Answer:
In simple words, Prior to filing financial reports, extra journal entries, named correction reports, are produced to strengthen the financial documents of the organisation conform to the standards of revenue identification and alignment.
Adjustment entries are required since a single item might influence profits or expenditures over a span of more for one accounting cycle but also because not all transactions were automatically recorded over the time period.
Each change entry typically affects one financial report of revenue (a financial of income or expenditure) and one report balance sheet (an account of assets or liabilities).
<span>The above process is known as Peer Review. This Process is used by most of the scientific journals.Peer review process are to help keep up norms and guarantee that the detailing of research work is as honest and very precise and accurate also.The result of the peer review process the authors want to add the number of subjects and results.</span>
Answer:
Net operating income= 341,000
Explanation:
We need to use the following structure:
Gross profit= sales - cost of goods sold
Net operating income= Gross profit - other expenses (variable and fixed)
<u>Under the absorption costing method, the cost of goods sold incorporates the fixed overhead.</u>
Sales= 980,000
COGS= (116,000 + 266,000)= (382,000)
Gross profit= 598,000
Fixed selling and administrative costs= (116,000)
Variable selling and administrative costs= (141,000)
Net operating income= 341,000
