Answer:
The complete answers are below.
Explanation:
a) The main difference between Financial Accounting and Managerail Accounting is its purposes and the stakeholders who make use of the information that each one provides.
While financial accounting refers to the aggregation of accounting information in the financial statements, management accounting refers to the internal processes used to account for business transactions.
For instance: Financial accounting reports on the results of an entire business, Managerial accounting reports at a more detailed level. Financial accounting must comply with various accounting standards, whereas managerial accounting does not have to comply with any standards when information is compiled for internal consumption.
b) The financial statements most frequently provide are: Balance Sheet or Financial Position, Income Statement, Statement of cash flows and Statement of Changes in Equity.
c) In general, financial reports and financial statements differ in the formal status of financial statements in business and accounting, and these respond to standards such as GAAP and IFRS. While the financial reports have a format or presentation rules given by management, the financial statements, in the other hand, are prepared on regular basis as specific entities are required to do so according to applicable laws. It can be said that financial accounting provides financial statements and managerial accounting is responsible for financial reports.
$504000 is the actual return
<u>Explanation:</u>
particulars calculation Amount
Service cost 700000
Interest cost 480000
Less: Expected return 576000
Prior service cost 48000
Net loss 30000
Pension expense 682000
Therefore, the pension expense is $682000
<u>The computation is as follows for the calculation of return (in $000’s)
</u>
<u>Plan assets
</u>
Beginning = $5760
Actual return = ?
Cash contributions = 696
Less: Retireee benefits = (624)
Ending balance = $6336
Thus after solving this, we get the actual return that is equal to = $504,000
Answer:
$21,200
Explanation:
The computation of manufacturing overhead is shown below:-
Total manufacturing overhead = Indirect Labor + Indirect Materials + Factory Repair and Maintenance + Manufacturing Equipment Depreciation
= $11,100 + $8,300 + $800 + $1,000
= $21,200
Therefore for computing the total manufacturing overhead we simply added all relevant cost Indirect Labor, Indirect Materials, Factory Repair, and Maintenance, and Manufacturing Equipment Depreciation. The rest all cost is not relevant for total manufacturing cost.
Answer:
$556,000
Explanation:
Beginning retained earnings (2017) + net income - stock dividend - cash dividend = Retained earnings (2018)
1,440,000 + 1,000,000 - 720,000 - cash dividend = 1,164,000
Cash dividend = 1720000−1164000
= $556000
Answer:
For every $1 in assets, the firm produced $3.50 in net sales during the period.
Explanation:
Asset turnover is the analysis ratio technique that is used by companies or businesses to measure the assets of the company from which the company originates its income. In the ordinary sense, it is the ratio that can be construed as the total revenue generated by the assets used by the company.
The formula for calculating Asset turnover :