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professor190 [17]
3 years ago
8

Account classifications include assets, liabilities, stockholders’ equity, dividends, revenues, and expenses. Required: For each

transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders’ equity; in the income statement as a revenue or an expense; or in the statement of stockholders’ equity as a dividend.

Business
1 answer:
Otrada [13]3 years ago
6 0

Answer:

Explanation:

All revenues generated and expenses incurred during a given period are reported in the income statement.  

The stockholder equity statement contains the common stock and the retained earnings that could be used to calculate the ending balance.  

The balance sheet reports the assets and liabilities of the company

So the categorization is shown below:

1. Common stock = Stockholder equity

2. Equipment = Fixed asset

3. Salaries payable = Current liabilities

4. Service revenue = Revenue in the income statement

5. Utilities expense = Expense in the income statement

6. Supplies = Current asset  

7. Research and development expense  = Expense in the income statement

8. Land = Fixed asset

9. Income tax payable = Current liabilities

10. Interest payable = Current liabilities

Note: Please find the attachment that contains the full question

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Karen is designing a process for issuing checks and decides that one group of users will have the authority to create new payees
Nataly [62]

Answer:

D. Separation of Duties

Explanation:

Separation of duties also know as segregation of duties refuses that one person he responsible of acquisition of assets, their custody and related record keeping. The process in which Karen is using to prevent fund by separating individuals who as the authority to issue checks is known as separation of duties. It is a form of internal control aimed at reducing risk of errors and frauds.

4 0
3 years ago
Physical capital differs from raw materials in the sense that raw materials A. have a longer useful life in production B. are co
Komok [63]

Answer:

D. are used up in production

Explanation:

Raw materials can be seen as the "ingredients" required to produce a good and, thus, are consumable (used up in production). Physical capital refers to lasting goods that are assist the production process like buildings or machinery and are not consumable.

4 0
3 years ago
New cars are normal goods. What will happen to the equilibrium price of new cars if public transportation becomes more expensive
Lelechka [254]
The price will rise and effect on quantity is ambiguous
4 0
2 years ago
Kubin Company’s relevant range of production is 13,000 to 18,000 units. When it produces and sells 15,500 units, its average cos
Otrada [13]

Answer:

1. $296,050

2. $141,050

3. $330,300

4. $135,300

Explanation:

Given that,

When company produces and sells 15,500 units;

Direct materials = $ 7.40

Direct labor = $ 4.40

Variable manufacturing overhead = $ 1.90

Fixed manufacturing overhead = $ 5.40

Fixed selling expense = $ 3.90

Fixed administrative expense = $ 2.90

Sales commissions = $ 1.40

Variable administrative expense = $ 0.90

1. Total amount of product costs:

= Number of units × (Direct Material Per Unit + Direct Labor Per Unit + Variable Manufacturing Overhead + Fixed Manufacturing Overhead Per Unit)

= 15,500 × ($ 7.40 + $ 4.40 + $ 1.90 + $5.40)

= 15,500 × $19.10

= $296,050

2. Total Amount of Period Costs:

= Number of Units × (Fixed Selling Expense Per Unit + Fixed Administrative Expense Per Unit + Sales Commissions Per Unit + Variable Administrative Expense Per Unit)

= 15,500 × ($ 3.90 + $ 2.90 + $1.40 + $0.90)

= $141,050

3. Total amount of product costs at 18,000 units:

= Direct Material + Direct Labor + Variable Manufacturing Overhead + Fixed Manufacturing Overhead

= (18,000 × 7.40) + (18,000 × 4.40) + (18,000 × 1.90) + (15,500 × 5.40)

= $133,200 + $79,200 + $34,200 + $83,700

= $330,300

4. Total amount of period costs at 13,000 units:

= Fixed Selling Expense + Fixed Administrative Expense + Sales Commissions + Variable Administrative Expense

= (15,500 × $3.90) + (15,500 × $2.90) + (13,000 × $1.40) + (13,000 × $0.90)

= $60,450 + $44,950 + $18,200 + $11,700

= $135,300

4 0
3 years ago
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below ($ in thou
vovikov84 [41]

Answer:

Cash flow from operating activities $141.8

Explanation:

Cash received from customers during the reporting period

A.Sales $ 545.0+ 22.0 Decrease in accounts receivable = $567

B.

Cash paid to suppliers of the goods

Cost of goods sold 218.0 +Increase in inventory 93.0 +Decrease in accounts payable 56.0 =$367

C.

Cash paid to employees

Salaries expense $ 65.0 -Increase in salaries payable 37.0 = $28

D.

Cash paid for insurance

Insurance expense 42.0 -Decrease in prepaid insurance 17.0 =$25

E.

Cash paid for income tax

Income tax expenses 91.0 -Increase in income tax payable 85.8 =$5.2

(2)

Cash received from customers during the reporting period $567

Cash paid to suppliers of the goods ($367)

Cash paid to employees($28)

Cash paid for insurance ($25)

Cash paid for income tax ($5.2)

Cash flow from operating activities $141.8

6 0
3 years ago
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