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3 years ago

12

Period costs are a.classified as direct labor, direct material, or factory overhead b.not involved in the production process c.f

ound on the job order cost sheets d.found on the balance sheet

1 answer:

goldfiish [28.3K]3 years ago

3 0

Answer:

Not involved In the production process

Eg. Selling expenses or advertising expenses

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Exercise 2-15 Computing net income LO A1 A corporation had the following assets and liabilities at the beginning and end of this

Ipatiy [6.2K]

Answer:

a. $32,039

b. $19,439

c. -$12,961

d. $9,639

Explanation:

We will use accounting equation to solve the above question.

Assets = Liabilities + Equity

Also;

Net income will be the difference in equity plus dividends minus contributions

= [Ending equity - Beginning equity ] + Dividends

Since the beginning and ending equity is the same for all the years, then we'll have

$71,500 = $30,652 + Equity

Equity = $40,848

Ending equity = $122,500 - $49,613

= $72,887

a. Income : $72,887 - $40,848 + 0 - 0

= $32,039

b. $72,887 - $40,848 + $1,050 × 12 - 0

= $19,439

c. $72,887 - $40,848 + 0 - $45,000

= -12,961

d. $72,887 - $40,848 + $1,050 × 12 - $35,000

= $32,039 + $12,600 - $35,000

= $9,639

6 0

3 years ago

Recognizing something as a revenue instead of as a liability has a positive effect on the reported financial statements because:

Pani-rosa [81]

Revenue and liability has influence on reported financial statements because;

it understates liabilities
it overstates revenues

<h3>What is revenue and liability?</h3>

Revenue serves as the money that is been generated by the company as a profit while a liability serves as future sacrifices of economic benefits.

However, recognizing something as revenue instead of liability is dangerous because it can results in overstated net income.

Learn more about revenue at;

brainly.com/question/25855858

4 0

2 years ago

The Pita Pit borrowed $198,000 on November 1, 2021, and signed a six-month note bearing interest at 12%. Principal and interest

pantera1 [17]

Answer:

$3,960

Explanation:

The Borrowed amount is $198,000 on November 1, 2021.

The interest expense at December 31, 2021 is calculated as shown below:

I=PRT

R=12%=0.12

P=$198,000

T=2 Months=(2/12) year

I=198,000*0.12*(2/12)

I=$3960

The correct option will be "B. $3,960."

5 0

2 years ago

You want to invest $37,000 today to accumulate $41,650 to buy a car. If you can invest at an interest rate of 3% compounded annu

Gnom [1K]

Answer:

4 years

Explanation:

It takes 4 years to accumulate the required amount.

5 0

3 years ago

Given the following information and assuming beginning inventory was zero and a periodic inventory system was used, what is the

aivan3 [116]

Answer:

A. $650 $750 $677

Explanation:

period purchases sales

1 20 units at $50 15 units at $60

2 35 units at $40 35 units at $45

3 85 units at $30 85 units at $35

total revenue = $900 + $1,575 + $2,975 = $5,450

COGS:

using FIFO = (15 x $50) + (5 x $50) + (30 x $40) + (5 x $40) + (80 x $30) = $4,800
using LIFO = (15 x $50) + (35 x $40) + (85 x $30) = $4,700
cost average = ($4,950 / 140 units) x 135 units = $4,773.21

Gross profit:

using LIFO = $5,450 - $4,800 = $650
using FIFO = $5,450 - $4,700 = $750
using cost average = $5,450 - $4,773.21 = $676.79 ≈ $677

4 0

3 years ago