JR
Johanathan Roberts
Answers (6)
JR
Answered
The full disclosure principle:
A) Prescribes that accounting information is based on actual cost.
B) Provides guidance on when a company must recognize revenue.
C) Prescribes that a company report the details behind financial statements that would impact users' decisions.
D) Prescribes that a company record the expenses it incurred to generate the revenue reported.
E) Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.
A) Prescribes that accounting information is based on actual cost.
B) Provides guidance on when a company must recognize revenue.
C) Prescribes that a company report the details behind financial statements that would impact users' decisions.
D) Prescribes that a company record the expenses it incurred to generate the revenue reported.
E) Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold.
On Jul 25, 2024
C
JR
Answered
Which of the following statements about norms is NOT correct?
A) Norms help clarify the expectations associated with a person's membership in a group.
B) Although important, norms are not considered to be rules or standards of conduct.
C) Norms allow members to structure their own behavior.
D) When someone violates a group norm, other members typically respond in ways that are aimed at enforcing the norm.
E) Norms allow members to predict what others will do.
A) Norms help clarify the expectations associated with a person's membership in a group.
B) Although important, norms are not considered to be rules or standards of conduct.
C) Norms allow members to structure their own behavior.
D) When someone violates a group norm, other members typically respond in ways that are aimed at enforcing the norm.
E) Norms allow members to predict what others will do.
On Jul 22, 2024
B
JR
Answered
On December 31, it was estimated that goodwill of $65,000 was impaired. On July 1, a patent with an estimated useful economic life of 10 years was acquired for $60,000.
(a)Journalize the adjusting entry on December 31 for the impaired goodwill.
(b)Journalize the adjusting entry on December 31 for the amortization of the patent rights.
(a)Journalize the adjusting entry on December 31 for the impaired goodwill.
(b)Journalize the adjusting entry on December 31 for the amortization of the patent rights.
On Jun 25, 2024
(a) Loss from Impaired Goodwill 65,000 Goodwill 65,000\begin{array} { | c | r | r | } \hline \text { Loss from Impaired Goodwill } & 65,000 & \\\hline \text { Goodwill } & & 65,000 \\\hline\end{array} Loss from Impaired Goodwill Goodwill 65,00065,000
(b) Amortization Expense-Patents 3,000 Patents 3,000\begin{array} { | c | r | r | } \hline \text { Amortization Expense-Patents } & 3,000 & \\\hline \text { Patents } & & 3,000 \\\hline\end{array} Amortization Expense-Patents Patents 3,0003,000
Annual Patent Amortization = Acquisition Cost/Useful Life = $60,000/10 = $6,000 Amortization expense from July 1 to December 31 = $6,000/2 = $3,000
(b) Amortization Expense-Patents 3,000 Patents 3,000\begin{array} { | c | r | r | } \hline \text { Amortization Expense-Patents } & 3,000 & \\\hline \text { Patents } & & 3,000 \\\hline\end{array} Amortization Expense-Patents Patents 3,0003,000
Annual Patent Amortization = Acquisition Cost/Useful Life = $60,000/10 = $6,000 Amortization expense from July 1 to December 31 = $6,000/2 = $3,000
JR
Answered
In addition to the four basic requirements of a contract, which of the following must also occur in order to have a valid contract?
A) The agreement must always be in writing.
B) All terms of the agreement must be clearly indicated.
C) There must be an absence of invalidating conduct.
D) A legal remedy must be available for there to be a breach.
A) The agreement must always be in writing.
B) All terms of the agreement must be clearly indicated.
C) There must be an absence of invalidating conduct.
D) A legal remedy must be available for there to be a breach.
On Jun 22, 2024
C
JR
Answered
Depasquale Corporation is working on its direct labor budget for the next two months.Each unit of output requires 0.41 direct labor-hours.The direct labor rate is $8.10 per direct labor-hour.The production budget calls for producing 5,000 units in May and 5,400 units in June.If the direct labor work force is fully adjusted to the total direct labor-hours needed each month, what would be the total combined direct labor cost for the two months?
A) $16,605.00
B) $17,933.40
C) $17,269.20
D) $34,538.40
A) $16,605.00
B) $17,933.40
C) $17,269.20
D) $34,538.40
On May 26, 2024
D
JR
Answered
The government defines the poverty line as
A) the lowest income quintile (20%) .
B) those receiving public assistance or eligible for public assistance.
C) anyone who does not have to pay federal income tax.
D) a minimum dollar amount of income,depending on family size.
A) the lowest income quintile (20%) .
B) those receiving public assistance or eligible for public assistance.
C) anyone who does not have to pay federal income tax.
D) a minimum dollar amount of income,depending on family size.
On May 23, 2024
D