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3 years ago

EB1.

Business

1 answer:

sammy [17]3 years ago

4 0

Answer:

For answer,please see explanation.

Explanation:

The following statements describe the reporting by Managerial accounting function of the organization:

The users of the report are managers who need a daily summary of work done each shift.

The report is a job cost sheet for jobs completed in a 24-hour period.

The report is prepared every day because the customer service manager needs information about inventory ready to be shipped to customers.

The following statements describe the reporting by Financial accounting function of the organization:

The annual report is released each year on the companyâ€™s website.

The report is audited by the companyâ€™s certified public accountant firm.

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Where can you find information about the cost of goods sold as well as total

yawa3891 [41]

The adjusted trial balance represents the cost of goods sold as well as total sales. Thus, option D is correct.

<h3>What is the cost of goods sold? </h3>

Cost of goods means the direct cost that is included in the making of the goods. The cost of goods is calculated by adding the purchase price of the commodity and deducting the closing inventory.

A report known as an adjusted trial balance lists all the debit and credit firm accounts exactly as they would appear on the accounting records after reconciliations have been made. Therefore, option D is the correct option.

Learn more about the cost of goods sold, here:

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3 0

1 year ago

An accountant has encountered a perplexing financial reporting issue related to the private college for which he is preparing fi

frez [133]

Answer:

c) AICPA accounting and auditing guide, Audits of Colleges and Universities and/or AICPA SOP 74-8, Financial Accounting and Financial Reporting by Colleges and Universities.

Explanation:

As accounting and auditing guide which is issued by AICPA for health care 3 gives full guidance on how to deal with financial reporting issues for the hospital so the accountant would look into it for any problem related to it.

8 0

2 years ago

"Ramon runs the marketing department at his company. His department gets a budget every year, and every year, he must spend the

miss Akunina [59]

Answer:

Property of additive inverse

Explanation:

Given: Ramon got $2.5 million for the annual marketing budget such that he must spend the budget such that $2,500,000-x=0$

To find: property of addition that help us to know what the value of x must be

Solution:

1 million is equal to $1,000,000$

So,

$2.5\,\,million=2.5(1,000,000)=2,500,000$

According to property of additive inverse,

$a+(-a)=0$

Given equation is $2,500,000-x=0$

This equation can be written as $2,500,000+(-x)=0$

So,

$x=2,500,000$

8 0

2 years ago

The Easy Pack Company includes one coupon having no expiration date with its deluxe snack pack. Upon return of 10 coupons, Easy

Alinara [238K]

Answer:

premium liability (coupon oustanding) $ 1,500

Explanation:

We will recognize a liablity based on expected coupon redemption of 10%:

Sold 1,000,000 deluxe snack = 1,000,000 coupon

from this we expect 10% will be redeem: 1,000,000 x 10% = 100,000

Then, calculate the cost that this coupon will generate:

Thre will be 100,000 redeem coupons which, every 10 is traded for a 1.50 silver chip clip:

100,000 / 10 x $ 1.50 = $ 15,000

For the sales of we have a premium liablity of 15,000

premium expense 15,000

premium liaiblity 15,000

<u>We also purchase this silver chip clip:</u>

Premium Inventory 15,000

Cash 15,000

During the year, we adjust for the chips clips distributed:

9,000 x $ 1.50 = 13,500

This decreases both, the liablity and the premium inventory.

Premium Liability 13,500 debit

Premium Inventory 13,500 credit

Adjusted year-end balance:

15,000 - 13,500 = 1,500

3 0

2 years ago

Indicate the type of Deferred Tax account created by Unearned Revenues and Prepaid Expenses, respectively:

irina [24]

Answer:

The answer is Deferred tax asset and Deferred tax liability.

Explanation:

Unearned revenue creates deferred tax asset. In here, taxes have been paid because income has been received but have not been recognized on the income statement because according to the revenue recognition, the services for the revenue has not been rendered.

Prepaid expenses give rise to deferred tax liability. In here, taxes have been recognized on income statement but the actual tax has not been paid. Income tax expense on income statement is greater than taxes payable

5 0

2 years ago