Which of the following criteria would Ben think is the least important as he decides on a career to support his lifestyle

What is the first step in creating a cash flow statement?

Nimfa-mama [501]

Thinking summarizes the operating, financing and investing activities of an entity

3 0

3 years ago

Read 2 more answers

Which of the following organisations is most likely to sell shares for sale to invited investors?

Vsevolod [243]

Answer:

C. Private limited company

Explanation:

Ownership in a private limited company is restricted, unlike in a public limited company. The shareholders of a private limited company are usually family members, close friends, or people with a shared interest.

A private limited company can raise capital by selling additional shares. Because becoming a shareholder in a private limited company is restricted, private companies raise capital by selling shares to existing shareholders or to invited investors.

5 0

3 years ago

Primo Industries collected $105,000 from customers in 2019. Of the amount collected, $25,000 was for services performed in 2018.

bearhunter [10]

Answer:

a. $33,000.

b. $36,000.

Explanation:

Net income is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is also called net earnings.

Now, Cash accounting recognizes revenue and expenses only when money changes hands, but accrual accounting recognizes revenue when it's earned, and expenses when they're billed (but not paid).

a. 2014 Cash-basis net income:

Primo Industries collected $105,000 from customers in 2019

Primo Industries also paid $72,000 for expenses in 2019

=105,000-72,000

=$33,000

b. 2014 accrual-basis net income.

=(105,000-25000+40000)-(72000-30000+42000)

=120000-84000

=$36,000

5 0

3 years ago

Inventory information for Part 311 of Whispering Corp. discloses the following information for the month of June.

bearhunter [10]

Answer:

FIFO: ending inventory: $9,528 COGS: $ 14,452

LIFO: ending inventory: $ 8,422 COGS: $ 15,558 (periodic)

LIFO: ending inventory $ 9,035 COGS ·$ 14,945 (perpetual)

Explanation:

June 1 Balance 304 units @ $13 3, 952

June 11 Purchased 804 units @ $15 12,060

June 20 Purchased 498 units @ $16 7, 968

Tota units 1,606 Cost available: 23,980

June 10 Sold 205 units @ $30

June 15 Sold 504 units @ $32

June 27 Sold 295 units @ $34

Total units: 1,004 units

Ending Inventory units: 1,606 - 1,004 = 602

FIFO:

first units are sold while last are ending inventory.

As we always pick from chronological order is the same under perpetual or periodic method.

Ending Inventory: 602 units

June 20 Purchased 498 units @ $16 7, 968 (602 - 498 = 104)

June 11 Purchased 104 units @ $15 1, 560

Total: 9,528

COGS: Difference between cost available and ending inventory:

23,980 - 9,528 = 14,452

LIFO:

first units are part of ending inventory. As the units aren't picked in chronological order the values cahnges under perpetual and periodic method.

periodic ending inventory:

June 1 Balance 304 units @ $13 3, 952 (602 - 304 = 298)

June 11 Purchased 298 units @ $15 4,470

Total 8,422

COGS: 23,980 - 8,422 = 15,558

perpetual method:

Inventory after 1st sale: 304 - 205 = 99 units at 13

Inventory after 2nd sale.

99 untis at 13

804-504 = 300 units at 15

Inventory after 3rd sale.

99 untis at 13 1,287

300 units at 15 4,500

498 - 295 = 203 units at 16 3,248

ending inventory: 9,035

COGS: 23,980 - 9,035 = 14,945

8 0

3 years ago

A7X Corporation has ending inventory of $701,073 and cost of goods sold for the year just ended was $7,461,613. a. What is the i

tatyana61 [14]

Answer:

(A) Inventory turnover= 10.64 times

(B) Days sales in inventory= 34.30 says

(C) Shelf life= 34.30 days

Explanation:

A7X corporation has an ending inventory of $701,073

The cost of goods sold for the year is $7,461,613

(A) The inventory turn over can be calculated as follows

= cost of goods sold/ending inventory

= 7,461,613/701,073

= 10.64 times

(B) The day sales in inventory can be calculated as follows

= 365/inventory turnover

= 365/10.64

= 34.30 days

(C) A unit of inventory sit on the shelf for 34.30 days before it is sold

6 0

3 years ago