The balance sheet of a company provides important information on the assets owned by the company, its liabilities, and the shareholder’s equity. They are essentially financial statements that outline the financial condition and history of a company.
Balance sheets have various purposes. They help stakeholders to assess and evaluate the business, and take important decisions that promote their interests.
The management may use it to strategize and chart out future plans to cut costs, invest and expand in certain areas, etc. Investors use it to decide whether or not to pour money into the company. Lenders evaluate the credit worthiness of the company, and decide on forwarding loans to it.
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An accountant has debited an asset account for $1,300 and credited a liability account for $500 -The following would be an incorrect way to complete the recording of the transaction (D) Debit a Stockholders' account for $800.
Explanation:
By using the accounting equation
Total assets = Total liabilities + Total stockholder equity
where,
Debited Total assets = $1,300
Credited Total liabilities = $500
So, the total stockholder equity is
= $1,300 - $500
= $800
So, the incorrect way is to debit a stockholder equity for $800
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Answer:
Explanation:
The following information can be derived from the question above:
The cost of the beginning work in the process inventory = $3,570
The cost of the ending work in the process inventory = $2,860
The cost that is added to the production = $43,120.
In the attached document, it should be noted that the cost of goods that were transferred out was calculated as:
The total cost to be accounted for minus the cost of the ending work in the process inventory. This is:
= 46690 - 2860
= 43830
The cost reconciliation report for the Baking Department for June has been solved and attached.
Answer:
Based on this information, the value added at Alejandro's store was:
$130,000.
Explanation:
a) Data and Calculations:
Original value of purchased jerseys = $150,000
Value of sold jerseys = $280,000
Valued added = $130,000 ($280,000 - $150,000)
b) The value added by Alejandro is the extra value or enhancement of $130,000, which will go the Alejandro in form of profits, created over and above the original value of $150,000, which can be applied to the products, services, companies, management, and other areas of business. This enhancement may be as a result of the change of the location of the soccer jerseys from the place of purchase to the place of sale.
