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4 years ago

It is the end of the year but not the end of the pay period. How will this affect the balance sheet?

Business

2 answers:

Nataliya [291]4 years ago

8 0

Answer:

This has no effect on the period-end balance sheet.

Explanation:

A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.

According to the question asked the balanced sheet was prepared before the pay period came so this effect will not affect the balance sheet.

Nataliya [291]4 years ago

6 0

Answer:

its liabilities will be increased because i took the test and the other 3 options were wrong.

Explanation:

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Pedro sells port wine for $32 per bottle. His fixed costs are $769. Variable costs are $15 per bottle. Lori approaches Pedro abo

Dvinal [7]

Answer:

$17

Explanation:

Calculation for that minimum price

Sales of port wine $32 per bottle

Less Variable costs ($15 per bottle)

Minimum price $17

($32-$15)

Therefore that minimum price is $17

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3 years ago

Assume the facts in part (a) except the adjusted basis of Rodriquez's original parcel of land is $65,000 and the fair market val

Masja [62]

Answer:

A 1031 Exchange allows a taxpayer like Rodriguez to temporarily differ any capital gains when they sell a property and immediately purchase another property using the proceeds from the sale. In the first part of the question, Rodriguez sold a property that had a basis of $57,000 for $65,000, and immediately but another property worth $65,000. That means that he doesn't need to immediately pay any taxes for the $8,000 gain.

But if the situation is the opposite. Instead of making a gain, Rodriguez lost money, then he should immediately record the $8,000 loss in order to lower his taxes. The less taxes you pay, the better. The whole idea of the 1031 Exchange is to defer taxes that you owe, not to defer losses that will lower your taxes.

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3 years ago

Most firms in the apparel and footwear industries choose to outsource production to countries where labor is abundant (primaril

RideAnS [48]

Answer: Outsource production to other countries where labour is abundant because labour in those countries are cheaper than in their home countries.in order to reduce the cost of Production and maximize profit, on the other hand a firm may use capital intensive production technique in order to improve efficiency in production and cut cost which will also translate to profit maximization.

Explanation:

Production is the creation of goods and services in order to satisfy human wants.production is not complete untill the goods is finally in the hands of consumers. There are four factors of production which are land, Labour, capital and entrepreneurs.

The Labour is the productive power of the individual. It refers to the actual effort both physical and mental made by human being in production. The Labour intensive industry is a kind of industry where extensive use of human Labour in production is more than the use of machine in production. The capital as one of the factors of production, is the wealth which has been set aside for the production of further wealth. This is because capital plays an important role in increasing production. Capital such as tools,machines,equipment, help in increasing production. The capital intensive industry is therefore, the extensive use of machines in production than human effort in the production of goods. The replacement of machines with human Labour enhances efficiency because of the difficult work which can easily be performed with the use of machine.It also aid in the mass production of goods because machines increases output per man. Therefore we can say that production function can be written as x= f ( K,L) where K is capital and L is labour

The product output depends on the techniques of production used in the production of such goods. Given the firm's capital outlay for inputs, the more efficient the technique used the greater will be the firm's output, and the less efficient the technique used the smaller will be its output. The product output also depends on the quantity and quality of resources used in production, a firm can increase or decrease output by increasing or decreasing the quantity of all resources or inputs used. The firm may choose to outsource production to countries where Labour is abundant such as the south east Asia because the Labour is abundant and cheap. They do this in order to reduce their cost of Production and at the end of the day maximize profit. While the firm which use capital intensive production technique use it in order to improve efficiency of their production and also to cut cost of Production which will also increase profit .

6 0

4 years ago

The following classification scheme typically is used in the preparation of a balance sheet:

agasfer [191]

Answer:

Long-term Receivables: Other Assets

Accumulated Amortization: Intangible Assets

Current maturities of long-term debt: Current Liabilities

Notes payable (short-term): Current Liabilities

Accrued payroll taxes: Current Liabilities

Leasehold improvements: Property, Plant and Equipment

Retained earnings appropriated for plant expansion: Retained Earnings

Machinery: Property, Plant and Equipment

Donated capital: Contributed Capital

Short-term investments: Current Assets

Deferred tax liability (long-term): Long-term Liabilities

Allowance for uncollectible accounts: Current Assets

Premium on bonds payable: Long-term Liabilities

inventory: Current Assets

Additional paid-in capital: Contributed Capital

8 0

3 years ago

FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beg

klemol [59]

Answer:

a. Ending inventory under FIFO = $1,071,000

b. Ending inventory value under LIFO = $1,036,500

Explanation:

The data are merged together in the question and they are first separated before the questions are answered as follows:

Beginning inventory: 8,400 units at $200

Sale: 5,500 units at $300

First purchase: 14,500 units at $205

Sale: 13,400 units at $300

Second purchase: 15,500 units at $210

Sale: 14,400 units at $300

Number units available for sale = 8,400 + 14,500 + 15,500 = 38,400 units

Number of units sold = 5,500 + 13,400 + 14,400 = 33,300 units

a. What is the total cost of the ending inventory according to FIFO? Round your answer to the nearest dollar. $ 3,255,000 X

Since second purchase is 15,500 units and last sales is 14,400, the 5,100 closing stock must be from the last purchases. Therefore we have:

Ending inventory under FIFO = 5,100 * $210 = $1,071,000

b. What is the total cost of the ending inventory according to LIFO?

Beginning inventory balance after first sale = 8,400 - 5,500 = 2,900

Second sale distribution = 100% from first purchase = 13,400

First Purchase balance = 14,500 - 13,400 = 1,100

Third sale distribution = 100% from second purchase = 14,400

Second Purchase balance = 15,500 - 14,400 = 1,100

Ending inventory value under LIFO = (2,900 * $200) + (1,100 * $205) + (1,100 * $210) = $1,036,500

4 0

4 years ago