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inna [77]
2 years ago
5

Is the state of being legally responsible for something.

Business
2 answers:
azamat2 years ago
8 0

Answer:

Liability

Explanation:

The state of being legally responsible for something.

‘once you contact the card protection scheme your liability for any loss ends’

spin [16.1K]2 years ago
5 0

Answer:

Sorry can't help

Explanation:

You might be interested in
The Tanner Company's April 30 pre-reconciliation cash balance on its books was $35,000. While preparing the April 30 bank reconc
Natalija [7]

Answer:

$38,950

Explanation:

Given that,

Cash balance on its books = $35,000

Outstanding checks = $11,000

Deposits in transit = $7,000

Bank service charges = $50

Tanner's April 30 cash balance per the bank statement:

= Cash balance in books + outstanding checks - Deposits in transit - Bank service charge

= $35,000 + $11,000 - $7,000 - $50

= $38,950

Therefore, cash balance as per bank statement is $38,950.

6 0
3 years ago
AIDA represents attention, interest, desire and
Inessa [10]
The Answer Is Option A, Action
5 0
3 years ago
In which of the following situations would a delegation of contractual duties be allowed? Multiple Choice A painter hired to pai
Trava [24]

Answer:

A painter hired to paint your home.

Explanation:

Delegation of contractual duty occurs when the individual that is supposed to perform a task transfers the responsibility of performing the task to another person.

For example if someone is supposed to paint a house but he has other engagements. He can delegate to another painter to perform the painting.

Delegation does not transfer contractual rights as the original person still collects payment for performance of the task.

Usually delegation can occur for tasks that do not require special skill and can be performed by anyone.

In the other scenarios special skill is required so delegation will not be usually allowed.

8 0
3 years ago
Pallen Company estimated sales of 11,000 units at $40 each, unit cost of goods sold of $22, marketing expense of $65,000 and a 1
kirza4 [7]

Answer:

D. $109,000

Explanation:

The total selling expense which is an element of the income statement is the sum of the marketing expense and the sales commission.

The sales commission as given is a percentage of the number of units sold.

Total selling expense

= $65,000 + (10% * $40 * 11,000)

= $65,000 + $44,000

= $109,000

5 0
3 years ago
Effect of different inventory cost flow methods on financial statements
Viefleur [7K]

Answer:

Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. Compute the income tax expense for each method

                       FIFO LIFO WA    

Sales                131.200 131.200 131.200    

Cost of goods 62650 63850 63.317,92    

Gross profit          68.550 67.350 67.882    

Salaries                  38000 38000 38000    

EBiT                  30.550 29.350 29.882    

Income tax             637,5 7337,5 7470,518868    

net Income            22.913 22.013 22.412

b. Record the above transactions in general journal form

1        

Db Inventory 23250      

Cr Cash             23250      

Purcahse 1        

      

2        

Db Inventory 25600      

Cr Cash               25600      

Purchase 2        

      

3        

Db Cash 131200      

Cr revenue  131200      

Sales        

  

4        

Db Cost of goods 62650      

Cr Inventory                62650      

Cost of goods  

Explanation:

    Units Cost Price Cost Price  

Begining Inventory 220  150               33.000    

purchase 1                  150 155                33.250    

purchase 2                  160 160      

Sales                          410 320  131.200  

      

      

FIFO                  Units Cost Sale Price Cost Price Cost

Begining Inventory 220 150               220  33.000      33000

purchase 1          150 155 150  23.250  23250

purchase 2        160 160 40  25.600  6400

Sales                                   410 320  131.200 62650

 0    

      

LIFO                    Units Cost Sale Price Cost Price Cost of g

Begining Inventory 220 150 100  33.000  15000

purchase 1                  150 155 150  23.250  23250

purchase 2                 160 160 160  25.600  25600

Sales                                     410 320  131.200 63850

 0    

      

WA                           Units Cost Sale Price Cost Price Cost of g.

Begining Inventory 220 150 0  33.000  0

purchase 1                  150 155 0  23.250  0

                               370 152   56.250  

purchase 2                 160 160 0  25.600  0

                               530 154 410  81.850  63.317,92

Sales           410 320                   131.200    

      

      

   FIFO LIFO WA    

Sales 131.200 131.200 131.200    

Cost of goods 62650 63850 63.317,92    

Gross profit 68.550 67.350 67.882    

Salaries 38000 38000 38000    

EBiT 30.550 29.350 29.882    

Income tax 7637,5 7337,5 7470,518868    

net Income 22.913 22.013 22.412    

      

      

      

1        

Db Inventory 23250      

Cr Cash             23250      

Purcahse 1        

      

2        

Db Inventory 25600      

Cr Cash               25600      

Purchase 2        

      

3        

Db Cash 131200      

Cr revenue  131200      

Sales        

      

4        

Db Cost of goods 62650      

Cr Inventory                62650      

Cost of goods        

 

5 0
3 years ago
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