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3 years ago

A(n) is maintained for each financial statement item, whereas a(n) contains all of the accounts of the company.

Business

1 answer:

Svetllana [295]3 years ago

4 0

Answer:

An account is maintained for each financial statement item, whereas a(n) general ledger contains all of the accounts of the company.

Explanation:

Financial statements refers to a statement that that provides formal records of all financial activities and standing of a company or any entity in a structured and easily understandable manner.

For each item of financial statement, an account is kept with the aim of giving a an accurate record of all business activities that are germane to that specific financial statement item.

The purpose of a general ledger is to show individual transactions and resulting account balance of each account of a company as a single collection.

Therefore, an account is maintained for each financial statement item, whereas a(n) general ledger contains all of the accounts of the company.

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During 2017, Windsor Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (Windsor’s

Illusion [34]

Answer:

Description 2017 2016 2015

Net Income $146,402‬ $107,281‬ $123,114‬

Explanation:

The question is to compute a statement of income comparative figures. The step is therefore to use the weighted average pricing method to replace the historical income before taxes for both years 2016 and 2015. After this is done, we then re-calculate the appropriate taxes and arrive at the net income.

Description 2017 2016 2015

Income before taxes 206,200 151,100 173,400

Subtract: Income tax @29% 59,798‬ 43,819‬ 50,286‬

Net Income 146,402‬ 107,281‬ 123,114‬

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4 years ago

Generally speaking the opportunity recognition process consists of two phases of activity. they are ________ and ________.

Lilit [14]

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3 years ago

1. Explain who the Lemon Law protects.

PilotLPTM [1.2K]

It's to insure that manufacturers honor their warranties and to reduce the chance that a consumer will be misled about the nature of the purchase.

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4 years ago

Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased $ 124,800 Di

aalyn [17]

Answer:

Ending WIP = 29,700

Explanation:

$Beginning \: WIP+ Cost \: added= Ending \: WIP + COGM$

Beginning WIP 26,500

Direct Materials used 74,300

Direct Labor used 55,000

Factory Overhead 95,700

Cost added during the period 225,000

Cost of Goods manufactured 221,800

$Beginning \: WIP+ Cost \: added= Ending \: WIP + COGM$

26,500 + 225,000 = Ending WIP + 221,800

26,500 + 225,000 - 221,800= Ending WIP

Ending WIP = 29,700

We need the materials used in production, the purchases is not the value we need, it is irrelevant.

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3 years ago

If you have 900 dollars and you save it for ten years woth eight percent interest, what will be it’s future value?

Lubov Fominskaja [6]

1620
900 times 8%, or 0.08 is 72. So 72 is the interest for 1 year. You multiply that times 10 for ten years of interest and get 720. You add 900 and 720 and you get 1620. Therefore, 1620 is how much you have after 10 years with eight percent interest. Hopefully this helps!

4 0

2 years ago

A(n) ______ is maintained for each financial statement item, whereas a(n) ______ contains all of the accounts of the company.

A(n) is maintained for each financial statement item, whereas a(n) contains all of the accounts of the company.