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1 year ago

An income statement reflects activity that occurs _ while a balance sheet reflects values .

1 answer:

6 0

An income statement reflects activity that occurs over a period of time while a balance sheet reflects values at a point of time.

The income statement of a company is the financial statement that shows its income and expenditures. This gives a picture of the profit or loss the company is making. This is calculated for a given period of time.

The balance sheet of a company, on the other hand, is calculated at a specific point in time. It shows the assets, liabilities, and shareholder equity of the company at that point.

Income statement and balance sheet both constitute the financial statement of a company.

To learn more about balance sheets: brainly.com/question/14847079

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What is the purpose of the color coded tape located at the front entrance of

irina1246 [14]

Answer:

D. None of the above

Explanation:

The color-coded tape are used at the front entrance of Dollar General stores is a way to attract the customers in the store.

The color-coded tape attracts customers and shows the safety information to customers directly at the point.

Hence, the correct option is "D. None of the above".

8 0

3 years ago

Jmes Graham Manufacturing is a small manufacturer that uses machine-hours as its

IgorLugansk [536]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Company - Job 62 - Job 63

Direct materials: $60,000 - $4,500 - $7,100

Direct labor: $25,000 - $2,500 - $4,200

overhead costs $72,000

Machine hours: 90,000 - 1,350 - 3,100

During 2019, the actual machine-hours totaled 95,000, and actual overhead costs were $71,000. Job 62 consisting of 1,000 units and Job 63 consisting of 2000 units were completed during the month.

A) To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 72,000/90,000

Estimated manufacturing overhead rate= 0.8 per machine-hour

B) Total manufacturing cost= direct material + direct labor + allocated overhead

Job 62:

Total manufacturing cost= 4,500 + 2,500 + 0.8*1,350

Total manufacturing cost= $8,080

Job 63:

Total manufacturing cost= 7,100 + 4,200 + 0.8*3,100

Total manufacturing cost= $13,780

C) Unitary cost= total cost/ number of units

Job 62:

Unitary cost= 8,080/1,000= $8.08

Job 63:

Unitary cost= 13,780/2,000= $6.89

D) First, we need to apply overhead for the company as a whole:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 0.8*95,000

Allocated MOH= $76,000

Now, we can calculate the over/under applied overhead:

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 71,000 - 76,000

Overapplied overhead= $5,000

E) Job 62= 14,000

Job 63= 18,000

Gross profit= sales - cost of goods sold

Job 62:

Gross profit= 14,000 - 8,080= $5,920

Job 63:

Gross profit= 18,000 - 13,780= $4,220

7 0

3 years ago

Cardinal Industries purchased a generator that cost $11,000. It has an estimated life of five years and a residual value of $1,0

atroni [7]

Answer:

Correct answer is letter D, $11,000 cost, five-year life and $1,000 salvage value

Explanation:

To compute depreciation expense of an asset using straight-line method of depreciation, the information we needed is 3,

1. cost of an asset

2. life of an asset (in year)

3. residual value (if available)

* residual value of an asset is to be determined by the company, some asset don't have scrap value assigned.

FORMULA 

The difference between the cost of an asset and the expected residual value over the number of years it is expected to be useful.

(cost of an asset - residual value ) / life of an asset

6 0

4 years ago

Lakeview Company completed the following two transactions. The annual accounting period ends December 31.

Ann [662]

Answer: Check attachment and explanation.

Explanation:

a. The question has been solved. Check the attachment.

b. LAKEVIEW COMPANY

Balance sheet (Partial)

December 31

Current liabilities

FICA Payable=$4800 + $4800= $9600

Charitable contribution payable = $2400

Withheld income tax payable = $6400

State and Federal unemployment tax payable = $560

Unearned rent revenue = $5700 - $3800 = $1900

Total current liabilities = $20860

6 0

3 years ago

Break-Even Point

11111nata11111 [884]

Answer:

The right answer is:

(a) 5916 units

(b) 5046 units

Explanation:

Given:

Sales,

= $59

Variable cost,

= $30

Fixed cost,

= $171,564

Increased sale,

= $64

Now,

(a)

Contribution margin will be:

= $Sales - Variable \ cost$

= $59-30$

= $29 \ per \ unit$ ($)

hence,

Breakeven will be:

= $\frac{Fixed \ cost}{Contribution \ margin}$

= $\frac{171564}{29}$

= $5916 \ units$

(b)

Contribution margin will be:

= $Sales-Variable \ cost$

= $64-30$

= $34 \ per \ unit$ ($)

hence,

Breakeven will be:

= $\frac{Fixed \ cost}{Contribution \ margin}$

= $\frac{171564}{34}$

= $5046 \ units$

5 0

3 years ago

An income statement reflects activity that occurs _____ while a balance sheet reflects values ____.

An income statement reflects activity that occurs _ while a balance sheet reflects values .