Assume Kader Company has the following reported amounts: Sales revenue

In what different ways did global commerce transform human societies and the lives of individuals during the early modern era?

loris [4]

Explanation:

The beginning of the modern era was marked by the fortification and expansion of European monarchies throughout the world. It was from the fifteenth century with the great navigations that occurred the integration between various parts of the globe, having as main historical landmarks the discovery of the Americas and the trade route between Africa and Asia, which generated slavery of many individuals, as well as new and greater trade relations, increasing capital accumulation and the marketed economy worldwide, as well as the discovery and creation of new technologies.

4 0

3 years ago

Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first

Katyanochek1 [597]

Answer:

Required a.

Rushmore Biking Inc.

Income Statement For the Month Ended February 28

Sales Revenue $1,033,500

Less Cost of Sales ($577,400)

Gross Profit $456,100

Less Expenses :

Selling expenses $248,300

Administrative expenses $92,400 ($340,700)

Net Income/(Loss) $115,400

Required b.

Materials inventory, February 28 is $41,000

Work in process inventory, February 28 is $24,800

Finished goods inventory, February 28 is $17,100

Explanation:

First, Calculate the Costs of Goods Manufactured, then the Income Statement

Manufacturing Costs Schedule

Direct Materials $252,100

Direct labor $216,000

Overheads ($216,000 × 70%) $151,200

Total Manufacturing Costs $619,300

Less Transfer to Finished Goods ($594,500)

Closing Work In Process Inventory $24,800

Raw Materials T - Account

Debit :

Purchases $293,100

Totals $293,100

Credit :

Transfer to Work In Process $252,100

Ending Balance $41,000

Totals $293,100

Finished Goods T - Account

Debit :

Transfer from Work In Process $594,500

Total $594,500

Credit :

Trading Account $577,400

Ending Balance $17,100

Total $594,500

5 0

4 years ago

All of the following statements regarding accounting treatments for liabilities under U.S. GAAP and IFRS are true except:_______

mihalych1998 [28]

Answer:

A) Accounting for bonds and notes under US GAAP and IFRS is similar.

Explanation:

US GAAP and IFRS do not have the same accounting guideline for bond issue cost:

Under US GAAP, bonds payable is recorded at face value while premiums or discounts are recorded separately. While under IFRS, bonds payable is recorded using the carrying value, and amortization or premiums or discounts is done by using the effective-interest method.

5 0

3 years ago

Constable Co. reported the following information at December 31, Year 1: Accounts Payable $ 4,620 Accounts Receivable 9,470 Cash

avanturin [10]

Answer:

The total of the credit balance accounts is $117,260

Explanation:

In the classified balance sheet, we summarize the asset and liabilities into various types

Like assets are divided into fixed assets, current assets, and intangible assets.

Likewise, liabilities are also divided into current liabilities, long term liabilities

In every balance sheet, the accounting equation has used that means

Total assets = Total liabilities + Shareholder equity

The total assets have the debit balances whereas the total liabilities and the shareholder equity have the credit balances

So, The computation is shown below:

= Accounts Payable + Common Stock + Notes Payable + Retained Earnings + Wages Payable

= $4,620 + $91,200 + $2,620 + $14,210 + $4,610

= $117,260

6 0

3 years ago

Typically, the firms' lowest cost source of financing is ____________ as its cost is tax deductible and it also tends to offer t

Finger [1]

Answer:

Debt

Explanation:

Debt is the lowest cost source of financing because the interest return given to holders of debt has a tax shield (tax deductible) that is provided by the Section 11j of the Income tax Act.

The other sources of finance give a return in form of dividends. Dividends are are not tax deductible hence they attract a huge cost.

6 0

3 years ago