ABC offers separately priced extended warranties for appliances sold that are non-refundable and have no limits to the potential cost of honoring the warranty. Although ABC does track warranty profits and losses by appliance type, assume that no analysis has been performed to determine the rates at which cost are incurred throughout the warranty period. Assuming that manufacturer warranties provide coverage for the appliance for 1 year from the date of purchase, when should revenues and expenses of such warranties be recognized? FASB Accounting Standards Codification (ASC) topic 605-20-25-3 (Revenue Recognition) states that in regard to extended warranties “revenue shall be recognized in income over the period in which the seller is obligated
1.) During the initial months of the depression, the general belief was that the troubles were cause by the "cut-throat competitions" between businessmen causing many businesses to fail. As a result the Roosevelt administration's first attempt ot deal with the crisis was to mitigate such "cut-throat competitions" with the provisions of the National Industrial Recovery Act of 1933. This act spawned the Nation Recovery Administration (NRA). The NRA was empowered to bring government, industrial corporations, and labor unios together to find ways to get rid of "cut-throat competitions".
He helped the working class by pioneering the eight hour day that restricted employers from overworking their employees. By establishing the eight hour working day,
Roosevelt then enacted his New Deal Legislation which, helped add a supply of money to the financial system. By 1935, the Social Security Act was established to give assistance to the unemployed, handicapped, and elderly. A Minimum Wage Bill was passed in 1938. It helped workers get more hours at work, which meant people had more
In their opinion, the employees were not employed in interstate commerce, so their wages had nothing to do with it either (Document F). They also thought that the government had no right to give workers the right to self-organize and break the law (Document G). The authority of the federal government expanded, and FDR was, in a sense, abusing the power he had. Roosevelt’s administration increased the role of the federal government in the economy. His New Deal programs were more successful in empowering the government than lightening the effect of the Depression.
On June 25, 1938, Congress passed a bill meant to limit the maximum number of hours a person could be expected/made to work, as well as the minimum wages they could be paid. Known as the Fair Labors Standards Act (FLSA), it was the last major piece of New Deal legislation. Basically, the U.S. Department of Labor administered the FLSA, with Frances Perkins, the Secretary of Labor, leading the effort. They set the maximum workweek at 44 hours and the minimum hourly wage at 25 cents for employees that specifically manufactured products that were shipped in interstate commerce. In addition to this, the FLSA set the requirements for overtime and they restricted child labor.
The biggest accomplishment of this presidency was his program known as The New Deal, which Roosevelt introduced in the first one hundred days of his presidency as an attempt to reform the nation following war, depression, and greed. With the formation of the National Recovery Administration in June of 1933, industrialists were encouraged to establish fair working conditions, set prices, and minimize competition through “codes” which would ensure fair treatment of workers and promote the economy in general. The New Deal also sought to promote organization of labor through the Committee of Industrial Organization (CIO), which aimed to unionize major industries, even steel and automobiles (which had been extremely anti-union in the past). This is the most drastic shift that can be seen in the relationship between government and labor in the United States, and it is clearly in favor of the labor workers. This demonstrates that in the reform which seemed to end this period of unrest, the government finally began to consistently side with labor
Roosevelt capitalized on this opportunity to further expand the government's authority by establishing the National Labor Relations Board, which was responsible for enforcing the provisions of the Wagner Act. The Wagner Act represented a significant departure from traditional government roles, as it signaled the government's commitment to promoting social justice in addition to safeguarding citizens' political and economic
Another piece of legislation devoted to unemployment was FERA. Relying on state and federal funds, the program received $500 million for distribution to the states, later resulting in a total of $3 billion of funding (Perry). The Securities and Exchange Commission was instituted through the Securities Act of 1934 and was created to help regulate Wall Street and reduce risk for investors (Fiorillo). Through the NIRA, FDR’s Administration set up minimum wage and maximum hour laws, heavily favoring workers in employee/employer relationships (Perry). The Wagner Act of 1935 resulted in more authority given to the federal government in the industrial relationship sector (Britannica).
The Works Progress Administration (WPA) created jobs for millions of unemployed Americans by funding public works projects like bridges, highways, and public buildings. The Social Security Act established a system of retirement benefits for workers and their families, along with unemployment insurance and aid to dependents. The Fair Labor Standards Act established minimum wage and maximum hours standards for workers, and the National Labor Relations Act protected workers' rights to join labor unions and engage in collective
Farmers and industrial workers wanted three main things during the Progressive era. These three things were shorter working hours, better pay, and a graduated income tax. Farmers and industrial workers had ten hour working days previous to the Adamson Act. This act shortened the amount of working hours from ten to eight thanks to President Wilson who insisted this act be put into effect. Workers were also unfairly paid if compared to the amount of work and trouble they go through.
Roosevelt's Second set of deals came much later, but were just as important. The most notable of the acts in the second wave was probably the Fair Labor Standards Act. The act established a maximum amount of working hours for any employee and a minimum wage. Many of Roosevelt's deals were meant with success, but it is important to note that some were declared unconstitutional at later dates. The AAA was one of such acts declared unconstitutional in 1936, however, it was rewritten and implanted again at a later date ("The New Deal", n.d.).
A great nation consists of its political systems, its freedom, its liberty, and its ability to be led towards economic success. American history is filled with the necessary changes needed to become the ideal of a great nation. Between the Civil War and the Great Depression, America has been able to present a great extent of change through the Freedmen’s Bureau, The Monroe Doctrine, The Johnson-Reed Act, and The National Industrial Recovery Act. These political documents represent the progress America has had toward a more democratic society. Leaders such as Abraham Lincoln, Jane Addams, Theodore Roosevelt, and Franklin D. Roosevelt were able to help shape this progress with their ideas that focused on the betterment of the nation.
f the credit card company sues Lori, Lori may win. The Consumer Financial Protection Bureau reports, if you have not reported your credit card missing, the most you will have to pay is $50.00. Had Lori reported the card missing, she would not have had to pay anything at all. The Federal Trade Commission (FTC), a federal agency designed to protect consumers and promote competition, created September 26, 1914, gives information on disputing credit card charges.
In order to encourage the growth of trade unions he passed this bills that did more than intended. As the book Who built America details,"The Wagner Act guaranteed workers the right to freely organize their own unions and to strike, boycott, and picket their employers(Rosenzweigh 454).This was exactly what all Middle and working class Americans needed to push them over. It had the stern language that the NIRA lacked and the backing of the National Labor Relation board to hear complaints. Because people thought there jobs were safer due to Roosevelt 's policies, they were more willing to join unions, leading to hike in
