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4 years ago

Foundational accounting concepts are generally taught in which course(s)?

1 answer:

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Below are the foundational accounting concepts are generally taught:

Financial Accounting

Managerial Accounting

Managerial accounting is more worried about operational reports, which are just disseminated inside an organization. The financial accounting must follow different bookkeeping benchmarks, while administrative bookkeeping does not need to conform to any principles when it arranges data for inward utilization.

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Metlock Company is a multiproduct firm. Presented below is information concerning one of its products, the Hawkeye. 1/1 - Beginn

bixtya [17]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

1/1 - Beginning Inventory (Quantity 1,000 - Price/Cost = $12)

2/4 - Purchase (Quantity 2,000 - Price/Cost = $18)

2/20 - Sale (Quantity 2,500 - Price/Cost = $30)

4/2 - Purchase (Quantity 3,000 - Price/Cost = $23)

11/4 - Sale (Quantity 2,200 - Price/Cost = $33)

Units sold= 4,700

1) Periodic - FIFO

COGS= 1,000*12 + 2,000*18 + 1,700*23= 87,100

2) Perpetual - FIFO

COGS= 1000*12 + 1500*18 + 500*18 + 1,700*23= $87,100

3) Periodic - LIFO

COGS= 3,000*23 + 1,700*18= $99,600

4) Perpetual - LIFO

COGS= 2,000*18 + 500*12 + 2,200*23= $92,600

5) Periodic - weighted

Average price= (12 + 18 + 23)/3= 17.67

COGS= 4,700*17.67= $83,049

6) Perpetual - weighted

COGS= 15* 2,500 + 17.67*2,200= $76,374

3 0

3 years ago

Acme Manufacturing Company is insured under two primary Commercial General Liability (CGL) policies. Policy A has an each-occurr

nadezda [96]

Answer:

B) $1,400,000

Explanation:

Policy A will cover $1,000,000 and policy B will cover $1,400,000

When a single insured company has two or more policies from different insurance companies, the contribution by equal shares provision establishes that the losses must be divided equally between the insurance companies until the full amount is paid.

8 0

3 years ago

2-B. A farmer estimates that if he harvests his soybean crop now, he will obtain 1,000 bushels, which he can sell at $3.00 per b

Sholpan [36]

Answer:

the farmer should wait for two weeks in order to be able to obtain 3,000 bushels and sell then at $2 per bushel, total revenue $6,000

Explanation:

time to harvest bushels price revenue

today 1,000 $3 $3,000

1 week 2,000 $2.50 $5,000

2 weeks 3,000 $2 $6,000

3 weeks 4,000 $1.50 $6,000

4 weeks 5,000 $1 $5,000

5 weeks 6,000 $0.50 $3,000

net increase per week = +1,200 bushels - 200 bushels = 1,000 bushels

7 0

4 years ago

Rodriguez Company pays $321,165 for real estate with land, land improvements, and a building. Land is appraised at $210,000; lan

777dan777 [17]

Answer:

Land $210,000 (debit)

Land Improvements $42,000 (debit)

Building $ 168,000 (debit)

Cash $ 420,000 (credit)

Explanation:

Recognise the Assets Purchased separately at their appraised amounts to reflect inflow of economic benefits and de-recognise the Asset Cash to reflect outflow of economic benefits.

8 0

3 years ago

What statement best describes why economies must make these decisions

AlexFokin [52]

Is there a answer choice????

7 0

3 years ago