Answer:
- BALANCE SHEET:
(b) Inventory
(c) Accounts payable
(d) Retained earnings
(h) Common stock
(i) Accounts receivable
2. INCOME STATEMENT:
(b) Inventory
(c) Accounts payable
(d) Retained earnings
(h) Common stock
(i) Accounts receivable
Explanation:
The balance sheet identifies the productive resources (assets) that a firm has for the development of its activities, as well as how they are financed. Those funds may come from creditors (Obligation with creditors - Liabilities) and owners (Issuing equity shares - Shareholders' equity).
Instead, The Income Statement shows the incomes and loss than the firm operation has produced during the accountable period. It starts with Revenues and Cost of Goods to get the Gross Net Profit and follows with others incomes and loss to get the Net Income of the period.
Complete question:
amber is in charge of preparing an annual budget for her company. as part of the budgeting process, she must estimate COGS and ending inventory. which of the following statements is correct regarding the use of the gross profit method
amber must take a physical inventory to determine ending inventory and COGS
amber may utilize the gross profit method, but must also take a physical inventory
amber may utilize the gross profit method to estimate ending inventory and COGS
Answer:
Amber may utilize the gross profit method to estimate ending inventory and COGS
Explanation:
The gross profit method is a strategy used to measure the value at the end of the product. The method may be used with monthly accounting statements where a physical warehouse is not feasible.
(However, it is not a substitution for an actual physical inventory.) It is often used to measure the volume of lost products incurred by burglary, accident or other disasters.
For example, if a business buys products of $80 and sells them for $100, the gross profit is $20.
Answer:
a. $840
b. $140
Explanation:
a. The calculation of the average price per season ticket is shown below:-
Average price per season ticket = Total price of season tickets ÷ Sitting capacity
= $93,660,000 ÷ 111,500
= $840
b. The calculation of average price per individual game ticket sold is shown below:-
Average price per individual game ticket sold = Average price per season ticket ÷ Six home games
= $840 ÷ 6
= $140
Therefore we simply applied the above formula for computing the average price per season ticket and average price per individual game ticket sold.
Answer:
C. Technological forces
Explanation:
Technology is the invention from applied sciences or engineering research, which in this case has lead to the reduction of the cost of RFID tags
The liabilities will be understated.
