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bonufazy [111]
2 years ago
10

What accounting method should hariette choose when she runs the profit and loss report?

Business
1 answer:
Zinaida [17]2 years ago
4 0

Hariette should choose cash basis of accounting when she runs the profit and loss report. A company's reporting guidelines and practices for revenues and expenses make up its accounting method. Cash accounting and accrual accounting are the two primary accounting techniques.

Revenues and costs are recorded in cash accounting when they are received and paid. There are three different accounting methods: modified cash basis, cash basis, and accrual basis. Let's briefly review the fundamentals before we discuss which types of firms use certain accounting techniques.

If you only consider popularity, accrual accounting comes out on top since it is both the most popular and the most accurate techniques.

To learn more about accounting, click here.

brainly.com/question/13310721

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An entity has decided to focus strictly on producing and selling one type of teddy bear. For the upcoming year, the entity hopes
Yuki888 [10]

Answer:

29,143

Explanation:

Profit target = 25% on sales

Fixed cost = $51,000

Variable cost = $9.50 per unit

Sales price per unit = $15

To achieve profit target, let the number of units sold be y

Total sales = 15y

Total variable cost = 9.5y

Profit = 0.25 × 15y

         = 3.75y

Sales - Cost = profit

15y - (51000 + 9.5y) = 3.75y

15y - 9.5y - 3.75y = 51000

1.75y = 51000

y = 51000/1.75

y = 29143

29,143 bears must be sold to meet the profit goal.

8 0
3 years ago
On May 10, 2020, Crane Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2020. Greig agrees to pay the f
belka [17]

Answer and Explanation:

The journal entries are shown below:

1. Accounts receivable a/c Dr $1,840

            To Sales revenue a/c Cr  $1,840

(Being the sales is recorded)

2. Cost of goods sold a/c Dr $1,170

                  To Inventory a/c Cr $1,170

(Being the cost of goods sold is recorded)

3. Cash a/c Dr $1,840

          To Accounts receivable a/c Cr $1,840

(Being the payment received is recorded)

Only these three entries are recorded

3 0
3 years ago
Economies of scope are characterized by A. low capital intensity and low resource flexibility. B. high capital intensity and low
nasty-shy [4]

Answer:

C. high capital intensity and high resource flexibility

Explanation:

Economies of scope describe situations in which the long-run average and marginal cost of a company, organization, or economy decreases, due to the production of some complementary goods and services. An economy of scope means that the production of one good reduces the cost of producing another related good.

7 0
4 years ago
Which of the following would best describe what would happen to the time value at the same nominal annual rate of a cash flow as
djverab [1.8K]

Answer:

A) Both the present value and future value would increase.

Explanation:

If the compounding frequency increases, then both the present value and the future value will increase because the effective annual rate will increase. E.g. interest used to be compounded every 6 months, now it is compounded monthly.

Both the present value and the future value vary jointly, if the present value decreases, then the future value will also decrease, and vice versa.

7 0
3 years ago
Frederick works in a local government for a certain city. One his primary responsibilities is to check whether the city’s contra
7nadin3 [17]

Answer: B - City administrator

Explanation: took the plato test

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