produced by another party and owned by the retailer but there is no evidence of this and it is only sold by it.

-A complementary brand is when a brand is marketed together with another one to encourage the purchase of both.

-A cooperative brand is when a brand shares a promotion with another one.

-An exclusive brand is a brand that is produced by the retailer and it is sold using its name.

-A generic brand is when a product doesn't have a brand name and it has a lower price than the ones from well-known brands.

According to this, the answer is that the type of private label brand that carries no evidence of a retailer s affiliation, is manufactured by a third party, and is sold exclusively at the retailer is a captive brand.

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3 years ago