Answer:
The amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022 is $1,504,800
Explanation:
In order to calculate the amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022 we would have to make the following calculation:
amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022=
Inventory as per physical count -inventory purchase-goods shipped-goods held on consignment
amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022=
$1,628,000-$51,900-$55,500$-$16,300
amount that should be reported for inventory on Ayayai Company’s balance sheet at December 31, 2022=$1,504,800
Answer:
Revenue
Explanation:
In finance, revenue recognition principle can be associated to acrrual accounting, it stated that recognition of revenue should only take place when revenue is earned or received, it shouldn't be when there is received cash. It helps to know periods that revenue is needed to be recognized.
It should be noted that Consistent with revenue recognition principle, companies record revenue at the time goods are provided to customers.
Answer:
the amount that need to be deposited each year is $7,166.28
Explanation:
The computation of the amount that should be deposited each year is shown below:
Given that
FV is $66,000
NPER is 9
RATE is 6.9% ÷ 12 = 0.575%
PV is 0
The formula is shown below:
= PMT(RATE,NPER,PV,-FV,TYPE)
AFter applying the above formula, the amount that need to be deposited each year is $7,166.28
Answer:
Explanation:
Cash flow statement should include items that are either received or paid for in cash. In the given case, the following items have been incorrectly reported
Issuance of Note for Truck is a non-cash transaction as well as Purchase of Truck with a Note. There is no cash involved with either transaction. Depreciation is listed in the sources of cash however depreciation is a non-cash operating expense and should not be included. The organization of the statement of cash flows presented in the question is not correct as well. Once organized in the correct manner and adjusted for the depreciation correctly the result is net increase in cash at 119,000 not 109,000. This shows that the Cash flow from operating activities provides a net income of -33,000 which is a loss
Answer:
C. An ordinary gain of $2,000
Explanation:
Let's begin by listing out the given parameters:
Original Cost (C) = $10,000, Depreciation (D) = $3,000,
Sale Price (S) = $9,000
Worth of Vehicle (W) = Original Cost - Depreciation
W = C - D = $ (10,000 - 3,000)
W = $<u>7,000</u>
Net Worth (N) = Sale Price - Worth of Vehicle
N = S - W = $ (9,000 - 7,000)
N = $<u>2,000</u>
<u>Hence, Ms Smith made an ordinary profit of $2,000</u>
