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4 years ago

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

1 answer:

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.

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Hamilton company uses a periodic inventory system, at the end of the annuanl accounting period, December 31,2015, the accounting

n200080 [17]

Answer:

FIFO : Ending Inventory = $6,000, Cost of Goods Sold = $36,000

LIFO : Ending Inventory = $36,000, Cost of Goods Sold = $28,000

Weighted Average Cost Method : Ending Inventory = $10,500, Cost of Goods Sold = $31,500

Explanation:

FIFO

Assumes that the first goods received by business will be the first ones to be delivered to the final customer.

Ending Inventory

Ending Inventory = Units left × Earliest Price

= 3000 units × $2

= $6,000

Cost of goods sold

Cost of goods sold : 2000 units × $5 = $10,000

6000 units × $4 = $24,000

1000 units × $2 = $2,000

Total = $36,000

LIFO

Assumes that the last goods purchased are the first ones to be issued to the final customer.

Ending Inventory

Ending Inventory 2000 units × $5 = $10,000

6000 units × $4 = $24,000

1000 units × $2 = $2,000

Total = $36,000

Cost of goods sold

Cost of goods sold : 4000 units × $2 = $8,000

5000 units × $4 = $20,000

Total = $28,000

Weighted Average Cost Method

The average cost of goods held is recalculated each time a new delivery of goods is received Issues are then priced out at this weighted average cost.

First Calculate the Average Cost

Average Cost = Total Cost / Total Units

= (2000 × $5 + 6000 × $4 + 4000 × $2) / 12,000

= $42,000 / 12,000

= $3.50

Ending Inventory

Ending Inventory = Units left × Average Price

= 3000 units × $3.50

= $10,500

Cost of goods sold

Ending Inventory = Units Sold × Average Price

= 9,000 units × $3.50

= $31,500

3 0

3 years ago

The revenue recognition principle states that companies typically record revenue:_____.

Olin [163]

The revenue recognition principle states that companies typically record revenue in the period in which they provide goods and services to the customers.

The revenue recognition principle approach that agencies' sales are diagnosed while the product or service is taken into consideration and introduced to the customer — now not when the cash is acquired

The revenue recognition precept states that sales should be recognized and recorded while it is realized or realizable and when they are miles earned. In different phrases, groups shouldn't wait till sales are really accrued to document it in their books. revenue needs to be recorded when the business has earned the revenue.

According to usually accepted accounting principles, for a company to document revenue on its books, there needs to be a vital occasion to signal a transaction, including the sale of products, or a contracted mission, and there needs to be a fee for the products or services that matches the said price or agreed-upon fee.

Learn more about revenue recognition here brainly.com/question/26275324

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6 0

2 years ago

Mustang Corporation reports the following for the month of April: Finished goods inventory, April 1 $ 33,400 Finished goods inve

Yuki888 [10]

Answer:

$133,100

Explanation:

Given that,

Finished goods inventory, April 1 = $33,400

Finished goods inventory, April 30 = $27,300

Total cost of goods manufactured = $127,000

Cost of goods sold:

= Cost of goods manufactured + Beginning Finished goods inventory - Ending Finished goods inventory

= $127,000 + $33,400 - $27,300

= $133,100

Therefore, the cost of goods sold for April is $133,100.

5 0

3 years ago

What are 3 ways the natural gas been used in oroduction

Delicious77 [7]

Answer:

The industrial sector uses natural gas as a fuel for process heating, in combined heat and power systems as a raw material to produce chemicals, fertilizer, hydrogen, and plant fuel.

Explanation:

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8 0

2 years ago

XYZ Corp. has filled 100,000 purchase orders during its existence. 1,100 of the purchase orders have had errors. Using an empiri

cluponka [151]

Answer:

1.1%

Explanation:

Calculation to determine what the probability of the next purchase order having an error is using

an empirical probability

Using this formula

Probability=Purchase orders errors/Purchase orders filled

Let plug in the formula

Probability=1100/100000

Probability=0.011*100

Probability=1.1%

Therefore using an empirical probability the probability of the next purchase order having an error is 1.1%

5 0

3 years ago