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3 years ago

Marsha Bogswell is the sole stockholder of Bogswell Legal Services.

Business

1 answer:

den301095 [7]3 years ago

8 0

Answer:

d. Business entity assumption.

Explanation:

Business entity assumption -

It is an accounting principle ,

According to this principle , the financial statements or any financial records ,should be kept far apart from the personal financial records , is referred to as business entity assumption .

As all the money required for business need to be recorded separately .

Hence, from the given scenario of the question ,

The correct option is d. Business entity assumption .

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Kasravi co. Had net income for 2013 of shs 400,000.The average number of shares outstanding for the period was 200,000 shares

TEA [102]

Answer:

$1.98

Explanation:

Calculation for should Kasravi Co. report for diluted earnings per share for the year ended 2013

First step is to calculate the Proceeds amount

Proceeds = 12000 × $30

Proceeds = $36,000

Second step is to calculate the Shares assumed purchased

Shares assumed purchased= ($36,000 ÷ $36)

Shares assumed purchased = 10000 shares.

Third step is to calculate the Incremental share issued

Incremental share issued (12000 - 10000)

Incremental share issued = 2000 shares

Now let calculate the diluted earnings per share for the year ended 2013 using this formula

Diluted earnings per share = (Net income ÷ Average Weighted shares + incremental share issued))

Let plug in the formula

Diluted earnings per share = ($400,000 ÷ (200,000 shares +2000 shares))

Diluted earnings per share= $400,000 ÷ 202,000 shares

Diluted earnings per share= $1.98

Therefore The amount that Kasravi Co. Should report for diluted earnings per share for the year ended 2013 is $1.98

8 0

2 years ago

Phoenix, a salesperson for Quality Fruit, Inc., shows Robert, a buyer for Sweet Home Fruit Company, samples of peaches, stating

Naya [18.7K]

Answer:

a. an express warranty.

Explanation:

Express warranty is written or verbal assurance by the seller or manufacturer that the product on sale will meet the buyer's expectations in terms of functionality, reliability, and quality. The sellers make a commitment to either repair or replace the product should it malfunction within a specified period. Details of a warranty are communicated through branding and advertisements.

The wording of an express warranty need not contain the words warranty or guarantee. In the case where there is no wording, the warranty is implied. The statement of the phoenix salesperson is an express warranty. They are assuring the client of the quality of the merchandise.

4 0

2 years ago

Angara Corporation uses activity-based costing to determine product costs for external financial reports. The company has provid

GREYUIT [131]

Answer:

d. $611,100

Explanation:

The computation of the total amount of overhead cost is shown below:

= (Machine related cost ÷ Total machine related cost of product X × Machine related of product X) + (Batch setup cost ÷ Total machine related cost of product X × Machine related of product X) + (General factory cost ÷ total general factory cost of product X × general factory of product X)

= ($362,600 ÷ 14,000 × 6,000) + ($421,500 ÷ 15,000 × 12,000) + ($308,100 ÷ 13,000 × 5,000)

= $155,400 + $337,200 + $118,500

= $611,100

6 0

2 years ago

Joe and Mark would like to start a new business selling a product new to the U.S., the Peraves Monotracer. This is a motorcycle-

katrin [286]

Answer:

corporation

Explanation:

A corporation refers to an organization that is governed by a single entity. The responsibilities of the individuals are levied on the corporations. In corporations, a group of people act collectively. The group of shareholders represent the common goal in an organization.

According to the given expert, Joe and Mark should organize their firm as a corporation. This would help them not to loose any of their personal asset.

8 0

2 years ago

Sandhill Corporation loaned $590000 to another corporation on December 1, 2020 and received a 3-month, 6% interest-bearing note

Oksi-84 [34.3K]

Answer: Debit Interest Receivable and credit Interest Revenue, $2950

Explanation:

Based on the information given in the question, we have to calculate the interest accrued and this will be:

= $590,000 × 6% × 1/12

= $590,000 × 0.06 × 0.08333

= $2949.882

= $2950 approximately

Therefore, the adjusting entry that Sandhill should make on December 31, 2020 will be to:

Debit Interest Receivable and credit Interest Revenue, $2950

6 0

2 years ago