Tidwell Company has provided the following partial comparative balance sheets and the income statement for 20X2.

A carton of eggs broke onto the floor in the dairy section, making the floor slippery. Little Johnny slipped, fell, and hit his

Stella [2.4K]

Answer:

premises

Explanation:

The grocery store incurs premises liability for his injuries. This form of liability is a legal concept that has to do with personal injuries that have been caused by some form of unsafe or defective conditions on someone's property, usually due to negligence. This is exactly what happened in this scenario since it was negligent of the store to not have cleaned up the mess made by the broken eggs which ultimately caused Johnny to fall.

4 0

2 years ago

Assume that you are the project manager for the construction of a 15-mile road. Further, assume that the work is uniformly distr

AfilCa [17]

Answer:

$200,000

Explanation:

This involves revenue recognition based on percentage of work completed (cost to completion technique). Revenue to be recognized per time is assessed based on the level of cost incurred compared with the total cost to be incurred.

Given that the total approved budget for the project is $600,000, If at the end of the first three weeks of work, $160,000 has been spent, and five miles of road have been completed for a a 15-mile road, the earned value of the project at the end of the first three weeks

= 5/15 * $600,000

= $200,000

3 0

2 years ago

Birk Co. uses a job order cost system. The following debits (credits) appeared in Birk's work-in-process account for the month o

svp [43]

Answer:

The amount of direct materials charged to Job No. 5 is $5,200.

Explanation:

Work in process, April 30 = Balance + Direct material + Direct labor + Factory overhead - Cost of finished goods

= $4,000 + 24,000 + 16,000 + 12,800 - 48,000

= $8,800

Job No 5 = Work in process, April 30 = $8,800

Job No 5 = Direct material + Direct labor + Factory overhead

$8,800 = Direct material + $2,000 + $1,600 ($2,000 * 80%)

Direct material = $8,800 - $2,000 - $1,600

= $5,200

Therefore, The amount of direct materials charged to Job No. 5 is $5,200.

5 0

2 years ago

On January 1, Year 1, Abbott Company granted 92,000 stock options to certain executives. The options are exercisable no sooner t

Lilit [14]

Answer:

The amount of Compensation expense to Year 1 is $153,333.

Explanation:

Stock options granted 92000

X Fair value on date of grant 5

Total compensation expense 460000

Years 3

Compensation expense per year 1 53333

Therefore, The amount of Compensation expense to Year 1 is $153,333.

3 0

2 years ago

At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit bal

Molodets [167]

Answer: The adjusting entries for the uncollectible accounts would be as follows: Debit Bad debt expense $277,500; Credit Allowance for doubtful accounts $277,500

Explanation: As provided in the question, bad debt expense is determined by the percentage of sales method. In this instance, it is estimated at 1/4 of 1% of sales. 1% of $102,480,000 = $1,024,800; 1/4 of $1,024,800 = $256,200. Please note that there was an existing debit balance of $21,300 in allowance for doubtful accounts (usually, it should have a credit balance), in order to reinstate the allowance for doubtful account to $256,200, we have to credit it with $277,500 ($256,200 + $21,300), by way of the journals above.

8 0

2 years ago