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4 years ago

The Containers Inc. experienced the following events during its first year of operations,

Business

1 answer:

blsea [12.9K]4 years ago

3 0

Answer:

a. Would the accounts receivable account appear in the assets, liabilities, or stockholders' equity section of the December 31, Year 1, balance sheet?

The accounts receivable account would appear in the assets section, and more specifically, in the current assets section. This is because accounts receivable are considered to be an assset.

b. Determine the balance of the accounts receivable account that would appear on the December 31, Year 1, balance sheet.

The Containeres Inc. first earned $25,000 on account, and by the end of the year, it had collected $22,000, thus, the final balance of the accounts receivable is $3,000.

c. Determine the amount of net income that would appear in the Year 1 income statement.

Net Income = Revenue - Expenses

Net Income = $25,00 - $18,000

= $7,000

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Incurring actual indirect factory wages in excess of budgeted amounts for actual production results in a?

puteri [66]

Incurring actual indirect factory wages in excess of budgeted amounts for actual production results in a controllable variance. Therefore, the option B holds true.

<h3>What is the significance of controllable variance?</h3>

Controllable variance can be referred to or considered as a variance that computes the difference between the actual quantity and the budgeted quantity sold or consumed by a firm in an economy. It can never be deficit, and is always in surplus of the budgeted amounts.

Therefore, the option B holds true and states regarding the significance of controllable variance.

Learn more about controllable variance here:

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The question seems to be incomplete. It has been added below for better reference.

Incurring actual indirect factory wages in excess of budgeted amounts for actual production results in a:

a. quantity variance

b. controllable variance

c. volume variance

d. rate variance

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2 years ago

Winnebago Industries, Inc. is a leading manufacturer of motor homes. Suppose Winnebago reported ending inventory at August 29, 2

Ad libitum [116K]

Answer:

Winnebago Industries' ending inventory have been if it had used FIFO is $77,196,000

Explanation:

The computation of the ending inventory under FIFO method is shown below:

= Ending inventory under LIFO inventory method + LIFO reserve

= $46,850,000 + $30,346,000

= $77,196,000

For determining the ending inventory under the FIFO method, we added the ending inventory under the LIFO method and LIFO reserve so that accurate value can come.

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3 years ago

True or false: apple computer, inc. collected information on the age of their customers. the youngest customer was 12 and the ol

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3 years ago

On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 74,000 shares authori

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Answer:

1, Journal entries

Date Account and explanation Debi$ Credit$

Treasury stock (5200*27) 140,400

Cash 140,400

(To record purchase treasury stock)

Cash (1,050*33) 34,650

Paid in capital from sale of treasury stock 6,300

Treasury stock (1,050*27) 28,350

(To record sale of treasury stock)

Cash (4,150*22) 91,300

Paid in capital from sale of 6,300

treasury stock

Retained earnings 14,450

Treasury stock (4,150*27) 112,050

(To record sale of treasury stock)

2. Revised equity section

Contributed capital

Common Stock 740,000

Paid in capital in excess of 226,000

par value-Common Stock

Total paid in capital 966,000

Retained earnings 880,000

Total 1,846,000

Less: Treasury stock (140,400)

Total Stockholder's equity $1,705,600

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3 years ago

Trade deficits usually occur when crops are in short supply. O True O False

FromTheMoon [43]

I think the answer is true, but if I’m wrong sorry

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3 years ago