Answer:
A. $302,000
Explanation:
The computation of the net income under accrual basis accounting is shown below:
= Billed in revenues on credit - incurred expenses
= $496,000 - $194,000
= $302,000
The prepaid expenses and the received amount would not be considered in the computation part. Hence, ignored it
Only revenues on credit and incurred expenses are considered in the computation part. No other item values would be taken.
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Answer:
The correct answer is A will always be equal to or less than B.
Explanation:
In general terms, inventory is valued in terms of cost. But there must be a deviation from the cost basis of the inventory valuation and it must be reduced below cost when the utility of the goods has decreased and its sale product or item value will be less than its cost.
The decrease in the value of inventory below cost can be due to different causes, such as physical deterioration, obsolescence, a drop in the price level, etc. In these situations, the inventory is recorded at its market value. The difference in value (cost-to-market value) is recognized as a loss for the current period. It should be understood that the market value of the inventory must be estimated since the inventory has in fact not been sold. As a general rule, the concept of market value is used in terms of the current replacement cost of inventory, that is, what it will currently cost to purchase or manufacture the item.
Answer:
The correct answer is strategic business unit.
Explanation:
Strategic business unit refers to the set of activities carried out by a company for which a common and different strategy can be established from the rest of the company's activities. This strategy is autonomous from the rest, but it is not entirely independent since all the strategies of the different strategic business units are linked within the company's global plans.
Answer:
Altoona’s Net Income for 2021 was: $296,000
Explanation:
The Net Income can be determined by reconciling the Net cash flow from operating activities to Operating Profit as follows :
Net cash flow from operating activities $300,000
Less Depreciation and amortization ($24,000)
Add Increase in accounts receivable $20,000
Operating Profit $296,000
Notes :
Reconcile the non-cash items previously added or deducted from Net cash flow from operating activities and any changes to Working Capital accounted for in determination of Net cash flow from operating activities .
