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3 years ago

Which financial statement is prepared first?

Business

2 answers:

antiseptic1488 [7]3 years ago

6 0

The answer to your question is "Income Statement"

levacccp [35]3 years ago

5 0

<span>The income statement is prepared first</span>

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If a company must expand capacity to accept a special order, it is likely that there will be an increase in unit variable costs.

Lelechka [254]

Answer:

If a company must expand capacity to accept a special order, it is likely that there will be an increase in fixed costs.

Explanation:

The fixed costs are the part of the total costs of production that remain constant during a given reference quantity in a certain period. These include, for example, depreciation of fixed assets or rental or interest expenses. Since fixed costs are incurred regardless of the application quantity (short-term), they cannot be apportioned to the unit costs according to the cause.

In the present case, given that the company must expand its capacity to take the special order, it means that all of its production factors are totally devoted to production, so that in order to produce a greater quantity of goods, the productive factors must be increased, which are part of the fixed production costs that the company has. Therefore, as the costs of production are altered, there will be an increase in fixed costs.

6 0

3 years ago

Mary's campaign consistently meets its average daily budget. what should she do to maximize her budget throughout the entire day

olganol [36]

The thing that Mary should do <span> to maximize her budget throughout the entire day is: Change the delivery method from "standard" to "accelerated"
By changing the delivery method into accelerated, mary's add will be displayed more frequently as soon as each day starts until mary's total budget is reached.</span>

7 0

3 years ago

How does the aggregate-demand curve shift when increased uncertainty and pessimism about the future of the economy lead firms to

joja [24]

Answer:

The correct answer is C) The curve shifts to the left because if firms invest less, they will produce less goods and services, that is to say, the will produce less ouput, which will cause a shift of the aggregate demand to left, because the Y axis of the AD Curve represents output.

4 0

4 years ago

Selected transactions from the journal of Larkspur, Inc., are presented below. Date Account Titles and Explanation Debit Credit

marshall27 [118]

Answer:

The requirement of the question is below:

Post the transactions to T accounts. (Post entries in the order displayed in the problem statement.)

The postings of the transactions to t accounts are found in the attached

Explanation:

In doing the post , I have observed strictly the rule of double that the giving account be credited and the receiving account be debited.

Also,this could be done understanding that assets ,expenses and drawings should be debited when they increase and the reverse when there is reduction.

Besides, liabilities,capital and income should be credited when they increase and the reverse for the opposite.

Check the highlighted balances as well and note that the balances are named after the side with balance brought down.

Download xlsx

4 0

3 years ago

On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules,

marissa [1.9K]

Answer:

Shoemarket Corporation

Journal Entries:

April 1, 2021:

Debit Notes Receivable $490,000

Credit Cash Account $490,000

To record the issue of notes.

December 31, 2021:

Debit Interest on Notes Receivable $36,750

Credit Interest on Notes $36,750

To accrue interest on notes for the year.

April 1, 2022:

Debit Cash Account $539,000

Credit Notes Receivable $490,000

Credit Interest on Notes Receivable $36,750

Credit Interest on Notes $12,250

To record cash collection of the note and interest.

Explanation:

a) The acceptance of notes receivable increases the Notes Receivable account and reduces the Cash Account by $490,000.

b) Due to the accrual concept and the matching principle, on December 31, 2021, interest on notes receivable will be accrued. This is calculated as follows:

Interest for 9 months = $490,000 x 10% x 9/12 = $36,750.

c) On April 1, 2022, when the cash collection of the note and interest is made, the Cash received will total $539,000 ($490,000 + 10% Interest for a year). This is worked as $490,000 x 10% = $49,000. But, already interest for 2021 had been accrued. The difference is now accrued in 2022.

d) The entries required are a debit to the Cash Account $539,000, a credit to Interest on Notes Receivable $36,750, to Interest on Notes $12,250, and Notes Receivable Accounts $490,000 respectively.

3 0

3 years ago

Read 2 more answers