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2 years ago

Which of the following statements regarding the income statement columns on the worksheet is false?

Business

1 answer:

Alex2 years ago

5 0

Unearned revenue is recorded as a liability on a company's balance sheet.

What is an income statement?

A company's revenues, expenses, and profitability are summarized in an income statement over time.

On a company's balance sheet, unearned revenue is recorded as a liability.

It is also known as a profit-and-loss (P&L) statement or an income statement.

It shows your revenue from selling products or services as well as your expenses for generating revenue and running your business.

Hence option b is correct as stated above.

Learn more about income statements here.
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Lawson Manufacturing Company has the following account balances at year end:

soldi70 [24.7K]

Answer:

C) $195,000.

Explanation:

Calculation for the amount that Lawson should report as inventories in its balance sheet

Raw materials 27,000

Add Work-in-process 59,000

Add Finished goods 109,000

Inventories $195,000

Therefore the amount that Lawson should report as inventories in its balance sheet will be 195,000

7 0

3 years ago

The Quick Buck Company is an all-equity firm that has been in existence for the past three years. Company management expects tha

labwork [276]

Answer:

$49.01 per Share

Explanation:

We can find the value of the unit share of company that will be dissolved at the end of year 2 by using the following formula:

Current Price per Share = Value of Firm Today (Step1) / Number of Shares

= $1,862,345 / 38,000 shares

= $49.01 per Share

Step 1: Find the value of the firm in today's price by using the discounting technique

Value of Firm Today = Cash Flow for Year 1 / (1+r)^1 + Cash Flow for Year 2 / (1+r)^2

= $860,000 / (1 + 11%)^1 + $1,340,000 / (1 + 11%)^2

= $774,774 + $1,087,571

= $1,862,345

7 0

3 years ago

You run a nail salon. Fixed monthly cost is $5,093.00 for rent and utilities, $5,924.00 is spent in salaries and $1,370.00 in in

irina1246 [14]

Answer:

The indifference point is 290 services.

Explanation:

Current location:

Rent and utilities= $5,093

Salies= $5,924

Insurance= $1,370

Total fixed cost= $12,387

Contribution margin per unit= 116 - 4= $112

New location:

Rent and utilities= $11,944

Salies= $6,992

Insurance= $2,427

Total fixed costs= $21,363

Contribution margin per unit= 151 - 8= $143

First, we need to structure the total income formula (y):

Current location:

y= 112x - 12,387

New location:

y= 143x - 21,363

x= number of services

Now, we equal both formulas and isolate x:

112x - 12,387 = 143x - 21,363

31x =8,976

x= 289.55 = 290 services

The indifference point is 290 services.

Prove:

y= 112*290 - 12,387= $20,093

y= 143*290 - 21,363= $20,107

The difference is due to round up.

7 0

3 years ago

Louis Borders experienced great success by innovating in the bookselling industry. His confidence in Webvan is an example of____

tresset_1 [31]

Answer:

d. Hubris trap

Explanation:

The main problem that Louis Borders experienced was that he was a victim to hubris. Hubris is another word for arrogance. The hubris trap often involves entrepreneurs who are very successful in one of several ventures. In the case of Borders, this was his success in the bookselling industry. However, people who are successful once might become overly-confident. This was the case with Webvan, which eventually declared bankruptcy.

3 0

4 years ago

Constructive criticism means:

MrRissso [65]

Feedback with the intention to help by listing reasonable arguements

8 0

4 years ago

Read 2 more answers