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IgorLugansk [536]
2 years ago
5

Four financial statements are usually prepared for a business. The statement of cash flows is usually prepared last. The stateme

nt of owner's equity (OE), the balance sheet (B), and the income statement (I) are prepared in a certain order to obtain information needed for the next statement. In what order are these three statements prepared?
Business
1 answer:
Bezzdna [24]2 years ago
6 0

Answer:

1. Income statement

2. Statement of owner equity

3. Balance sheet

Explanation:

As we know that financial statements are very important for any type of business. But the sequence of the financial statements is more important.  

In the given question, the cash flow statement is prepared last but before that, we have to make three statements more

1. Income statement: This statement tells about the net income or net loss of the company

2. Statement of owner equity: It tell the ending balance of the owner equity which will show in the balance sheet

3. Balance sheet: At last, the balance sheet is prepared which includes assets, liabilities, and shareholder's equity.

You might be interested in
Economic value added:a. is a dollar amount rather than a percentage.b. is both a dollar amount rather than a percentage and uses
Fantom [35]

Answer:

The correct answer is letter "B": is both a dollar amount rather than a percentage and uses a firm's weighted-average cost of capital.

Explanation:

The Economic Value Added metric helps the shareholders of a business to determine how their capital is performing against other potential investments using the <em>weighted-average cost of capital </em>for that purpose. It is also a useful calculation for companies to decide on the most economically valuable project to be pursued.

The economic value added is calculated by subtracting the opportunity cost of capital from the earnings of the company. <em>The result is given in dollar amounts.</em>

7 0
3 years ago
At December 31, 2018, the financial statements of Hollingsworth Industries included the following: Net income for 2018 $ 590 mil
m_a_m_a [10]

Answer:

Basic EPS = $1.359 million

Diluted EPS = $1.195 million

Explanation:

For Basic EPS we need to calculate the number of shares outstanding

Shares as on Jan 1 = 450 million

Treasury shares on Sep 1 =  48 million × (4 months ÷ 12 months)

                                           = 16 million

Number of shares o/s =  Shares as on Jan 1 - Treasury shares on Sep 1

                                    = 450 million - 16 million

                                    = 434 million

Basic EPS = Net Income ÷ Number of shares o/s

                 = $590 million ÷ 434 million

                 = $1.359 million

For Diluted EPS,

Interest savings = 10% × $ 250 million

                           = $25 million

Adjusted Net Income =  Net Income + After tax interest savings

                               = $590 million +  [25 millions - 40(25million)]

                               = $590 million - $15 million

                               = $575 million

and weighted number of shares will include the bonds, that are convertible

Outstanding shares as computed = 434 million

Bond conversion Shares = 47 million

Total shares outstanding =  Outstanding shares as computed + Bond conversion Shares

                                          = 434 million  + 47 million

                                          = 481 million

Diluted EPS = Adjusted Net income ÷ Total shares outstanding

                    = $575 million ÷ 481 million

                    = $1.195 million

8 0
3 years ago
Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Dete
storchak [24]

Answer:

The cost of goods sold using the LIFO menthod is;

d. $3,580

Explanation:

Last in First Out (LIFO) method is an inventory method where the recently purchased good is sold first. This means that when accounting for the cost of goods sold, we use the unit cost of the goods that were purchased recently. In our case;

1 Beginning Inventory 150 units @ $10.00

5 Purchase 220 units @ $12.00

10 Sales 140 units @ $20.00

15 Purchase 100 units @ $13.00

24 Sales 150 units @ $21.00

<em>Step 1: Determine total number of units sold;</em>

Total number of units sold=number of sales on May 24+number of sales on May 10

where;

number of sales on May 24=150 units

number of sales on May 10=140 units

replacing;

Total number of units sold=(150+140)=290 units

Total number of units sold=290 units

<em>Step 2: Determine total cost of goods sold</em>

The first 100 units sold were each sold at $13

The remaining 190 units were each sold at $12

Total cost of goods sold=(100×13)+(190×12)=(1,300+2,280)

Total cost of goods sold=$3,580

5 0
3 years ago
MC Qu. 107 The following information is available... The following information is available for a company's utility cost for ope
lianna [129]

Answer:

Variable cost Per Unit $2.50

Explanation:

Total cost at high activity = $8100

Total Cost at Low activity = $3600

Total Units at high activity = 2400

Total Units at low Activity = 600

Variable Cost Per Unit =  (High activity total Cost - Low activity total cost ) / (High Activity unit - low activity units)

Variable cost per unit = ($8100 - $3600) / (2400 - 600) = $4500 / 1800 = $2.50

7 0
3 years ago
You are writing the second edition of a user manual to be included with software sold to the general public. You want to reuse a
OLga [1]

Answer:

rewrite the introductory materials yourself

Explanation:

Based on the information provided within the question it can be said that in this scenario your best option would be to rewrite the introductory materials yourself . Without knowing what who wrote that section or what the contractual conditions were you cannot copy that material because you are risking being sued for copyright infringement and potentially losing a lot of money or even the software in some cases.

6 0
3 years ago
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