Answer:
Refer To The attached screen shot. It contains the Income Statement Prepared under Absorption Costing.
Explanation:
Absorption Costing assumes that the Manufacturing Costs include Direct Material, Direct Labor, Variable Overhead, and Fixed Overhead. Whereas, Selling and Administrative Expenses are classified as period Costs. These period costs are recognized in the period in which they are incurred. On the other hand, the manufacturing costs are recognized when the goods on which the costs were incurred are sold. That's why we don't recognize $78,000 as a Fixed Overhead because these overhead costs were incurred to produce 6,000 rackets. We have to calculate the fixed overhead cost per unit and multiply it with the units sold.
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Answer:
Infomercial.
Explanation:
An infomercial is a form of advertisement which is aimed at educating the customer about a product or a series of products via television in the form of a program.
Answer:
Explanation:
Selling Price Commission Shipping NRV Cost
A 220 220*10% = 22 200*5% = 10 (220-22-10) 188 200
B 260 260*10%=26 240*5%=12 (260-26-12) 222 240
C 240 240*10%=24 120*5%=6 (240-24-6) 210 120
D 300 300*10%=30 160*5%=8 (300-30-8) 262 160
E 140 140*10%= 14 100*5%=5 (140-14-5) 121 100
Therefore ,the unit inventory valuation at lower of cost or net realizable value =
Products Valuation
A 188
B 222
C 120
D 160
E 100
Answer:
Assets are the economic resources of a business that are expected to be of benefit in the future. Liabilities represents the claims to the stockholders' equity held by the stockholders of the business.
Explanation:
The accounting equation formed the basis for what is today termed as the double-entry system of accounting. It involves the balance of assets on one side and liabilities and share holders equity on the other side. When recording accounting statements after a certain financial period, the total assets should be equal to the sum of the liabilities and the shareholder's equity. The accounting equation can be expressed as follows;
Assets=liabilities+shareholder's equity
The assets are all the items owned by a company or business that are of economic value to that particular company. The assets are often expected to be of future benefit. Liabilities of the other hand represents the claims to the stockholders' equity held by the stockholders of the business. The stockholder's equity is the shared value that the stockholder's will receive when the assets and liabilities are liquidated.
Answer:
$28,000
Explanation:
Cash payments is a negative entry (credit) to the cash balance account, while cash receipts is a positive entry (debit), if the final cash balance is $18,000, cash receipts for the month of June are:
The cash receipts for the month of June were $28,000.
