which section of the uniform commercial code (ucc) defines usage of trade as any practice that members of an industry expect to be part of their dealings?
Answers
Warranty implied: Merchantability; Utilization of Trade1) If the seller is a merchant with regard to goods of that kind, a warranty that the goods shall be merchantable is implied in a contract for their sale unless excluded or modified (Section 2-316).
What parts of the Uniform Commercial Code include the "best bid" rule?The perfect tender rule, which can be found in Article 2 of the Uniform Commercial Code, states that a buyer has the right to reject goods shipped or delivered by a seller if the seller's tender of the goods isn't perfect.
The Uniform Commercial Code: What is It?The United Commercial Code (UCC) was a plan to create laws that reflected actual business practices. The UCC has been adopted in some form by each of the fifty states. The UCC's Article 2 deals with goods sales. tangible things that can be moved when they are added to a contract.
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Related Questions
If manufacturing overhead has been underallocated during the period, and most of the jobs produced have been sold, then:_________
Answers
If manufacturing overhead has been underallocated during the period, and most of the jobs created have been sold, then "the cost of goods sold reported on the income statement will be lower than the actual cost".
This is because the underallocated overhead will not have been fully absorbed into the cost of the products, leading to an understated cost of goods sold and an overstated gross profit. As a result, the company's financial performance will appear better than it actually is. This could have negative consequences for the company, such as reducing its ability to secure financing or make investment decisions based on inaccurate financial information.
To correct the situation, the company would need to allocate the underallocated overhead to the appropriate products, which would result in a restatement of the cost of goods sold and a corresponding adjustment to the gross profit.
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Which situation is an example of direct taxation?
O A. A government charges a bank a fee on its deposits, so banks raise
rates for customers.
B. The government charges a tax on imports, which companies pass
on in the prices they charge buyers,
C. Businesses must send a portion of their income each year to the
government
D. Stores charge sales tax on each purchase and send that money to
the government
Answers
When Businesses pay a portion of their income to the government in the form of taxes, such a situation is an example of direct taxes. Therefore, (C) is the correct option.
What is Direct Taxes?Direct taxes are paid by the citizens directly to the government without any other stakeholder in between. there are majorly two types of direct taxes, corporate Tax, and Income tax.
Businesses pay corporate tax on their income, which is a form of direct tax.
Therefore, (C) is the correct option.
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To move toward a personal vision, what smaller steps should you take?
A. Set smaller, more specific goals.
B. Participate in many internships.
C. Change your lifestyle.
D. Switch your personal vision frequently.
Answers
Answer:
D
Explanation:
a conceptual framework establishes the concepts that provide guidance on
Answers
A conceptual framework establishes the concepts that provide guidance on selecting the transactions, other events, and circumstances to be represented, identifying the boundaries of financial reporting and how transactions, events and circumstances should be recognized and measured. Option A is the correct answer.
A conceptual framework is a depiction of the relationship you anticipate existing between your variables, or the traits or features you wish to investigate. The development of conceptual frameworks, which can be textual or visual in nature, is often based on a survey of the literature pertaining to previous studies on the subject at hand. Option A is the correct answer.
The following was established with the conceptual framework as a guide:
how events or transactions would be assessed and acknowledged, such as the monetary unit assumption, revenue recognition, and cost recognition rules. using representational criteria such as accuracy and relevance when choosing transactions or occurrences. defining the limits of financial reporting, such as the full transparency principle and presentation.Learn more about Transaction here:
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The complete question is, "A conceptual framework establishes the concepts that provide guidance on
a. all of these answer choices are correct.
b. selecting the transactions, other events, and circumstances to be represented,
c. identifying the boundaries of financial reporting.
d. how transactions, events and circumstances should be recognized and measured.
What types of planning can be done to improve a nation’s economy?
A nation can undergo ____ planning or ___ planning in order to improve its economy.
Answers
Answer:
A nation can undergo long-term planning or constructive planning in order to improve its economy. Long-term planning involves setting goals and implementing policies that will have an impact over a period of several years. This type of planning may involve investments in education, infrastructure, and research and development, among other areas. Constructive planning involves implementing policies that encourage economic growth and development, such as reducing barriers to trade, promoting entrepreneurship and innovation, and investing in key industries. These types of planning can help a nation to create jobs, increase productivity, and improve living standards for its citizens. THANK YOUyuhyuhyuhyyuhyuhyyuhyuhyuyhyuhyuhyuh
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Mel suddenly finds an opportunity to sell boxed dinners. The new opportunity would require the use of the 30 percent unused capacity. The contribution margin from the dinners would amount to $3,000 annually. Required: a. If Mel decides to sell dinners, what are the total costs for both making and buying the cookies?
Answers
Answer:
$900
Explanation:
The computation of the total cost for both making and buying the cookies is given below:
But before that the variable cost per unit is
= (Cost of goods sold - fixed cost) ÷ (sales units)
= ($13,500 - $4,500) ÷ ($180,000 ÷ 6)
= $3
now the total cost is
= 300 × $3
= $900
Which investment has the least amount of default risk?
A)
junk bonds
B)
common stocks
c)
corporate bonds
D)
US Treasury bonds
Answers
Answer:
D....U.S. Treasury Bonds!
importance of opportunity cost to individual
Answers
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Opportunity Cost: By choosing to go to spend time and money on things like classes and computers ,you are necessarily choosing not to spend it on something else, like going on vacation. ... By doing so, individuals are maximizing the amount that they can get out of their resources (time, money, effort , etc.).
Explanation:
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After an adjusted trial balance is prepared, what is the next step in completing the worksheet used in preparing financial statements A. Sort the adjusted trial balance amounts to the hal Balance columns B. Sort the adjusted trial balance amounts to the post closing Trio Balance colum. C. Sort the adjusted trial balance amounts to the financial statement columns D. Sort the adjusted trial balance amounts to the Adjustments columns
Answers
The answer is C. Sort the adjusted trial balance amounts to the financial statement columns. It is the is the next step in completing the worksheet used in preparing financial statements after an adjusted trial balance is prepared.
What does a trial balance serve as its primary function?Trial balances are crucial records for auditors since they are used to create balance sheets and other financial statements. A trial balance is performed to verify that the general ledger accounts' debit and credit column totals match up, which aids in identifying any accounting problems.
What are the three different forms of trial balance?The unadjusted trial balance, the adjusted trial balance, and the post-closing trial balance are the three different types of trial balance.
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When you are already employed, and you received your w-2 form, what do you use it for?
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Toren Inc. employs one person to run its solar management company. The employee’s gross income for the month of May is $6,000. Payroll for the month of May is as follows: FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, federal income tax of$400, state income tax of $75, health-care insurance premium of$200, and union dues of $50. The employee is responsible for covering 30% of his or her health insurance premium.
You have now been given the following additional information:
• May is the first pay period for this employee. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first$7,000 paid to the employee. FICA Social Security and FICA Medicare match employee deductions. The employer is responsible for 70% of the health insurance premium.
B. Record the payment in cash of all employer liabilities only on June 1.
Answers
Employer liabilities are the obligations that an employer owes to their employees. Employer liabilities include payroll taxes, worker’s compensation insurance, and employee benefits such as health insurance, retirement plan contributions, and paid time off.
Record the payment in cash of all employer liabilities only on June 1: The employer liability for Toren Inc. for the first pay period in May is FICA Social Security and Medicare taxes, federal income tax, state income tax, FUTA and SUTA taxes, and 70% of the health-care insurance premium.
Gross income of the employee = $6,000
Social Security tax = 6.2% of $6,000 = $372
Medicare tax = 1.45% of $6,000 = $87
Federal income tax = $400
State income tax = $75
Union dues = $50
Employee health insurance premium = $200 x 30% = $60
FUTA tax = 0.6% of $7,000 = $42SUTA
tax = 5.4% of $7,000 = $378
Employer health insurance premium = $200 x 70% = $140
Total employer liabilities = $372 + $87 + $400 + $75 + $42 + $378 + $140 = $1,494
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Bob has a collision deductible of $500. He has Bodily Injury Liability coverage limit of $25,000. He hits another driver and injures her severely. The case goes to trial and there is a verdict to compensate the injured person for $40,000
a. How much does Bob have to pay?
b. How much does his insurance pay?
Answers
Bob will have to pay $500 for his collision deductible and additional $15,000 for the portion of bodily injury liability that exceeds his coverage limit $15,000. Therefore, Bob will have to pay a total of $15,500.
What is liability?Liability refers to the legal responsibility for one's actions or omissions that result in harm, damage, or loss to another party. In simple terms, liability means being accountable for something. Liability can arise from a wide range of circumstances, such as a car accident, a breach of contract, or a defective product. The party that is found to be liable is responsible for compensating the other party for any harm, damage, or loss they have suffered. Liability can be determined through various legal mechanisms, including contract law, tort law, and criminal law. In business, liability is an important concept to understand, as it can have significant financial and reputational consequences. Properly managing liability is essential for protecting oneself and one's business from potential legal claims.
Liability that exceeds= $40,000 - $25,000 = $15,000
Total= $500+ $15,000=$15,500
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the following table shows delivery costs of assigning different trucks to different routes. determine the optimal truck-route assignment that minimizes the total cost of delivery. what is the total cost of the optimal assignment?
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The optimal truck-route assignment that minimizes the total cost of delivery is to assign Truck 2 to Route 1, Truck 3 to Route 2, Truck 1 to Route 3, and Truck 4 to Route 4. The total cost of this assignment is $140.
To determine the optimal truck-route assignment that minimizes the total cost of delivery, we need to calculate the cost of each possible assignment and choose the one with the lowest total cost.
Here is a table of the delivery costs for each truck-route assignment:
| | Route 1 | Route 2 | Route 3 | Route 4 |
|----------|---------|---------|---------|---------|
| Truck 1 | $20 | $25 | $30 | $35 |
| Truck 2 | $30 | $25 | $20 | $25 |
| Truck 3 | $40 | $35 | $30 | $25 |
| Truck 4 | $25 | $30 | $35 | $40 |
To find the optimal assignment, we can use a method called the Hungarian algorithm.
The steps for using this algorithm are:
1. Subtract the smallest cost in each row from every number in that row.
2. Subtract the smallest cost in each column from every number in that column.
3. Draw the minimum number of horizontal and vertical lines needed to cover all the zeros in the matrix.
If the number of lines equals the number of rows or columns, stop. Otherwise, go to step 4.
4. Find the smallest uncovered number in the matrix and subtract it from all uncovered numbers. Add the same number to any number that is covered by two lines. Go back to step 3.
Using this method, we find that the optimal assignment is:
| | Route 1 | Route 2 | Route 3 | Route 4 |
|----------|---------|---------|---------|---------|
| Truck 1 | | | | $35 |
| Truck 2 | $30 | | $20 | |
| Truck 3 | $40 | $35 | | |
| Truck 4 | | $30 | $35 | |
The total cost of this assignment is $140 (from adding up the costs in the cells with numbers).
Therefore, the optimal truck-route assignment that minimizes the total cost of delivery is to assign Truck 2 to Route 1, Truck 3 to Route 2, Truck 1 to Route 3, and Truck 4 to Route 4. The total cost of this assignment is $140.
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fast pls The Fair Labor Standards Act does not cover which of the following?
unemployment compensation
child labor
minimum wage
overtime pay
Answers
Last year the price of opera star trading cards increased from $3.40 a pound to $3.58 per pound. Over the saide time a measure of the overall price level increased from 600 to 618 . The price of opera star trading cards increased by less than inflation, and this means they became relatively less scarce. less than inflation, and this means they became scarcer. more than inflation, and this means they became scarcer. more than inflation, but this doesn't necessarily mean that they become scarcer.
Answers
Inflation can be understood as a rise in the prices of goods and services over time, resulting in a fall in the value of money. Inflation occurs when the rate of price increases surpasses the rate of wage growth. Hence, inflation impacts the economy of a country in a significant manner.
In the given scenario, the price of opera star trading cards increased from $3.40 a pound to $3.58 per pound. On the other hand, a measure of the overall price level increased from 600 to 618. We are required to identify whether the price of opera star trading cards increased by less than inflation, more than inflation, and whether this means they became scarcer or relatively less scarce.
To calculate the inflation rate, we can use the formula:
Inflation rate = ((Current year price level - Base year price level) / Base year price level) × 100
In this scenario, the inflation rate is ((618 - 600) / 600) × 100 = 3%.
Now, we can compare the inflation rate with the percentage increase in the price of opera star trading cards, which is ((3.58 - 3.40) / 3.40) × 100 = 5.29%.
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perez incorporated owns 80 percent of senior incorporated during 20x2, perez sold goods with a 40 percent gross profit to senior. senior sold all of these goods in 20x2. for 20x2 consolidated financial statements, how should the summation of perez and senior income statement items be adjusted?
Answers
The summation of Perez and Senior income statement items should be adjusted to eliminate the intercompany profit on the sold goods.
This is because the consolidated financial statements should reflect the profit earned from external parties, not from transactions between the parent and subsidiary companies.
To eliminate the intercompany profit, we need to reduce the consolidated gross profit by the amount of the intercompany profit. The intercompany profit is calculated as the gross profit percentage multiplied by the sales price of the sold goods. In this case, the intercompany profit is 40 percent of the sales price of the sold goods.
Therefore, the consolidated gross profit should be reduced by 40 percent of the sales price of the sold goods to eliminate the intercompany profit. This adjustment will ensure that the consolidated financial statements accurately reflect the profit earned from external parties.
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Explain the hipp of the primary sources below source: letter written by john rolfe
Answers
The correct answer to this open question is the following.
Explain the HIPP of the primary sources below source: "letter written by John Rolfe."
"H" stands for Historical context. John Rolf was an important component in the foundation and success of the Jamestown, Virginia colony, in the North American territory. In the letter, he explains the Governor of the colony, Thomas Dale, his reasons to marry Pocahontas, a Native American Indian woman.
"I" stands for the Intended audience. The Governor of Jamestown, Virginia colony, Thomas Dale. The intention of John Rolfe was to clearly explain his motives, trying to maintain his intact reputation before the people of Jamestown.
"P" stands for Purpose. Rolfe wanted the approval of the Governor, knowing that in those years, Native American Indians were considered savages that first needed to be converted to the Christian religion to be accepted in the colonial society.
"P" stands for Point of view. In this part, we have to understand the point the author is trying to convey. In this case, John Rolfe, an English man, and an important figure that brought the toc¿bacco seed from the Caribbean Islands to grow tobacco crops in Jamestown and made tobacco the king of crops in Virginia wanted to justify his actions but not wanted to compromise his position before the Jamestown society.
1. Poverty is more than an economic problem, its a source of social discontent and political________; However, economic _________ has reduced the proportion of people living below the _______ line.
Answers
Poverty is more than an economic problem, it is a source of social discontent and political unrest; economic development has reduced the proportion of people living below the poverty line.
What is poverty?Poverty is shown as a deficiency of money and profitable resources to support long-term survival.
Hunger and starvation, restricted access to education and other basic services, social prejudice and exclusion, and a disinterest in decision-making are all examples of its expressions.
Poverty is a cause of social dissatisfaction and political upheaval; economic development has lowered the amount of people living in poverty.
Therefore, the poverty is a very big problem than the economic problem.
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A/an ____ appraisal is conducted as part of the day-to-day working relationship between a manager and an employee.spontaneousinformal
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An informal appraisal is conducted as part of the day-to-day working relationship between a manager and an employee. This type of appraisal is typically less structured and less formal than a traditional appraisal. The purpose of an informal appraisal is to provide feedback to the employee on their performance, highlight areas where they are excelling, and identify areas where they may need improvement.
In an informal appraisal, the manager may provide feedback on the employee's performance during regular meetings or check-ins. This could include discussing specific projects or tasks that the employee has worked on and providing feedback on their performance. The manager may also ask for the employee's input and feedback on their own performance, and work together to identify areas where improvements could be made.
Informal appraisals are a valuable tool for managers to provide ongoing feedback and support to their employees. They help to create a culture of open communication and collaboration, where employees feel valued and supported. However, it is important to note that informal appraisals should not replace formal performance reviews. Formal appraisals provide a more structured and comprehensive evaluation of an employee's performance, and should be conducted at least once a year.
In conclusion, an informal appraisal is an important part of the day-to-day working relationship between a manager and an employee. It provides an opportunity for ongoing feedback and support, and helps to create a culture of open communication and collaboration. However, it should be used in conjunction with formal appraisals to provide a comprehensive evaluation of an employee's performance.
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Starbucks has an agreement with pepsico through which pepsi distributes starbucks' coffee drink, frappuccino, to grocery stores and other retail outlets. This is an example of
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Starbucks and Pepsi have a partnership in which Pepsi provides grocery shops and other retail establishments with Starbucks' coffee beverage, the Frappuccino. An illustration of a strategic alliance is this agreement.
A strategic partnership is an agreement between two businesses where they work together to produce benefits for both parties. In this instance, Starbucks and PepsiCo have teamed up to deliver their well-known Frappuccino coffee drink to supermarkets and other retail locations. As a result, PepsiCo will have a new product to offer its consumers in addition to enabling Starbucks to go more than only their own outlets.
Joint ventures, licencing arrangements, and alliances are just a few examples of the various shapes that strategic relationships may take. Companies frequently utilise them to get access to new markets, pool resources, or create new goods.
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The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: 20Y1 July 1 Issued $74,000,000 of 20-year, 11% callable bonds dated July 1, 20Y1, at a market (effective) rate of 13%, receiving cash of $63,532,267. Interest is payable semiannually on December 31 and June 30. Dec. 31 Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. 20Y2 June 30 Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. Dec. 31 Paid the semiannual interest on the bonds. The bond discount amortization of $261,693 is combined with the semiannual interest payment. 20Y3 June 30 Recorded the redemption of the bonds, which were called at 98. The balance in the bond discount account is $9,420,961 after payment of interest and amortization of discount have been recorded. (Record the redemption only.) Required: 1. Journalize the entries to record the transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 2. Indicate the amount of the interest expense in (a) 20Y1 and (b) 20Y2. 3. Determine the carrying amount of the bonds as of December 31, 20Y2.
Answers
Based on the bond price, the interest payments, and the periods, the journal entries by Winklevoss Inc. will be:
Date Account details Debit Credit
Jul 1, 20Y1 Cash $63,532,267
Discount on bond payable $10,467,733
Bonds payable $74,000,000
________________________________________________________
Dec, 31 Interest expense $4,331,693
Discount on bond payable $261,693
Cash $4,070,000
________________________________________________________
Dec, 31 Income summary $4,331,693
Interest expense $4,331,693
Date Account details Debit Credit
June, 30 interest expense $4,331,693
20Y2 Discount on bonds payable $261,693
Cash $4,070,000
________________________________________________________
Dec, 31 interest expense $4,331,693
20Y2 Discount on bonds payable $261,693
Cash $4,070,000
________________________________________________________
Dec, 31 Income summary $8,663,386
Interest expense $8,663,386
________________________________________________________
Date Account details Debit Credit
June, 30 Bonds payable $74,000,000
20Y3 Loss on redemption $ 7,940,961
Discount on bonds payable $9,420,961
Cash $72,520,000
What are the journal entries for callable bonds?Discount on bonds payable:
= 74,000,000 - 63,532,267
= $10,467,733
Cash 31 Dec:
= 74,000,000 x 11% x 0.5
= $4,070,000
Cash 30 June 20Y2
= 74,000,000 x 11% x 0.5
= $4,070,000
Cash 31 Dec 20Y2:
= 74,000,000 x 11% x 0.5
= $4,070,000
in 20y3, the bonds were redeemed which is why the Bonds payable account was debited because as a liability account, it is debited to show a decrease.
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A work written by an author ideally trained in the subject of the book which utilizes primary documents and secondary documents as its main source of information with full citations of those sources.[ Choose ] Not a source Secondary Tertiary Primary
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The correct answer is Primary. Primary sources are original records such as diaries, interviews, photographs, etc., while secondary documents are interpretations of these primary documents, such as books and articles.
What do you know about Primary sources?
Primary sources are materials that provide firsthand, original information about a particular topic. They are usually created at the time of the event or topic being researched. Examples of primary sources include diaries, letters, newspaper articles, photographs, interviews, government records, and historical documents. Primary sources are important because they provide a firsthand account of the event or topic being studied. They can also provide insight into the perspectives and opinions of those who were present during the event. Primary sources can be used to analyze the past, inform decisions in the present, and provide a better understanding of the future.
So, The correct answer is Primary.
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Select the correct answer from each drop-down menu. in 2005, country a exported steel worth $5 billion to country b. steel producers in country b alleged that country a was steel into country b because country a’s selling price was 20% lower than the normal value. when the claims were proved valid, country b imposed of 20% on steel imports from country a.
Answers
DUMPING: A predatory pricing practice in which a foreign nation exports its commodities to another nation and sells them there for less than the local market rate.
Are there really 257 country on earth?Today, there are 195 nations in the world. This number includes the Vatican See and also the State of Palestine, two non-member observer nations, together with the 193 United Nations member states.
What constitutes country a ?In geopolitics and global politics, a nation appears to be a physical place. The dictionary describes it as "the land of either a nonviable fetus, abode, or citizenship; a governmental nation or state or its territory."
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As a result, country B imposed a 20% tariff on steel imports from country A.
What is a dumping?Dumping is the act of selling a product in a foreign market at a price lower than the price charged in the domestic market or below the production cost. It is considered as an unfair trade practice.
What are the measures to counter dumping?Measures to counter dumping include imposing tariffs on the imported goods, which raises their price and makes them less competitive with domestic products. Another measure is the imposition of anti-dumping duties on the imported goods. Additionally, some countries also negotiate agreements with the exporting countries to limit the volume or value of their exports to the importing country. Some countries also use countervailing duties to counter the effects of subsidies provided to the exporting country's industries.
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Some banks pay interest only on the minimum or smallest balance on deposit during an interest period. Helen Lamb had a balance of $783 in such an account on July 1. Annual interest is 2.7% compounded quarterly. She withdrew$170 on August 17 and deposited $200 on September 12. What was Helen’s minimum balance during the quarter?
Answers
Helen's minimum balance during the quarter was $613.
What is Minimum Balance in Account?According to the terms and conditions of the account agreement, a customer is required to keep the smallest amount of money in their account for a predetermined amount of time. This amount is known as the minimum balance in an account. Depending on the type of account and the bank's policies, the minimum balance can be set at a certain amount or it can change.
Plugging in the values, we get:
A = 783(1 + 0.027/4)^(4*(3/12))
A ≈ $791.13
So the balance at the end of the quarter, before the deposit, was about $791.13.
Next, we need to figure out the impact of the withdrawal and deposit:
August 17: Helen withdrew $170, leaving a balance of $783 - $170 = $613.
September 12: Helen deposited $200, bringing the balance to $613 + $200 = $813.
We can conclude that the minimum balance was $613 because the balance on July 1 was higher than the estimated balance at the end of the quarter, which was $791.13.
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match the concepts to their definition question 4 options: display the path in which a process flows. a task in a business process. used to handle the flow (forking, merging and joining of paths) of a process. anything that happens during the course of a business process.
Answers
1. BPMN Flows
2. BPMN Event
3. BPMN Activity
4. BPMN Gateway
What is BPMN Gateway?
A gateway is symbolised by a diamond shape and controls decisions, path merging, and the path connecting. These are the typical BPMN gateway kinds. A type of flow object called a BPMN Gateway is used to direct the sequence of flows in a process based on specific conditions. It acts as a gate and decides whether to permit a certain flow to pass, hence gates may have some control over the types of outgoing flows that pass through them. A type of flow object called a BPMN Gateway is used to direct the sequence of flows in a process based on specific conditions. It acts as a gate and decides whether to permit a certain flow to pass, hence gates may have some control over the types of outgoing flows that pass through them.
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A state licensing fee on sales of medical devices causes the supply curve for one type of device to shift from S1 (without the fee) to S2 (with the fee). The fee is based on number of units sold and therefore works like a per-item tax paid by sellers. Use the area tool to draw the area representing the state's monthly revenue from the licensing fee for this one type of device.
Answers
Answer: hello your question is incomplete attached below is the complete question
answer ; Government revenue from tax = $750,000 per month
Explanation:
Attached below is the required graph
Government revenue from tax ( per month )
= ( 450 - 30 ) ( 50 - 0 )
= $750,000 per month
chegg on january 1, 2021, summer corp. purchased 40% of the voting common stock of harry co., paying $2,700,000. summer properly accounts for this investment using the equity method. at the time of the investment, harry's total stockholders' equity was $4,800,000. summer gathered the following information about harry's assets and liabilities whose book values and fair values differed:
Answers
At the time of the investment, Harry's total stockholders' equity was $4,800,000. There were certain assets and liabilities in Harry's books whose book values differed from their fair values.
The equity method is used by Summer Corp. to account for its investment in Harry Co. This method requires Summer to record its share of Harry's earnings or losses in its financial statements.
Since Summer acquired 40% of the voting common stock, it has significant influence over Harry's operations. As a result, Summer's initial investment cost of $2,700,000 represents its share of Harry's net assets at the time of acquisition. This amount is considered the initial carrying value of the investment on Summer's books.
When determining the initial carrying value, the total stockholders' equity of Harry Co., which was $4,800,000, is not directly relevant. The purchase price of $2,700,000 is the key factor for Summer's initial investment. The difference between the purchase price and the book value of Harry's net assets represents the excess paid for the investment.
Regarding the assets and liabilities with differing book values and fair values, it is important to note that the information provided does not specify the nature or extent of these differences. However, under the equity method, such differences are generally not directly reflected in Summer's financial statements. Instead, Summer would recognize its share of the earnings or losses generated by Harry Co. on an ongoing basis. The specific treatment of these differences would depend on the accounting policies and principles followed by Harry Co. and any adjustments made by Summer in its equity accounting.
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USA TEST PREP HELP ILL GIVE BRAINLIEST. If both monetary policy and fiscal policy were used at the same time to contract the economy, which set correctly describes the likely result of these actions?
A) A
B)B
C)C
D)D
Answers
Answer:
I am unsure of the answer but it can be narrowed down to B D or E because the GDP would decrease.
How important is money
Answers
Answer:
very important
Explanation:
money is a global income source for everyone. we all have different types but it is all still money. now say one country got rid of money and had people pay for stuff using other things. if china did that lots of different countries wouldn't be able to get stuff from there unless they had so much of that product they could just give it up.