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3 years ago

The matching principle

1 answer:

6 0

Answer: The matching principle "d. states that the revenues and related expenses should be reported in the same period".

Explanation: The application of this principle is a consequence of double entry; In the specific case of the Correspondence Principle we refer to the relationship that exists between an income and expense at the time of registering a transaction. It can be summarized in the following statement:

For every income there is an expense and for every expense there is an income.

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Kray Inc., which produces a single product, has provided the following data for its most recent month of operations: Number of u

Allushta [10]

Answer:

The variable costing unit product cost was $69.

Explanation:

Variable Product Costing is a situation whereby only the variable costs of production is taking into account to estimating the cost per unit of a product. This implies that none of the fixed cost will be included in the cost of the product.

Based on the explanation above, the variable costing unit product cost to produce a single product by Kray Inc. can be calculated as follows:

Kray Inc.

Calculation of Variable Costing Unit Product Cost

Particulars Amount ($)

Direct materials 40

Direct labor 19

Variable manufacturing overhead 8

Variable selling and administrative expense 2

Variable cost per unit  69 

Therefore, the variable costing unit product cost was $69.

5 0

3 years ago

PLS HELP!! Complete the following sentence. Making sales is the primary mission of a sales___

Doss [256]

Answer:

Salesman

Explanation:

A Salesman, also called a Sales Representative or Salesperson, sells products or services to businesses or consumers. - JH

4 0

3 years ago

Read 2 more answers

Your daughter will start college one year from today, at which time the first tuition payment of \$58,000$58,000 must be made. A

Ierofanga [76]

Answer: I'll need $2,14,309.02 in my savings account in order to make tuition payments over the next four years.

We follow these steps in order to arrive at the answer:

In this question, we need to take into account that we need to pay 35% as taxes on interest earned.

So even though the interest rate on the deposit is 5%, only $1 - 35% = 65%$ will be available for use.

Hence, effectively the deposit will only earn $0.05*0.65 = 0.0325\\$ or 3.25% interest after taxes.

We'll compute the the Present Value of the annuity of 58,000 for four years at 3.25% interest in order to determine the amount that is needed today.

The Present Value of an Annuity formula is

$\mathbf{PV_{Annuity}= PMT\left ( \frac{1 -(1+r)^{-n}}{r} \right )}$

Substituting the values in the equation above we get,

$PV_{Annuity}= 58,000\left (\frac{1 -(1.0325)^{-4}}{0.0325} \right )$

$PV_{Annuity}= 58,000\left (\frac{ 0.12008695 }{0.0325} \right )$

$\mathbf{PV_{Annuity}= 58,000 * 3.69 = 2,14,309.02}$

3 0

3 years ago

M Company manufactures tables. At the beginning of December, the beginning work in process inventory was 300 units, which were 4

katrin2010 [14]

Answer: Equivalent units for conversion = 4870 units

Explanation:

Given that,

Beginning work in process inventory = 300 units

Beginning work in process inventory for conversion = 40% of 300 units

= 120 units

5,000 units were started in December.

Ending work in process = 500 units

Ending work in process inventory for conversion = 50% of 500 units

= 250 units

Units started and completed = 5000 - 500

= 4500 units

Equivalent units for conversion = 4870 units

6 0

3 years ago

Assume that you are the president of Highlight Construction Company. At the end of the first year (December 31, 2014) of operati

yaroslaw [1]

Answer:

The answer is given below;

Explanation:

Highlight Construction Company

Summarized Income Statement

For the year December 31, 2014

Amount in $

Sales Revenue 117,000

Expenses (86,200)

Net Income before taxes 30,800

Income Tax Expense (30,800*30%) (9,240)

Net Income 21,560

As per requirement of the question, only summarized income statement is prepared.

5 0

4 years ago