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Sphinxa [80]
3 years ago
5

George works in the accounting department at the Green Goddess Lawn Services, where it is his job to record all transactions int

o journals. After completing this task, the next step in the accounting process is to:
Business
1 answer:
Sedbober [7]3 years ago
7 0

Answer:

The correct answer is post the information to the ledger.

Explanation:

In accounting, the general ledger is a document where all the transactions of corporations are recorded in chronological order. Each account must have a different book, which must be affected each time the accounts are involved in this process. These records make it possible to know the movements in a more detailed way, since unlike the journal in this case, only a single group of accounts is known and not the whole.

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Kilian Company's inventory balance at the end of the year does not include $10,000 of inventory that was stored in a separate wa
gizmo_the_mogwai [7]

Answer:

Understated net income by $10,000

Explanation:

Since closing stock of goods are added in general equation, of sales, that is in T shape account it is credited along with sales revenue, and that the closing stock increases the revenue.

In the given case closing stock is understated by $10,000.

Accordingly, Gross profit is also understated by $10,000.

For this the equation is:

Gross Profit = Sales - Cost of goods sold

Cost of goods sold = Opening Units + Purchases - Closing

Gross Profit = Sales - (Opening Units + Purchases - Closing)

Opening brackets will change the sign for each value

Gross profit = Sales - Opening units - Purchases + Closing units

Thus, Closing units are added and after all deductions, net income is computed and thus, net income is understated in current year by $10,000.

5 0
3 years ago
Of fifo or lifo, which method would produce the more favorable cash flow? fifo, because of it produces lower income tax expense
quester [9]
FIFO stands for First In First Out and LIFO stands for Last In First Out.
Answer: LIFO produces more favorable cash flow because LIFO PRODUCES LOWER INCOME TAX EXPENSE.
During inflation, LIFO approach is adopted for tax benefits. With the rise in prices, LIFO produces higher cost of sold amounts of goods.
4 0
3 years ago
Angus works as a dairy farmer in Minnesota. He loves his work and finds a great deal of personal satisfaction in providing the h
weeeeeb [17]

Answer:

Explicit costs are the costs which requires the money to pay.

On the other hand, implicit costs refers to the benefit that is foregone by choosing some other work or doing some other activity.

Therefore,

Explicit costs are as follows:

1. Wages pays to his hired hand

2. Buys feed for his cows.

3. Gas expense that is used in truck

Implicit costs are as follows:

1. Foregone income of $27,000 from working at a dairy plant as a technician.

2. Time taken for extracting milk from all the cows.

5 0
3 years ago
You are conducting a study to determine if a relationship exists between personality and being a successful Reality TV character
tia_tia [17]

Answer:

The correct answer is letter "D": group's altercations and group's celebrations.

Explanation:

The unit of context represents the samples that are going to be taken into consideration for research. According to those samples, it will be possible to conduct a study about a specific topic of interest for the researcher that he or she would like to expose.

In that case, analyzing the TV show characters during the group's altercations and group celebrations will allow the researcher to conduct the study.

3 0
3 years ago
Over the years, Hampton Industries' stockholders have provided $40,000,000 of capital when they purchased new issues of stock an
11Alexandr11 [23.1K]

Answer:

Hampton Industries

Hampton's Market value added (MVA) is:

= $12,000,000

Explanation:

a) Data and Calculations:

Stockholders' Equity = $40,000,000

Common stock outstanding = 1,000,000

Market price per share = $52

Market capitalization = $52,000,000 ($52 * 1,000,000)

Market value added (MVA) = $12,000,000 ($52,000,000 - $40,000,000)

b) The market value added (MVA) is the difference between the market capitalization of Hampton's stock and the capital contribution of stockholders.

3 0
2 years ago
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