Common stocks are considered to be lower risk than municipal bonds ?

1. Analyze financial statements. 2. Transfer journal entries to ledger 3. Prepare the financial statements. 4. Record transactio

MrRa [10]

Analyze transactions- Post individual transactions into a single account, Transfer journal entries to ledger-Summarize data in the ledgers, Prepare the financial statements-Evaluate profit/loss of the firm, Record transactions in journals--Prepare income statement, Take a trial balance-Record financial data, Analyze source documents- Separate purchasing receipts from sales documents.

<h3>What is profit and loss?</h3>

Profit is the excess amount of the firm, which the business has attended in the financial year of working. I t includes the net profit. Loss is the amount that a firm occurred during a year, it covers the net loss of the firm.

Thus, the statement are matched above.

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7 0

2 years ago

Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicat

elixir [45]

Answer:

Given that,

Direct materials = $100,000

Direct labor = $125,000

Applied factory overhead for Department 1 = $150,000

Direct materials = $50,000

Direct labor = $60,000

Applied factory overhead for Department 2 = $70,000

Therefore, the journal entry is as follows:

Work in Process - Department 3 A/c Dr. $555,000

To Work in Process - Department 2 $555,000

(To record the flow of costs into Department 3 during the period)

Workings:

Work in Process - Department 3:

= $100,000 + $125,000 + $150,000 + $50,000 + $60,000 + $70,000

= $555,000

5 0

3 years ago

Partial income statements for Sherwood Company summarized for a four-year period show the following: 1. Restate the partial inco

OlgaM077 [116]

Answer:

1. The corrected gross profit are as follows:

2015 = $704,000

2016 = $836,000

2017 = $859,000

2018 = $1,024,000

2-a Gross profit percentage before and after correction are as follows:

Particulars 2015 2016 2017 2018

Before correction 32% 33% 31% 32%

After correction 32% 32% 32% 32%

2-b. Yes. This is because the gross profit percentage for the years are approximately the same at 32% after the correction was made.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Partial income statements for Sherwood Company summarized for a four-year period show the following:

2015 2016 2017 2018

Net Sales $2,200,000 $2,600,000 $2,700,000 $3,200,000

COGS 1,496,000 1,742,00 1,863,000 2,176,000

Gross Profit $704,000 $858,000 $837,000 $1,024,000

An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $22.000. The inventory balance on December 31, 2017, was accurately stated. The company uses a periodic inventory system.

Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error, 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction 2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?

The explanation of the answer is now given as follows:

1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error

Note: See the attached excel file for the fixing the inventory error and the restated partial income statements to reflect the correct amounts, after fixing the inventory error.

The effect of the overstatement of closing inventory is reducing the 2016 cost of goods sold. To correct this in the attached excel file, the opening balance is reduced by $22,000 and this makes cost of goods sold of 2016 to increase and the cost of goods sold of 2017 to decrease by $22,000.

2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction

Note: See the attached excel file for the computed the gross profit percentage for each year (a) before the correction and (b) after the correction.

In the attached excel file, the following formula is used:

Gross Profit percentage = Gross profit / Net Sales) * 100

2-b. Does the pattern of gross profit percentages lend confidence to your corrected amounts?

Yes. This is because the gross profit percentage for the years are approximately the same at 32% after the correction was made.

Download xlsx

4 0

2 years ago

Frederick herzberg believed the best way to motivate employees with through his model of , which expands job content to create m

gayaneshka [121]

The answer is: "job enrichment" .
_____________________________________________
 "Frederick Herzberg believed the best way to motivate employees with through his model of  job enrichment  , which expands job content to create more opportunities for job satisfaction."
_____________________________________________

3 0

3 years ago

When an organization has a diverse set of employees that can provide insight and cultural sensitivity, this should improve the c

Alchen [17]

Answer:

Higher Creativity in Decision Making due to diversity and understanding of the environment in which it operates.

Explanation:

The reason is that the diversity brings access to great pool of hidden resources which we can utilize in a number of ways. People are observer and can play a vital role in the designing of strategic stance of the company. This strategy will influence company's financial position in future. So diversity helps in understanding of environment (environmental analysis) and informed decision making.

7 0

3 years ago