Answer:
Production= 750 units
Explanation:
Giving the following information:
Cook Plus projects sales of 675 10-inch skillets per month.
Cook Plus has 60 10-inch skillets in inventory at the beginning of July but wants to have an ending inventory equal to 20% of the next month's sales.
TO calculate the production required, we need to use the following formula.
Production= sales + desired ending inventory - beginning inventory
Production= 675 + (0.2*675) - 60
Production= 750 units
Answer:
Interest payment on bonds payable is a cash outflow from financing activities.
Explanation:
The only statement which is false from the list is : Interest payment on bonds payable is a cash outflow from financing activities.
Interest payment on bonds payable is an expense in the income statement used to determine the income for the year. Net Income falls under the Cash flows from Operating Activities.
Answer:
<h2>Post-Closing trial balance is usually prepared after the closing entries are posted to the ledger account.Hence,the correct answer is the third option or after closing entries are posted to the ledger accounts.</h2>
Explanation:
In Accounting,the main objective of preparing a post-closing trial balance is to ensure the completion and closure of all the temporary accounts and the equality between all the debit and credit entries have been consistently established once the closing entry has been done.Once the closing entries have been put into journal and finally posted in ledger,a detailed account or list of all the individual accounts along with their respective balances is prepared which is basically known as Post Closing Trial Balance Account.It includes all the unbalanced accounts from the original trial balance or the accounts which are not balanced based on debt and credit entries,at the end of the accounting or reporting year.Therefore,post-trial balance basically ensures that all the accounts entered in the original trial balance are zero balance or the debit and credit entries of all the individual accounts in trial balance are balanced or equal.
Answer:
A. FIFO
Explanation:
FIFO, which is First-in, First-Out is a method used for calculating the cost of goods sold whereby the oldest goods in the company's or organization's industry are assumed to be sold first. It gives thesame results under both the periodic system and perpetual inventory system. So, in FIFO, goods acquired first are sold, leaving the most recent cost in the balance sheet. It also costs actual flow of goods in most businesses.
