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Sindrei [870]
11 months ago
9

Explain why the income statement and the statement of cash flows are dated "For the Year Ended December 31, " whereas the balanc

e sheet is dated "At December 31."
Business
1 answer:
Dvinal [7]10 months ago
3 0

The income statement and the statement of cash flows are dated “For the Year Ended December 31” because they account for the inflow and outflow of resources during the entire year. Whereas the balance sheet is dated “At December 31” because it provides information on the assets, liabilities, and stakeholders’ equity at a specific date.

The income statement of a firm provides information of the firm’s revenues, expenses, profits or losses, over a period of time. A cash flow statement refers to the financial statement that records all the inflows and outflows of cash of a company from its business operations and investments.

The balance sheet, however, records financial information of a specific time, and this information includes the assets, liabilities, and shareholder’s equity.

To learn more about income statements and balance sheets : brainly.com/question/13463210

#SPJ4

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Journalize the following merchandise transactions. The company uses the perpetual inventory system.
aliya0001 [1]

Answer:

a.

Accounts Receivable $17,300 (debit)

Cost of Goods Sold $12,600 (debit)

Sales Revenue $17,300 (credit)

Inventory $12,600 (credit)

b.

Cash $15,916 (debit)

Accounts Receivable $15,916 (credit)

Explanation:

The Perpetual Inventory system records the cost of inventory after every sale.

a. Sale of Sold merchandise on account

Recognize the Revenue and Cost of Sale as follows :

J1

Accounts Receivable $17,300 (debit)

Sales Revenue $17,300 (credit)

J2

Cost of Sales $12,600 (debit)

Merchandise $12,600 (credit)

b.Received payment within the discount period

Recognize the Cash receipts  to the extend of amount paid less cash discount of 2%

Cash $15,916 (debit)

Accounts Receivable $15,916 (credit)

Cash Receipt = $17,300 × 92% = $15,916

5 0
3 years ago
On January 1, 20X1, the Moody Company entered into a transaction for 100% of the outstanding common stock of Osorio Company. To
Paha777 [63]

Answer:

B. $1,760

Explanation:

Given that:

Liabilities = $400, shares = 40 shares, par value = $1 per share, undervalued building asset = $60, net building amount = $1260

amount of consolidated buildings (net) at date of acquisition = net amount for buildings + amount of undervalued building asset + $400 + ($1.00 x 40 shares)  

amount of consolidated buildings (net) at date of acquisition = $1260 + $60 + $400 + $40 = $1760

3 0
3 years ago
A company started the year with $10,000 of inventory. Purchases for resale during the year were $20,000. Inventory on December 3
Monica [59]

The inventory indicates that the cost of goods sold will be $25000.

<h3>How to calculate the cost of goods sold</h3>

It should be noted that the cost of goods sold ic calculated through the formula:

= Opening inventory + Purchases - Closing inventory

= $10000 + $20000 - $5000

= $25000

Therefore, the cost of goods sold is $25000.

Learn more about inventory on:

brainly.com/question/24868116

7 0
2 years ago
Kenseth Corp. has the following beginning-of-the-year present values for its projected benefit obligation and market-related val
levacccp [35]

Answer:

10%Corridor

2011 $0

2012 $250,000

2013 $295,000

2014 $360,000

Accumulated

2011 $0

2012 $280,000

2013 $367,000

2014 $372,000

Minimum Amortization of Loss

2011 $0

2012 $3,000

2013 $6,000

2014 $1,000

Explanation:

Calculation to determine the net gain or loss amortized and charged to pension expense under the corridor approach

Year, Projected Benefit Obligation (a) , Plan Assets, 10%Corridor, Accumulated d OCI (G/L) (a), Minimum Amortization of Loss

2011 $2,000,000 $1,900,000 $200,000 $ 0 $0

2012 $2,400,000 $2,500,000 $250,000 $280,000 $3,000(b)

2013 $2,950,000 $2,600,000 $295,000 $367,000(c) $6,000(d)

2014 $3,600,000 $3,000,000 $360,000 372,000(e) $1,000(f)

Calculation for 10%Corridor

2011 $0

2012 10%*$2,500,000 =$250,000

2013 10%*$2,950,000 =$295,000

2014 10%*$3,600,000 =$360,000

Calculation for Accumulated Depreciation and Minimum Amortization of Loss

a. As at the beginning of the year

b. ($280,000 – $250,000) ÷ 10 years = $3,000

c. $280,000 – $3,000 + $90,000 = $367,000

d. ($367,000 – $295,000) ÷ 12 years = $6,000

e. $367,000 – $6,000 + $11,000 = $372,000

f ($372,000 – $360,000) ÷ 12 years = $1,000

Therefore the net gain or loss amortized and charged to pension expense under the corridor approach are :

10%Corridor

2011 $0

2012 $250,000

2013 $295,000

2014 $360,000

Accumulated Depreciation

2011 $0

2012 $280,000

2013 $367,000

2014 $372,000

Minimum Amortization of Loss

2011 $0

2012 $3,000

2013 $6,000

2014 $1,000

6 0
2 years ago
U.S. exports of goods and services flow to households and firms in ________, and U.S. financial inflows of capital flow to house
kondaur [170]

Answer:

The correct anwer is: the rest of the world; the United States.

Explanation:

Now, the goods exported by the United States tell only part of the story. Services are the largest export of this country, with sales abroad for 778,000 million dollars last year. In fact, the United States has a trade surplus of $ 243 billion in services, which is good news since the industries in this sector account for 71% of jobs in the country

These are the service industries that generate the most money:

  1. Travel and transportation: 236,000 million dollars.  
  2. Finance and insurance: 76,000 million dollars.
  3. Intellectual property sales: 49,000 million dollars. This includes software, movies and TV shows.
5 0
3 years ago
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