Answer:
The correct answer is A: All of the answer are correct
Explanation:
ABC defines production as consisting of a variety of activities, and it assigns costs to those activities. An activity cost pool is an aggregate of all the costs associated with performing a particular business task, such as making a particular product. By pooling all costs incurred in a particular task, it is simpler to get an accurate estimate of the cost of that task.
Cost pool is created for those costs more closely aligned with the production of goods or services. It is very common to have separate cost pools for each product line. If production batches are of greatly varying lengths, then it has to consider creating cost pools at the batch level, so that it can adequately assign costs based on batch size.
To conclude, the creation of a cost pool and the subsequent assignment of costs will vary according to the length of production and the possibility to discriminate and assign costs.
The three most frequent misconceptions are that net income equals cash, net income excludes estimates, and net income reports all changes in value that occurred during the accounting period.
One of the three crucial financial statements used to describe a company's financial performance throughout a certain accounting period is the income statement. The balance sheet and the cash flow statement are the other two important statements. The income statement, which is often referred to as the profit and loss (P&L) statement or the statement of revenue and expense, primarily focuses on the company's revenue and expenses over a specific time period. Understanding how to study an income statement is the greatest approach to evaluate a business and choose whether or not to invest.
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Answer:
Use goal seek to answer this question. All else equals, to have a net income of 20,000, the COGS margin percentage must be <u>40%</u>, and the gross profit must be <u>$17,250</u>.
Explanation:
The income statement is missing, so I looked it up and the information given was:
- Revenue 100,000
- COGS 40,000
- Gross Profit 60,000
- Salaries
- Marketing
- Rent
- Earnings Before Tax 23,000
- Income Tax 25%
- Net Income ?
Since COGS are$40,000 and total sales are $100,000, the COGS margin percentage = 40,000 / 100,000 = 40%
Since earnings before taxes are $23,000 and taxes are 25%, then net income = $23,000 x (1 - 25%) = $23,000 x 75% = $17,250
Unclear question. I provided some information on national income statistics.
<u>Explanation:</u>
The national income statistics is an economic indicator that tells us the value of goods and services (as in this case in billion of dollars) produced by a country's economy.
Information about the national income statistics of a country is usually published by the World Bank; an internal financial institution.
Answer:
Credit to cash for $302
Explanation:
Account Titles and Explanation Debit Credit
Delivery expenses $63
Miscellaneous inventory $207
Miscellaneous expense $32
Cash $302
(To record petty cash reimbursement)
