<span>You've just created and e-mailed the financial statements to your boss. What is the next step you should do in accounting cycle? Close out the revenue and expense accounts. After the financial statements are prepared all nominal accounts which include the revenue and expenses, should be closed out to zero. This allows for the accounts to be at an even start for the next accounting cycle.
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Answer:
The correct answer is A
Explanation:
As per the UNICAP (stands for Uniform Capitalization) rules, the person have to capitalize the cost for creating the assets, which means or defines as to capitalize the raw materials, labor cost and other indirect as well as direct costs that is attributable to the production of the assets.
So, the costs which is to be capitalized in respect to inventory are the repacking cost, which is involved in the indirect supplies and other materials and the off site storage cost is involves in the rental of the facilities and equipment.
Answer:
Kofi aka Da Flex
Explanation:
Not sure but i think this might be the answer
Answer:
The level of sales in units is 7,400
Explanation:
The computation of the level of sales in units is shown below:
= (Fixed cost + target income) ÷ (Contribution margin per unit)
= ($286,200 + $106,000) ÷ ($163 per unit - $110 per unit)
= $392,200 ÷ $53 per unit
= 7,400 units
The Contribution margin per unit is
= Selling price per unit - variable cost per unit
Henec, the level of sales in units is 7,400
<span>The Journal entry upon the 90 days (1/4 using 360 days a year) maturity at 5% rate should be $50,000 plus the Interest (I).
Let Journal Entry upon Maturity be J
Where J = Initial Signed Note + Initial Signed Note * Rate * Time
Which is also written as J = Initial signed Note (1 + Rate * Time)
Therefore J = 50,000 (1+5/100*1/4) = 50,625</span>
