Kelly and jordan are writing a term paper together on the concept of "faithful representation" in the financial statements. kelly is assigned the task of defining it in the context of an amount being an estimate. which of the following statements should not be used by kelly in her description?

a. good faith attempt to gather evidence to support the amount
b. clear disclosure of an amount as an estimate
c. the nature and limitations of the estimating process
d. error free procedures in selecting and applying an appropriate process for developing the estimate

Sean lives in dallas and runs a business that sells boats. in an average year, he receives $722,000 from selling boats. of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also pays wages and utility bills totaling $268,000. he owns his showroom; if he chooses to rent it out, he will receive $2,000 in rent per year. assume that the value of this showroom does not depreciate over the year. also, if sean does not operate this boat business, he can work as a paralegal, receive an annual salary of $21,000 with no additional monetary costs, and rent out his showroom at the $2,000 per year rate. no other costs are incurred in running this boat business.identify each of sean's costs in the following table as either an implicit cost or an explicit cost of selling boats.implicit costexplicit costthe wages and utility bills that sean pays the rental income sean could receive if he chose to rent out his showroom the salary sean could earn if he worked as a paralegal the wholesale cost for the boats that sean pays the