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2 years ago

1. What are the different account titles used in balance sheet account under current assets?

Business

2 answers:

Kipish [7]2 years ago

8 0

Answer:

1. Cash

2. Accounts Receivable

3. Inventory

4. Prepaid Expenses

5. Short-term investments

Lorico [155]2 years ago

4 0

Current assets would include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets. Current assets may also be called current accounts.

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a type of bank account used by a person who wants to safely store their money over a long period of time, earning interest durin

Phoenix [80]

savings account

your welcome

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2 years ago

2-1.3 Which of the following statements about data storage is (are) true? A chart of accounts is a list of the numbers assigned

monitta

Answer:

A chart of accounts is a list of the numbers assigned to each general ledger account.
A subsidiary ledger contains detailed data for any general ledger account with many individual subaccounts.

Explanation:

A chart of accounts contains a list of all the numbers assigned to balance sheet and income statement accounts. The account numbers allow transaction data to be coded, classified, and entered into the proper accounts.

Subsidiary ledger s are used to record details information for a general ledger account that contains many subaccounts, like accounts receivable (at last 1 subaccount per client), inventory (at least 1 subaccount per product) and accounts payable (at least 1 subaccount per creditor).

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2 years ago

Read 2 more answers

A senator from a state with several steel-rod factories explains that it is necessary to impose trade restrictions, such as a ta

Sergio [31]

Answer:

Jobs argument

Explanation:

-The national-security argument states that some industries have to be protected by imposing tariffs to maintain the local production in case of a war.

-The unfair-competition argument says that the domestic market has to be protected when there is unfair competition because companies from other countries are subject to different regulations.

-Using-protection-as-a-bargaining-chip argument states that the threat of imposing a restriction can help to eliminate a restriction that was imposed by another country.

-Infant-industry argument says that new industries have to be protected because they don't have economies of scales that their competitors from others countries have.

-The jobs argument claims that the trade with other countries eliminates the local jobs.

According to this, the answer is that the senator is using the jobs argument to argue for the trade restriction on steel rods because he claims that it is necessary to impose those restrictions to protect the workers from losing their jobs.

8 0

3 years ago

Erin Shelton, Inc., wants to earn a target profit of $960,000 this year. The company’s fixed costs are expected to be $1,320,000

kipiarov [429]

Answer:

1. Break-even sales = $2,200,000

2. Net Income = $0

3. Sales = $3,800,000

4. See explanation section

5. Margin of safety = $1,600,000

Margin of safety (%) = 42.11%

Explanation:

Requirement 1.

We know,

Break-even sales = Fixed expense ÷ Contribution Margin Ratio

Given,

Expected Fixed expense = $1,320,000

Contribution Margin Ratio = Contribution Margin ÷ Sales Revenue

As we do not have contribution margin and Sales Revenue, we have to use variable costs that is expected to be 40% of sales. Therefore,

Contribution Margin Ratio = Sales (%) - variable costs (%) = 100% - 40% = 60%

Therefore, Break-even sales = $1,320,000 ÷ 60%

Break-even sales = $1,320,000 ÷ 60%

Therefore, Break-even sales = $2,200,000

Requirement 2.

Erin Shelton, Inc.

Contribution Margin Income Statement format

For the year ended, December 31, Current year

Sales Revenue $2,200,000 (Requirement 1)

Less: Variable expense (40% of sales) 880,000

Contribution Margin $1,320,000

Less: Fixed Expense 1,320,000

Net operating Income 0

In break-even sales, total fixed expense = total contribution margin, therefore, no income or loss.

Requirement 3.

We know,

This year, To attain profit, sales = (Fixed expense + Target Profit) ÷ Contribution Margin Ratio

Given,

Expected Fixed expense = $1,320,000

Target Profit = $960,000

Contribution Margin Ratio = Contribution Margin ÷ Sales Revenue

As we do not have contribution margin and Sales Revenue, we have to use variable costs that is expected to be 40% of sales. Therefore,

Contribution Margin Ratio = Sales (%) - variable costs (%) = 100% - 40% = 60%

Therefore, To attain profit, sales = ($1,320,000 + $960,000) ÷ 60%

To attain profit, sales = $2,280,000 ÷ 60%

Therefore, To attain profit, sales = $3,800,000

Requirement 4.

Using To attain profit, sales = $3,800,000 (From Requirement 3) to find the net operating income

Erin Shelton, Inc.

Contribution Margin Income Statement format

For the year ended, December 31, Current year

Sales Revenue $3,800,000 (Requirement 3)

Less: Variable expense (40% of sales) 1520,000

Contribution Margin $2,280,000

Less: Fixed Expense 1,320,000

Net operating Income $960,000

Requirement 5.

We know,

Margin of safety = (Current sales - Break-even sales)

From Requirement 1, we get, Break-even sales = $2,200,000

From Requirement 3, we get, Current sales = $3,800,000

Margin of safety = $3,800,000 - $2,200,000

Therefore, Margin of safety = $1,600,000

Margin of safety as percentage = [(Current sales - Break-even sales) ÷ Current sales] × 100

Margin of safety = ($1,600,000 ÷ $3,800,000) × 100

or, Margin of safety = 0.42105 × 100

Margin of safety = 42.11%

8 0

2 years ago

Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.)

Mariulka [41]

Answer:

GOMEZ CORPORATION

Comparative Income Statements

For Years Ended December 31

Current Year Prior Year

$ % $ %

Sales $785,000 100 $640,000 100

Cost of goods sold 568,100 72.4 288,800 45.1

Gross profit 216,900 27.6 351,200 54.9

Operating expenses 130,400 16.6 221,600 34.6

Net income $86,500 11.0 $129,600 20.3

The figure used to calculate the percentages is that of sale revenue. Each figure is expressed as a percentage of sales to determine the percent of expenses , profits etc.

5 0

2 years ago

1. What are the different account titles used in balance sheet account under current assets?​

1. What are the different account titles used in balance sheet account under current assets?