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4 years ago

8

When a company recognizes cost of goods sold, how does that event impact the elements of the financial statements? (Ignore the e

ffects of recognizing sales revenue.

1 answer:

jarptica [38.1K]4 years ago

6 0

Answer:

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Explanation:

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Knowledge Check 01 The standard quantity per unit defines the ________. multiple choice price that should be paid for each unit

cricket20 [7]

Answer:

amount of direct materials that should be used for each unit of finished product including an allowance for normal inefficiencies, such as scrap and spoilage.

Explanation:

Standard quantity per unit is defined as materials that the manufacturer needs to complete a unit of a product. It also allows for inefficiencies such as spoilage and scrap.

It is used by managers to reduce wastage that exists during production by allocation of only the required amount of direct materials in the production process.

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3 years ago

Logan and Johnathan exchange land, and the exchange qualifies as like kind under § 1031. Because Logan's land (adjusted basis of

ZanzabumX [31]

Answer:

a. Logan's recognized gain is $38,600

b. Logan's recognized gain is $23,160

Explanation:

a. If the worth of the land for Jonathan is $183,350, then the gain recognized by Logan would be;

the lower of the realized gain between the amount realized of $231,600 - adjusted basis of $193,000 = $38,600

or the fair market worth of the received boot i.e $48,250.

Therefore, Logan's recognized gain is $38,600

b. Suppose Jonathan's land is worth, $208,440, then we can calculate Logan's recognized gain to be ;

the lower of the realized gain I.e amount realized of $231,600 - adjusted basis $193,00 = $38,600

or the fair market value of the received boot I.e $23,160 .

Therefore, Logan's recognized gain is $23,160

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3 years ago

Hey how is everyone's morning going so far

Firdavs [7]

Answer:

good hope you're doing great!

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3 years ago

A tax year you choose, other than the calendar year, is known as a(n)

elena55 [62]

Answer:

it is a. bonus year

Explanation:

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3 years ago

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GNP accounts avoid double counting by including only the value of final goods and services sold on the market. Should the measur

bija089 [108]

Answer:

C.

Explanation:

The Gross national product (GNP) is a tool used to measure the nation's total economic activity. Therefore it can be said that these accounts should not only include imports and exports of final goods and services received from and sold to other countries instead the total values and imports and exports should be included in the calculation of the GNP

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3 years ago