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vagabundo [1.1K]
3 years ago
12

An emphasis is placed on proper income statement item recognition under what approach under US GAAP?

Business
1 answer:
Over [174]3 years ago
3 0

Answer:

Revenue /expense approach

Explanation:

As we know that the income statement recognized only the revenues and the expenses and if the revenue is more than the expenses so the company is earning profit else it would suffered loss

So for proper income statement, the item recognized under US GAAP should be placed in revenue and expense approach as it comes under the income statement and the same is to be considered

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A retail outlet for calculators sells 700 calculators per year. it costs ​$2 to store one calculator for a year. to​ reorder, th
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Answer:

if Andre orders 500 boxes at a time his anual inventory cost with holding cost included should be $150,030.

Explanation:

4 0
3 years ago
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Valutech Manufacturing uses job order costing for its production of MP3 players. The cost incurred for the current year for the
lyudmila [28]

Answer:

$65 per unit

Explanation:

For computing the cost per unit first we have to determine the cost of goods manufactured which is shown below:

Cost of goods manufactured = Opening work in process + direct material cost + direct labor cost + manufacturing overhead cost - ending work in process

= $10,000 + $12,000 + $6,000 + $4,000 - $6,000

= $26,000

And, there is a production of 400 MP3 players

So, the cost per unit is

= $26,000 ÷ 400 MP3 players

= $65 per unit

8 0
2 years ago
May 24 Sold merchandise on account to Old Town Cafe $18,450. The cost of goods sold was $11,000.
zubka84 [21]

Answer:

Date       General Ledger                                        Debit        Credit

May 24   Accounts Receivable-Old Town Café   $18,450

                      Sales                                                                   $18,450

              Cost of goods sold                                 $11,000

                       Inventory                                                            $11,000

Sept. 30  Cash                                                         $6,000

                      Allowance for Doubtful Accounts                      $12,450

                      Accounts Receivable-Old Town Cafe               $18,450

Dec. 7    Accounts Receivable-Old Town Cafe      $12,450

                      Allowance for Doubtful Accounts                     $12,450

              Cash                                                             $12,450

                       Accounts Receivable-Old Town Cafe               $12,450

7 0
2 years ago
Pat can either drive to work, which takes half an hour and uses $1.50 worth of gas, or take the bus, which takes an hour and cos
Harrizon [31]

Answer:

pat should drive if saving half an hour is worth $0.50 or more

Explanation:

Marginal cost is the additional cost generated by producing an additional unit of output.

Marginal cost of taking the bus = 1 / 2 = 0.50

Marginal utility is the additional utility derived from consuming one more unit of a good

Marginal utility per good = marginal utility / price of the good

Pat should take the action that would yield him the highest utility given the marginal cost

So,pat should drive if saving half an hour is worth $0.50 or more

7 0
3 years ago
Accounts receivable and notes receivable are shown as a(n) ____ company's balance sheet. A. liability
Andrew [12]
D) Account receivable and note receivable are showing in Expense
6 0
2 years ago
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