Answer:
Part A
Cost of Goods Sold reported in the company's year-end income statement is $11000000
Part B
Merchandise Inventory reported in the company's year-end balance sheet is $84000000
Part C
The balance of the Cost of Goods Sold account Immediately prior to recording inventory shrinkage is $ 10000000
The balance of the Merchandise Inventory account Immediately prior to recording inventory shrinkage is $85000000
Explanation:
Cost of Goods Sold
Ranns Supply use the perpetual inventory system. This means that cost of goods sold is calculated after every sale agreement.
In this case Cost of Sales figure reported at company`s year end can be calculated using missing figure approach in the Income Statement
Calculation of the Cost of Sales figure is as follows:
Net Sales $2600000 - Gross Profit $15000000 = $1100000
Merchandise
The merchandise account records assets of inventory in hand during the year.
The Merchandise used during the year should match with the cost of sales figure.But if the figure is lower than the cost of sales figure, then inventory was written down to its replacement value in terms of IAS 2.
Calculation of Merchandise in Hand is as follows:
Purchase of Merchandise $9500000 - Shrinkage During the year $10000000 - Write down of Inventory $1000000 = $ 84000000
Answer: equals sales revenue minus variable costs
Explanation: In simple words, contribution margin refers to the amount of revenue that an organisation is left with after paying for the variable expenses that are incurred for the generation of such revenue.
It is an important aspect of an organisation as it somehow depicts the ability of it to pay its fixed expenses like interests etc.
A cosmograph simply because that is not what any of the other graphs look like. D is the only one that can take the shape of a state.
Answer: $2.50
Explanation:
We all know that national defense is a non excludable and no rival good which means that one person cannot exclude others from consuming it and the consumption level of national defense remains the same for all the citizens, it will not be reduced from the consumption of one individual.
It was given that each person values every dollar that is contributed towards national defense is at %0.25.
Therefore, if Bob contributes $10 to the national defense fund then his personal valuation of the increase in the fund is only (0.25 × 10)= $2.50.
When a full set of general-purpose financial statements are presented, comprehensive income and its components should (D) be presented as part of the Income Statement or as a separate financial statement following the Income Statement.
<h3>Comprehensive income and its components:</h3>
- Comprehensive income and its components should be reported as part of the Income Statement or as a separate financial statement after the Income Statement when a full set of general-purpose financial statements is furnished.
- Net income (or loss) plus/minus other comprehensive income items, which may include, for a period: (a) a minimum pension liability adjustment, (b) any unrealized gain or loss on available-for-sale investments, (c) a foreign currency translation adjustment and gain/loss on the related hedge, and (d) the effective portion of cash flow hedges.
- For-profit entities are required by US GAAP to report comprehensive income and its components for a period (unless the entity has no other comprehensive income) in one of two statements:
- In the form of a separate "Statement of Comprehensive Income"
- Or when paired with the Income Statement, a "Statement of Net Income and Comprehensive Income" is produced.
Therefore, when a full set of general-purpose financial statements are presented, comprehensive income and its components should (D) be presented as part of the Income Statement or as a separate financial statement following the Income Statement.
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The correct question is given below:
When a full set of general-purpose financial statements are presented, comprehensive income and its components should:
A. Appear below income from continuing operations in the Income Statement.
B. Reported net of related income tax effect, in total and individually.
C. Appear in a supplemental schedule in the notes to the financial statements.
D. Be presented as part of the Income Statement or as a separate financial statement following the Income Statement.