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ella [17]
2 years ago
8

Match the descriptions to the appropriate accounting terms.

Business
1 answer:
ryzh [129]2 years ago
7 0

Answer:Um so I DONT KNOW ASK UR MOM OR UR DAD MAN SRRY DONT KNOW THIS ONE IM IN 5 GRADE SRRY

Explanation:

SRRY.;(

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Gunk Goblin sells vacuums and just launched a policy where customers have the right to return a vacuum during a three-year perio
babymother [125]

Answer:

3 years after the right of return has expired

Explanation:

Generally accepted accounting principles (GAAPs) specify the scenario wherein revenue is to be recognized.

As per the accrual principle, revenue is to be recognized when earned and not when actual cash is received against it.

In the given case, the company allows it's customers to return the products sold within a period of three years. Hereby, the company must make a provision for contingency against future returns.

Here, the business should be able to estimate the number of vacuums that would be returned. Here, the company is unable to do so owing to no past record or history.

Hence, the company may have to wait till maximum period of 3 years i.e the time when products can no longer be returned, for recognizing revenue associated with the sales.  

8 0
3 years ago
Using the midpoint formula, calculate elasticity for the following change in demand.
emmainna [20.7K]

Answer:

-2.33

Explanation:

The computation of the price elasticity of demand using mid point formula is shown below:

= (change in quantity demanded ÷ average of quantity demanded) ÷ (percentage change in price ÷ average of quantity demanded)

where,

Change in quantity demanded would be

= Q2 - Q1

= 5,000 - 2,500

= 2,500

And, average of quantity demanded would be

= (5,000 + 2,500) ÷ 2

= 3,750

Change in price would be

= P2 - P1

= $0.45 - $0.60

= -$0.15

And, average of price would be

= ($0.45 + $0.60) ÷ 2

= 0.525

So, after solving this, the price is -2.33

3 0
3 years ago
What are the purposes of<br> (d) the statement of stockholders' equity?
Paha777 [63]

The purpose of the statement of stockholder’s equity is to show changes in value of stockholders' equity.

The statement of stockholders' equity refers to the financial reports that form part of the balance sheet of a firm. It contains essential information about the trends in its shares and equities.

This allows stakeholders and investors to understand how stockholders' valuation of the firm has changed through the years, and how much the firm has promoted the interests of stockholders.

If the business has afforded high returns to investors, the stockholders' equity statement shows increase in value. If there is a decrease, it means shareholders are losing their investments and the firm has to recalibrate its business strategy.

To learn more about stockholders' equity : brainly.com/question/13278063

#SPJ4

7 0
1 year ago
Suppose that when the price for Good A increases by 7 percent, the quantity demanded for that product decreases by 2 percent. Ac
Monica [59]

Answer:

The own price elasticity is 0.28.

The demand for good a is inelastic.

Explanation:

The price elasticity of demand for a product is the change in the quantity demanded of a product due to a change in its price.

When the price of good A increases by 7% the quantity demanded of that product decreases by 2%.

The own price elasticity of demand

= \frac{change\ in\ quantity\ demanded}{change\ in\ price}

= \frac{2}{7}

= 0.28

The elasticity of demand is less than 1, this implies that demand is inelastic.

A greater change in price is leading to a smaller change in quantity demanded.

7 0
3 years ago
A CGL policy with a general aggregate limit of $300,000 and a per-occurrence limit of $100,000 would have how much remaining aft
Sergeeva-Olga [200]

Answer:

$100,000

Explanation:

Data provided in the question:

General aggregate limit of CGL policy = $300,000

Per-occurrence limit = $100,000

Now,

For the first claim  for a $200,000 loss the maximum amount paid will be the Per-occurrence limit i.e $100,000

Subsequently for a second claim for a $100,000 loss the amount paid will be minimum of the Per-occurrence limit or the loss amount claimed i.e $100,000

Therefore,

Total amount of claim provided by the insurer till second claim

= $100,000 + $100,000

= $200,000

Thus,

Amount remaining

= General aggregate limit of CGL policy - Total amount of claim provided by the insurer till second claim

= $300,000 - $200,000

= $100,000

6 0
3 years ago
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