1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Kipish [7]
3 years ago
5

The balance sheet reports revenues and selling costs for a period of time.

Business
1 answer:
Reika [66]3 years ago
3 0
I would say false, the sheet that reports the revenues and the costs is known as the income statement. the balance sheet is the sheet that would report all of the assets (such as the cash, accounts receivable, or others). The balance sheet will also report all the liabilities (including the accounts payable, notes payable and others). Lastly, the balance sheet will also report the equity or the capital account of the business. So in a nutshell, the balance sheet reports the assets, liabilities, and owner's equity.
You might be interested in
What is work?
bekas [8.4K]
Work refers to any useful activity.
5 0
2 years ago
Read 2 more answers
An offeree whose acceptance is not a mirror of the offer has made a counter offer.
ch4aika [34]
That is true because has most likely asked for higher than the offer.
4 0
3 years ago
Net sales for the year were $325,000 and cost of goods sold was $240,500 for the company’s existing products. A new product is
marin [14]

Answer:

The correct answer is B.

Explanation:

Gross profit equals net sales minus cost of sales(Net sales- Cost of Sales).

Net sales = $325,000

Cost of Sales = $240,500

Therefore we have;

$325,000 - $240,500

=$84,500

Gross profit ratio is (Gross profit/net sales) x 100%

($84,500 x $325,000) x 100%

26%

6 0
2 years ago
Over the past several decades: A. international investment has become more one-sided, consisting almost entirely of foreign dire
valentina_108 [34]

Answer:

International investment has become more one-sided, consisting almost entirely of foreign direct investment.

Explanation:

This is because now internationally opportunities are being seized to have a better return on investment , to invest where opportunity cost is better and scope of foreign direct investment includes purchase of assets and shares.

6 0
3 years ago
The actual cash received from cash sales was $3,930 and the amount indicated by the cash register total was $3,880. the journal
Nuetrik [128]

The actual cash received from cash sales was $14,356 and the amount indicated by the cash register total was $14290

a.what is the amount deposited in the bank for the day's sales?

14,356
Because this is the amount which is actually received by sales

b.What is amount recorded for the day's sales?

14,290
Because this is the amount which has been recorded in the cash register.

c.How should the difference be recorded?

Dr Cash 14,356 
Cr Over/Short 66 
Cr Sales 14,290

d. If a cashier is consistently over or short what action should be taken?

First of all we need to find out that whether the cashier is genuinely making mistakes or there is a case of theft.There would be some close monitoring. If they are just mistakes, maybe some extra mentoring in cash handling would help.

E5-18

Part a and b are informational and thus we dont have to do anything with them.

Part c and d are reconciling terms.

Parts e and f needs entries to adjust the company's books. For e there needs to be a debit to cash for the incorrect amount and a credit for the correct amount. For f there needs to be a credit to cash.

E.
(Dr) Cash in bank $540 
(Cr) Accounts payable $540
$710 - $170

F.
(Dr) Bank charges $50 
(Cr) Cash in bank $50

Bank reconciliation:
Cash balance per book $24,010
Add: error $540 
Less: Debit memo $50
Adjusted book balance $24,500

Cash balance per bank $22,750
Add: Deposits in transit $9,100 
Less: Outstanding checks $7,350 
Adjusted bank balance $24,500

Hope you get it.

Get back to me in case you have any doubts.
I would be happy to help.

5 0
3 years ago
Other questions:
  • Serenity, a minor, obtains fruits and vegetables on credit from Virgil at Growers' Market. Later, Serenity disaffirms the purcha
    15·1 answer
  • Marketers who design and offer new products and services to their existing customers are pursuing a _________ growth strategy.
    5·1 answer
  • You and your neighbor Diane have agreed to be partners in CreatePlace Site Design, a website design business for small businesse
    10·1 answer
  • Vanessa contributed $20,000 of cash and land with a fair market value of $100,000 and an adjusted basis of $40,000 to Cook, Inc.
    10·1 answer
  • Given the following information regarding an income producing property, determine the internal rate of return (IRR) using levere
    9·1 answer
  • Data related to the inventories of Kimzey Medical Supply are presented below:
    9·1 answer
  • The LM curve illustrates that when income increases:________.
    15·1 answer
  • (True) or (False)? The most common method companies use is double-declining balance, because it allows companies to recognize fo
    7·1 answer
  • What is a commodity
    15·2 answers
  • With regard to researching and writing a paper with proper citations which behavior is least risky?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!