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Zanzabum
2 years ago
6

Gore Inc. recorded a liability in 2021 for probable litigation losses of $2 million. Ultimately, $5 million in legitimate warran

ty claims were filed by Gore's customers. Multiple Choice Gore has made a change in accounting principle, requiring retrospective adjustment. Gore needs to correct an accounting error. Gore is required to adjust a change in accounting estimate prospectively. Gore is not required to make any accounting adjustments.
Business
1 answer:
KengaRu [80]2 years ago
4 0

Answer:

Gore is not required to make any accounting adjustments

Explanation:

Gore won't be required to make any accounting adjustments because the litigation loss is already $2,000,000 leading to him recording a liability in his account in which

$5 million in legitimate warranty claims were as well filed by his customers which is why he won't be making any further Accounting adjustment in 2021.

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You skip the doughnut at the quick market, and buy fruit instead. The fruit is $2.00. The store charges you $2.08.
Sophie [7]

Unless the question is incomplete, then there is tax on the fruit which is where the other 8 cents is coming from. There is tax on some food items, but not all, so there could be a surcharge of some short that the quick market charges.

7 0
2 years ago
Which of the following elements are included on the hierarchy of hazard control?
Vsevolod [243]

Answer:Implementing administrative controls Implementing engineering controls

Explanation:

8 0
1 year ago
Gamma, Inc. has struggled for industry dominance with Ardent, Inc. its main competitor, for years. Gamma has gathered and analyz
Len [333]

Answer:

Casual Ambiguity

Explanation:

Based on the information provided within the question it is most likely that the source of Ardent's success is Casual Ambiguity. This refers to the situation where it is nearly impossible to relate the effects of something to its initial states or causes. Such as Ardent's ability to acquire so much success or a competitive advantage over its competitors. This also occurs with the development of the prices of shares, options, futures, and similar products on exchanges

5 0
2 years ago
On a bank's T-account, which are part of the bank’s assets? a. both deposits made by its customers and reserves b. deposits made
avanturin [10]

Answer:

The correct answer is C

Explanation:

Bank asset is the assets which represent the ownership of the value capable of being converted into cash. So, the reserve which the banks hold or refrain from using will be classified as the asset for the bank. And the deposit made by the customer will be classified as the current liability as the bank allows the customers to use their deposits whenever they want to use.

Therefore, the reserve is a part of bank asset whereas the deposits will not be a part of bank asset.

8 0
2 years ago
Suppose United Bank offers to lend you $10,000 for one year at a nominal annual rate of 8.00%, but you must make interest paymen
miss Akunina [59]

Answer:

The effective annual rate on loan would be 8.24%

Explanation:

Formula for Effective annual rate ( EAR ) -

(1 + APR / Number of compounding periods in a year) ^ (Number of compounding periods in a year) - 1

where, the APR IS 8% ,

Number of compounding periods - 4 quarters

So now putting these values in the formula -

(1+8% / 4) ^4  - 1

= (1 + 2%) ^4  -1

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Now multiplying this by 100 to make it in percentage

= 8.24% ( approximately )

3 0
2 years ago
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