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3 years ago

A financial statement showing the revenue and expenses for a fiscal period. True or False

Business

1 answer:

Dima020 [189]3 years ago

4 0

Answer:

A financial statement showing the revenue and expenses for a fiscal period. True

Explanation:

A financial statement showing the revenue and expenses for a fiscal period. True because income statement is a financial statement and shows the expenses and income ( revenue) during a fiscal period.

A fiscal period is the time period reflected in a financial statement. It is usually a quarter or an accounting period.

There are four main kinds of financial statements. Income statement is one of the financial statement which tells about the expenses and revenues

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For 2021, Rahal's Auto Parts estimates bad debt expense at 1% of credit sales. The company reported accounts receivable and an a

ziro4ka [17]

Answer:

$3,860

Explanation:

The balance in the account Allowance for Doubtful Accounts is expected to be the projected amount in receivables of the company that will not be converting to cash.

Therefore to calculate final balance of allowance for doubtful balance

Beginning balance 2700

Bad debt expense (410000*1%) 4100

Less: Written off -2940

Ending balance 3860

So answer is $3,860

4 0

3 years ago

What causes a liability to be credited and an expense to be debited?

UkoKoshka [18]

Recording the accrual of salaries incurred.

6 0

3 years ago

A project requires an initial investment of $10 million today. If the cost of capital exceeds the project IRR, then the project

xz_007 [3.2K]

Answer:

Negative NPV.

Explanation:

present value of cost exceeds present value of revenue that is been assumed in the investment plan of the said company/firm.

Net Present Value describes one of the discounted techniques of cash flow used in capital budget to determining the viability of a project or an investment. It is seen to have a huge difference between the present flow of the firms; which is cash inflows and the present value of cash outflows over a period of time. Experts has tagged its primary advantage to be that it is seen to considers the concept of the time value of money.

3 0

3 years ago

Wember Catering uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The

hodyreva [135]

Answer:

$3,515

Explanation:

The computation of the catering supplies is shown below:

= Catering supplies per month + per job cost × expected number of jobs + per meal cost × expected number of meals

= $350 + $89 × 21 jobs + $9 × 144 meals

= $350 + $1,869 + $1,296

= $3,515

Since the question is asking for planning budget so we considered the expected units in terms of jobs and meals

8 0

3 years ago

In an effort to save money for early retirement, an environmental engineer plans to deposit $1200 per month starting one month f

Aleks [24]

Answer:

$1,099,203.00

Explanation:

In this question we have to find out the future value that is shown in the attachment below:

Provided that

Present value = $0

Rate of interest = 8% ÷ 2 = 4%

NPER = 25 years × 2 = 50 years

PMT = $1,200 × 6 months = $7,200

The formula is shown below:

= -FV(Rate;NPER;PMT;PV;type)

So, after solving this, the future value is $1,099,203.00

8 0

3 years ago