Both feared a terrible plight, both had debt so bad they lost their houses, farms, etc
The answer is Stretch Goal. It is also called a Stretch Target, it is <span>a high and difficult level of success that a student must achieve if they are to be considered to be doing their job in a satisfactory way. Practicing 10 hours a week would cause the students to reach beyond what they think is possible.</span>
Answer:
Sheridan Company
Income Statement
For the year ended December 31, 202x
Sales revenue $170,400
Cost of goods sold <u>($129,600)</u>
Gross profit $40,800
Period costs <u>($24,000)</u>
Operating income $16,800
cost of goods manufactured 2019 (or 2020, it is the same)= (20 x $4,500) + $18,000 = $108,000 / 20 = $5,400 per unit
COGS 2020 = 24 x $5,400 = $129,600
sales revenue = 24 x $7,100 = $170,400
A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the <u>Time period principle.</u>
The time period principle- Financial results and other material business activities should be reported over a consistent time period, such as a month, week, day, etc., in accordance with the time period concept. Depending on the frequency of the chosen time period, the firm must then adhere to a distinct set of regulations for each financial statement in accordance with US Generally Accepted Accounting Principles.
Any company's financial statements can be thought of as a snapshot in time that reveals both the company's history and its current status. That's why it's crucial to disclose to readers the time frame in which the financial statements were generated in accordance with the time period concept.
In its broadest sense, the time period principle holds that any enterprise may conveniently categorize its financial operations into discrete time intervals. That is to say, all cash inflows and outflows may be neatly categorised into separate and sequential accounting periods.
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