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3 years ago

A Statement of Financial Position is a formal statement presenting the three accounting elements which are?

Business

1 answer:

RSB [31]3 years ago

4 0

The financial statement called the Statement of Financial Position is also known as the Balance Sheet.

The three accounting elements that are included on this statement are the Assets, Liabilities and Owner’s Equity.

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), AP At the end of its first year, the trial balance of Wolowitz Company shows Equipment $30,000 and zero balances in Accumulat

Sliva [168]

Based on the depreciation balances and the equipment, the adjustments to the T-accounts and the Balance sheet will be:

Date Account title Debit Credit

December 31 Depreciation expense $3,750

Accumulated depreciation on $3,750

equipment

T account

Depreciation expense Equipment

December 31 $3,750

T account

Accumulated Depreciation on Equipment

December 31 $3,750

Balance sheet presentation

Assets

Property, Plant, and Equipment:

Equipment $30,000

Less: Accumulated depreciation <u> ($3,750) </u>

Equipment (Net book value) <u> $26,250</u>

<h3>What are the entries?</h3>

Depreciation of $3,750 will be debited to the depreciation expense account. The accumulated depreciation account will be credited by the same amount.

In the balance sheet, the equipment value will be reduced by the depreciation amount to $26,250.

Find out more on depreciation at brainly.com/question/1287985.

3 0

2 years ago

Alton Company produces metal belts. During the current month, the company incurred the following product costs: Raw materials $1

Dimas [21]

Answer:

Total indirect product costs $30,750

Explanation:

The indirect product costs refer to all the costs that are associated with the manufacturing overheads and can be calculated as follows:

Electricity used in the Factory $25,000

Factory foreperson salary $3,750

Maintenance of factory machinery $2,000

Total indirect product costs $30,750

7 0

3 years ago

Suppose good x has a negative income elasticity of demand. This implies that good x is

zloy xaker [14]

An <u>inferior good.</u>

<u></u>

For inferior goods, when income rises demand falls.

6 0

3 years ago

In the B2B market, General Motors Company, Anheuser-Busch, and Kraft all purchase raw materials from their upstream suppliers, m

lapo4ka [179]

Answer:

Producers.

Explanation:

B2B (business-to-business) is a marketing strategy that deals with meeting the needs of other businesses, by selling products or services to the organizations for resale to other consumers, used in production of goods or for the operation of an organisation.

In terms of business customers, these three companies are all examples of producers in the B2B market because they all purchase raw materials from their upstream suppliers, subsequently, they make and then sell their own finished products to the end users or consumers.

5 0

3 years ago

Which of the following is the correct order for the preparation of the listed budgets? A) Budgeted income statement, sales budge

konstantin123 [22]

Answer:

The correct option is C,sales budget, direct material purchases budget, budgeted income statement

Explanation:

Te correct order in preparing budgets is to first of all have a sales forecast based on information on previous years' sales figures as well as looking at the future economic outlook.

When sales forecasts are made based on educated guess,the sales budget is prepared using the most appropriate selling price per unit.

Thereafter,based on the number of units planned for sales,the required materials needed to accomplish the sales level is forecast,hence direct material purchases budget is prepared with informed unit cost of material.

Lastly,the income statement which encompasses both revenue from sales budget in addition to costs from direct materials purchase budget is finalized.

8 0

3 years ago