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kotykmax [81]
1 year ago
6

A chain of supermarkets specializing in gourmet food, has been using the average cost method to value its inventory. During the

current year, the company changed to the first-in, first-out method of inventory valuation. The president of the company reasoned that this change was appropriate since it would more closely match the flow of physical goods. This change should be reported on the financial statements as A. Change in accounting estimate. B. Affecting only future periods. C. Cumulative-effect type accounting change. D. Correction of an error.
Business
1 answer:
artcher [175]1 year ago
6 0

Answer: Affecting only future periods.

Explanation:

From the question, we are informed that a chain of supermarkets specializing in gourmet food, that has been using the average cost method to value its inventory changed to the FIFO method in the current year.

This change should be reported on the financial statements as a retroactive effect type of an accounting change. This is necessary because it affects future period and in order to maintain comparability and consistency.

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The city wants to pave the road in front of Sam Smith's house. Sam has 110 front feet. The cost to pave is $35 a linear foot and
Anna71 [15]

Answer:

$1,443.75

Explanation:

The total cost for paving Sam's portion of the road = $35 per linear foot x 110 front feet =  $3,850

If the city is going to pay 25% of the total cost, then it will pay $962.50, that would leave a total of $2,887.50 to be paid between Sam and his front neighbor. So Sam's share = $2,887.50 / 2 = $1,443.75

4 0
1 year ago
When the decision maker prefers a guaranteed payoff value that is smaller than the expected value of the lottery, the decision m
Ugo [173]

Answer:

Risk avoider

Explanation:

Answer to the following question is risk avoider;

A risk avoider is someone who makes decisions because they are afraid to make mistakes. A risk avoider is a person who exclusively examines options that do not contain any hazards. A risk avoider avoids making actions that might result in a disastrous outcome.

8 0
1 year ago
Your restaurant has assets of $64,342 and liabilities of $47,266. What is the equity of your business?
Alborosie

Answer:

Equity of the business= $17,076.

Explanation:

Equity as used in business is used to refer to the difference between the worth of a business (its assets) and what the business owes (debts and liabilities).

In other words, total equity refers to the value which is left in the company after the total liabilities must have been subtracted from the total assets.

The formula to calculate total equity is given below:

Equity = Assets - Liabilities

Therefore to calculate the equity above, we have:

Equity = $64,342 - $47,266

Equity = $17,076.

4 0
1 year ago
With respect to organizational changes, a health care organization that discovered weaknesses in the organization’s ability to c
Leni [432]

Answer:

The correct answer is "Process change "

Explanation:

Process Change or Process Change Management is implemented when you identify a mistake or a process that doesn´t function in a better way. That means that you need to consider to change or modify an existing process to improve them, and what should be the goals or objectives of the change.

7 0
2 years ago
What is the purpose of the color coded tape located at the front entrance of
irina1246 [14]

Answer:

D. None of the above

Explanation:

The color-coded tape are used at the front entrance of  Dollar General stores is a way to attract the customers in the store.

The color-coded tape attracts customers and shows the safety information to customers directly at the point.

Hence, the correct option is "D. None of the above".

8 0
1 year ago
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