Answer:
E. Reports how equity changes over a period of time.
Explanation:
Statement of owner's equity as the name suggests is the statement which describes the changes in owner's equity, as it is obvious that the change cannot occur at a point of time, it will occur over a period of time.
And therefore, the statement is prepared over a period generally for a fiscal year, or a financial year.
There is no statement prepared to show any change in owner's equity at a point.
Statement reporting cash flows is called cash flow statement.
Therefore, correct option is:
Statement E
Answer:
Debited by $400
Explanation:
Calculation for the Cost of Goods Sold
Using this formula
Cost of Goods Sold= Inventory on hand*(Cost-Current replacement cost)
Let plug in the formula
Cost of Goods Sold=200 units * ($12 - $10)
Cost of Goods Sold= 200 units*2
Cost of Goods Sold = $400 Debited
Therefore the Cost of Goods Sold will be:$400 Debited
Answer:
Small batch and unit production.
Explanation:
Small batch and Unit production -
In this type of production , the primary focus of the organisation , is the satisfaction of the customer and is based on the preference of the customer .
For this type of manufacturing process , skilled labor and planning is very important to customize and prepare any good or service .
sometimes , the complete team focus on the production of the product one at a time , with lot of caution .
Hence , the information given in the question , the type of manufacturing process is best describes as Small batch and unit production .
Answer:
b. $44,500
Explanation:
Particulars Amount
Direct material used $12,500
Direct labor used $26,500
Total factory overhead <u>$5,500</u>
Total Manufacturing Cost <u>$44,500</u>
Answer:
Debit Notes Receivable for $86,000; credit Cash $86,000
Explanation:
The journal entry to record the cash loan is given below;
Notes Receivable $86,000
To Cash $86,000
(Being cash loan is recorded)
Here the note receivable is debited as it increased the assets and credited the cash as it decreased the assets
Therefore the first option is correct
