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3 years ago

Budgeted financial statements are financial statements based on budgeted amounts rather than actual amounts.

Business

1 answer:

Tasya [4]3 years ago

3 0

Answer:

The statement is True.

Explanation:

Budgeted financial statements are prepared for a future period of time. So that it is easy to anticipate certain fixed and variable costs and allocate financial resources to them.

Also, Budgeted financial statement are useful during the strategic planning process and planning on future business expansions.

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Lockard Company purchased machinery on January 1, 2020, for $80,000. The machinery is estimated to have a salvage value of $8,00

netineya [11]

Answer:

a) $9,000

b) $3,000

Explanation:

The calculation of the depreciation expense for each of the following cases

As we know that

= (Purchase cost of machinery - estimated salvage value) ÷ (useful life)

= ($80,000 - $8,000) ÷ (8 years)

= ($72,000) ÷ (8 years)

= $9,000

b) Since the asset purchased as on Sep 1, 2020 so the depreciation expenses would be charged for four months i.e. From September to December.

Also at the same time we assume the books are closed as on Dec 31,2020

Therefore, the depreciation expense is

= $9,000 × 4 months ÷ 12 months

= $3,000

6 0

3 years ago

Sparks Corporation has 3,000 shares of 8%, $100 par value preferred stock outstanding at December 31, 2017. At December 31, 2017

Korvikt [17]

Answer:

We can assume that Sparks Corporation is going to pay preferred stockholders first:

preferred stock dividends = $100 x 8% x 3,000 = $24,000

If the corporation doesn't owe any previous dividends to preferred stockholders, then the remaining $81,000 (= $105,000 - $24,000) should be distributed to common stockholders.

Each preferred stock will receive a $8 dividend. I don't know the amount of outstanding common stock, so it is not possible to determine how much dividend will be distributed for each common stock outstanding.

7 0

3 years ago

Adding or deleting features and functions from an existing product platform is: Group of answer choices A high-end strategy. The

LuckyWell [14K]

b. The optional pricing strategy (O.P.)

More about optional pricing:

When a company uses optional product pricing, it sets a base product at a lower cost and additional, optional products at a higher price to make up for any losses. Optional products are not required for the base product to function, but they typically improve the customer experience.

The two key components of optional product pricing:

A base product is the main draw for the customer or the reason they are purchasing. It meets the needs of the customer and does not require the optional product to function.
A complimentary product(s): A product that a customer who purchased the base product is likely to purchase in order to improve their experience with the base product.

Learn more about pricing here:

brainly.com/question/17234963

#SPJ4

4 0

2 years ago

On December 31, 2021, Larry's Used Cars had balances in Accounts Receivable and Allowance for Uncollectible Accounts of $70,000

Fittoniya [83]

Answer:

December 31, 2022 Bad debts $ 2975

Explanation:

On December 31, 2021, Accounts Receivable $70,000

Allowance for Uncollectible Accounts $1,250

During 2022, Bad Debts $2,675

Allowance for Uncollectible Accounts $5,650 at December 31, 2022

Bad debt expense for 2022 would be

December 31, 2021

Allowance for Uncollectible Accounts $1,250

During 2022, Bad Debts $2,675

Required Adjustment $ 1425

December 31, 2022 Bad debts $ 2975

Allowance for Uncollectible Accounts $5,650 adjusted Balance

Allowance for Uncollectible Accounts Written Off $2,675

Required Adjustment $ 2975

5 0

4 years ago

Read 2 more answers

Which of the following is one of the major factors determining the level of wages? A. The level of production costs. B. The prod

Dahasolnce [82]

Answer:

It will be A

Explanation:

3 0

3 years ago