What information is needed to create a monthly budget

A company is preparing financial statements using IFRS for the first time for the year ended December 31, 2018. The "transition

8_murik_8 [283]

Answer:

E. January 1, 2017

Explanation:

Financial statements are prepared showing at least two years for the sake of comparability.

It will be important for the company in presenting its financial statement using the IFRS for the year ended December 31st 2018 to show the financial statements for the year ended 31st December 2017 as if it had always applied the IFRS.

The basic idea is to show in the financial statements the effects of adopting the IFRS from a preceding period in order for the entity to show the financial statement for 2017 and 2018 and be able to compare them having been prepared on the same basis.

Thus, the transition date will be the beginning of the preceding period when the IFRS was applied (1st Jan. 2017 oe 31st Dec. 2016).

I hope this explanation makes the concept easy to grasp.

Thank you.

7 0

3 years ago

The following events took place at a manufacturing company for the current year:

PilotLPTM [1.2K]

Answer: $25,369.50

Explanation:

GIVEN THE FOLLOWING :

Purchased direct material = $97,000

(2) Incurred labor costs as follows: (a) direct, $58,000 and (b) indirect, $15,600.

(3) Other manufacturing overhead was $109,000, excluding indirect labor.

(4) Transferred 80% of the materials to the manufacturing assembly line.

(5) Completed 65% of the Work-in-Process during the year.

(6) Sold 85% of the completed goods.

(7) There were no beginning inventories.

Ending work in process inventory is calculated by;

(Beginning inventory + 0.8(direct material purchased) + direct Labor + (indirect labor + other manufacturing overhead)) × percentage Work in process

($0 + (0.8×97000) + 58000 + (15600+109000))×0.65

=($0 + $77,600 + $58,000 + 124600)×0.65 = $169,130

Ending WIP Inventory = (100-85)% × $169,130

0.15 × $169,130 = $25,369.50

6 0

3 years ago

North Company has completed all of its operating budgets. The sales budget for the year shows 50,220 units and total sales of $2

Dmitriy789 [7]

Answer:

The income taxes figure of $203,000 is missing from the information provided:

The net income from the budgeted income statement is $466,520

Explanation:

The multiple step income statement differentiates operating revenue from non-operating revenue,operating expenses from one off non-operating expenses as operating gains and losses from non-operating ones

North Company budgeted income statement

Total sales revenue $2,190,100

Variable costs of sale($24*50,220) ($1,205,280)

Gross profit $984,820

Selling and administrative expenses ($305,300)

Profit before interest & taxes $678,940

Interest expense ($10,000)

Income taxes ($203,000)

Net income $466,520

5 0

3 years ago

A product's package, guarantees, mass-media advertising for the product, direct marketing for the product, and the selection of

jek_recluse [69]

Answer:

The correct answer is D) marketing inputs.

Explanation:

Marketing inputs: Marketing activities in the company are a direct attempt to reach, inform and persuade consumers to buy and use their products.

Input is a term applied in the field more than all economic and marketing, but basically it can be said that an input is any element that represents a fraction in the development of a product, understood as a product, everything that is produced for a given end. An input is all that material used in the manufacture of something larger, usually we associate it with the basic diet, this is because the ingredient of a food, however edible, individually, does not represent a complete food bolus, with a Standard regulation of each of its components, so it is considered as an input, as part of a whole.

8 0

3 years ago

________ is the task of developing and maintaining an overall company strategy for long-run survival and growth. short-term plan

mr Goodwill [35]

Strategic planning is the task of developing and maintaining an overall company strategy for long-run survival and growth.

In business, strategic planning is a vital step to succeed long-term. The steps involved in strategic planning define the companies overall goal/mission, direction for the company and how they are going to get there.

8 0

3 years ago