Answer:
b. Statement of financial position
Explanation:
IFRS accounting standards issued by International Accounting Standards Board (IASB) and the IFRS Foundation. IFRS equivalence of a GAAP's balance sheet is the statement of financial position. It has a T-structure and it is used to record assets, liabilities and shareholders' equity. It is used to determine liquidity and company's ability to meet its debt obligations. Other IFRS financial statements include a statement of profit and loss and a statement of cash flows for the period.
Answer:
See below
Explanation:
Corrected amount for 2020 cost of goods sold
= 2020 Cost of goods sold - 2019 Ending inventory + 2020 Ending inventory
= $1,397,500 - $105,370 + $31,500
= $1,323,630
Corrected December 31, 2020, amount for retained earnings
= 2020 Retained earnings - 2020 Ending inventory
= $5,157,300 - $31,500
= $5,125,800
Answer:
Alden Co.
Prediction of Future Fixed and Variable Costs, using the high-low method:
a) Determination of the Variable Cost:
7 362,000 $292,624
9 76,400 $67,000
285,600 $225,624
Variable cost per unit = $225,624/285,600 = $0.79
Fixed Costs = $76,000 - (76,400 x $0.79) = $15,644
Explanation:
Month Units Sold Total Cost
1 318,000 $155,500
2 163,000 99,250
3 263,000 203,600
4 203,000 98,000
5 288,000 199,500
6 188,000 110,000
7 362,000 292,624
8 268,000 149,750
9 76,400 67,000
10 148,000 128,625
11 92,000 92,000
12 98,000 83,650
The High-Low Method of determining costs can be relatively accurate if the highest and lowest activity levels represent the overall cost behavior of the company. Inaccurate results will be obtained when the two extreme activity levels are significantly unrepresentative of the dataset. This is exactly the case in this example. If you try to estimate fixed cost, at another activity level, you will get a different result. So the high-low method is not ideal in most cases and its results should not be relied on solely. A better method is to do a regression analysis with the dataset to obtain a more accurate result.
Based on principles of supply and demand:
"a change in supply will cause the equilibrium price to change by <em><u>Increasing</u></em> and the equilibrium quantity to change by <em><u>Decreasing</u></em> with an elastic demand than if demand were inelastic."
This is based on the idea that a change in supply will cause an opposite change in equilibrium price.
For example, an increase in the supply of bread will lead to a decrease in the equilibrium price of bread to ensure that consumers can buy more bread and consumed the supply.
In turn, as the equilibrium price of bread decreases, this would lead to an increase in the quantity demand.
Hence, in this case, it is concluded that " a change in supply will cause the equilibrium price to change by <em>Increasing</em> and the equilibrium quantity to change by <em>Decreasing</em> with an elastic demand than if demand were inelastic."
Learn more here: brainly.com/question/17928482
The answer is A. This question is not hard and I recommend you listen more in class.