All categories

1 year ago

For the following year, show how the following amounts should be reported on the financial statements:

Business

1 answer:

Alexxx [7]1 year ago

6 0

Income statement, statement of stockholders' equity, balance sheet, statement of cash flows.

Financial statements are compiled in a specific order due to the fact information from one statement contains over to the next assertion. The trial stability is the first step within the method, followed by means of the adjusted trial balance, the income statement, the balance sheet and the statement of owner's equity. The financial statements ought to be prepared within the following order earnings statement, retained earnings statement, balance sheet and statement of coins flows.

Balance sheet is prepared as of a specific date while Income statements, retained earnings statement, and a statement of cash flows are all for a period of time such as a month.

A complete set of financial statements comprises: a statement of financial position as at the end of the period; a statement of profit and loss and other comprehensive income for the period.

Learn more about Stockholder here:-

brainly.com/question/1222491

#SPJ4

You might be interested in

SwimFit produces gear for swimmers, including suits, goggles, swim caps, and ear plugs. SwimFit wants to improve the quality of

Sphinxa [80]

Answer:

(E)

Explanation:

Since SwimFit wants to improve the quality of its goggles and other products inorder to achieve better quality than that of its competitor it is termed reverse engineering.

Any reproduction of another manufacturer's product after examination of how it is made is called reverse engineering.

An example of this scenario occurs in real life when a close competitor of a firm invents a new mobile phone with certain features. Within a few weeks the other firm might release their own mobile phone with similar or even better features.

8 0

2 years ago

Carla was unhappy with her haircut. The next time she wanted a haircut, she went to a different hairstylist who Carla thought wa

tatiyna

Answer:

B. Switching

Explanation:

Based on the information provided within the question it can be said that the term that would best describe Carla's behavior would be Switching. This is when a customer changes from one product or service provider to another completely different one within the same industry. Usually because of a bad experience or they are overall displeased with the service provided, which seems to be the case with Carla's first haircut.

8 0

2 years ago

The following information is for MTC Harry Company:

neonofarm [45]

Answer:

Results are below.

Explanation:

First, we need to calculate the total manufacturing costs:

total manufacturing costs= Raw materials used in production as direct materials + Direct labor costs + (Manufacturing overhead (actual) - Under-applied manufacturing overhead)

total manufacturing costs= 95,000 + 100,000 + (250,000 - 25,000)

total manufacturing costs= $420,000

Now, the cost of goods manufactured:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 130,000 + 420,000 - 145,000

cost of goods manufactured= $405,000

Finally, the cost of goods sold:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 65,000 + 405,000 - 80,000

COGS= $390,000

3 0

2 years ago

Income rises from $3,500 to $4,000 a month and the quantity demanded of good X falls from 7 to 5 units a month. Income elasticit

finlep [7]

Answer:

E) -2.50 ; inferior

Explanation:

Before you earned $3,500 per month, you consumed 7 units per month. That means that you consumed 1 unit every $500 earned.

When your income increased to $4,000, you only consumed 5 units per month. That means that your consumption decreased to 1 unit for every $800.

The income elasticity of demand using the midpoint method is calculated by using the following formula:

income elasticity = {change in quantity demanded / [(old quantity + new quantity) / 2]} / {change in income / [(old income + new income) / 2]}

= {-2 / [(7 + 5) / 2]} / {500 / [(3,500 + 4,000) / 2]} = (-2 / 6) / (500 / 3,750) = -0.333 / 0.133 = -2.5

Since the income elasticity of demand is negative, the good X is an inferior good.

7 0

2 years ago

The rate card for a magazine mentioned that the one-time cost for a full-page black-and-white ad was $930. The magazine had a to

11111nata11111 [884]

Answer:

Magazine's cost per thousand (CPM) = $62

Explanation:

Given:

Cost per card = $930

Total number of cards = 15,000

Find:

Magazine's cost per thousand (CPM)

Computation:

Magazine's cost per thousand (CPM) = [Cost per card x 1,000] / Total number of cards

Magazine's cost per thousand (CPM) = [930 x 1,000] / 15,000

Magazine's cost per thousand (CPM) = 930,000 / 15,000

Magazine's cost per thousand (CPM) = $62

5 0

2 years ago