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Taya2010 [7]
3 years ago
11

Which of the following is correct: A. The post-closing trial balance will ensure the accounting equation is balanced at the end

of the accounting period and all transactions are properly journalized and posted B. The accounting cycle starts with journalizing business transactions and ends with the preparation of a post-closing trial balance. C. Property, Plant and Equipment accounts include all land, office, and building. D. Worksheet is a tool used in preparing adjusting entries and the financial statements, and the use of worksheet is optional
Business
1 answer:
kondor19780726 [428]3 years ago
5 0

Answer:

D. Worksheet is a tool used in preparing adjusting entries and the financial statements, and the use of worksheet is optional

Explanation:

The correct option D because worksheet is used to adjust value and prepare the financial statements and it is not mandatory to use.

The post-closing trial balance might show that accounting equation is balanced but not every time. It only ensure the total of debits balances and total of credits balances are equal. All transaction might not correctly journalized.

The accounting cycle starts with analyzing the business transactions and ends with the preparation of a Financial Statements.

Property, Plant and Equipment are our physical, tangible and long term assets which include all land, office, building, Machinery, equipment and vehicles.

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Refer to the financial statements of Burnaby Mountain Trading Company. The firm's asset turnover ratio for 2017 is _________. (P
Aleonysh [2.5K]

Answer:

1.69

Explanation:

asset turnover ratio = net sales / average assets

I looked up the missing information and found the following:

total assets year 1 = $4,000,000

total assets year 2 = $4,300,000

net sales year 2 = $7,000,000

average assets = ($4,000,000 + $4,300,000) / 2 = $4,150,000

asset turnover ratio = $7,000,000 / $4,150,000 = 1.6867 = 1.69

The higher the asset turnover ratio, the more efficient a company is. Therefore, a higher asset turnover ratio is always better although there is no fixed parameter.

7 0
3 years ago
able sold to both the low and high tech segments last year, and marketing predicts able will have the same market share next yea
OverLord2011 [107]

Able sold to both the low and high-tech segments last year, and marketing predicts able will have the same market share next year. 1,841 units would you forecast for able.

Marketing describes the actions a business does to encourage the purchase or sale of a good or service. Advertising, selling, and delivering goods to customers or other firms are all included in marketing. Affiliates perform some marketing on behalf of a business.

Advertising is one of the primary methods used by marketing and promotion specialists to capture the interest of important target markets. Targeted promotions may include celebrity endorsements, memorable slogans or taglines, eye-catching packaging or graphic designs, and general media exposure.

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7 0
2 years ago
Identify which of the following statements is correct as to why accounting is important. Multiple choice question. We live in an
ziro4ka [17]

Answer:

Accounting information identifies, records and communicates information about a business.

Explanation:

The accounting information identified the business records and communicate the business information to the insiders and outsiders also it does not have any effect on everyone except the stakeholders. In addition to this, it is not depend upon the valuation made for the stock market

So as per the given situation, the above statement should be correct

3 0
2 years ago
Kimbeth Manufacturing uses process costing to control costs in the manufacture of Dust Sensors for the mining industry. The foll
larisa86 [58]

Answer:

DM Cost per Equivalent unit: 4.25

Explanation:

22400 beginning  60% materials 20% conversion

140,000 started

33600 ending 90% materials 40% conversion

Beginning Inventory

DM 71,160

DL 26,610

MO 20,110

Conversion Cost  46,720

Cost during the month

DM 618,800

DL 241,330

MO 513,600

Conversion Cost 754,930

Equivalent units Materials

22,400 * .4     8,960

140,000       140,000

33,600 * .1    (3,360)

                  145,600

DM Cost per Equivalent unit: 4.25

7 0
3 years ago
Adelene, who lives in a winter resort area, rented her personal residence for 14 days while she was visiting Brussels. Rent inco
frez [133]

Answer:

a) The effect the rental activity has on Adelene's AGI is $0.                          

b) The total rental income is less than the total expenses for the year, so the reportable rental income is $0.

Explanation:

a)

particulars                                      amount                  amount

rental income                                                                $5,000

property taxes                               $3,800

mortgage interest                          $7,500

utilities                                             $3,700

insurance                                         $2,500

repairs                                              $2,100

depreciation                                     $15,000

total deduction                                                    $34,600

AGI                                                                           $0

Therefore, The effect the rental activity has on Adelene's AGI is $0.                          

b)

particulars                                      amount

Real property taxes                       $3,800

mortgage interest                          $7,500

utilities                                             $3,700

insurance                                         $2,500

repairs                                              $2,100

depreciation                                     $15,000

total expenses                                  $34,600

Therefore, The total rental income is less than the total expenses for the year, so the reportable rental income is $0.

7 0
3 years ago
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