Land, labor, and capital also are known as factors of ?

The following transactions pertain to year 1, the first-year operations of Campbell Company. All inventory was started and compl

nikdorinn [45]

Answer:

a. In the income statement, Net Income = $414

b. In the balance sheet, Total assets = Total equities and liabilities = $5,114.

Explanation:

Note: See the attached excel file for the income statement and a balance sheet.

An income statement prepared in accordance with the generally accepted accounting principles (GAAP) records income when they are earned and expenses when they are uncured.

A balance sheet prepared in accordance with the generally accepted accounting principles (GAAP) shows assets in order of liquidity. In the prepared balance sheet, current asset starting with the ending cash balance which is the most liquid asset asset is shown first followed by others in there order of liquidity.

The fact that Total assets = Total equities and liabilities = $5,114 in the attached excel file shows the balance sheet is accurately prepared.

In the attached excel file, we have:

Sales revenues = Units sold * Unit price = 260 * $13 = $3,380

Ending finished goods Inventory = Total cost of production * ((Units produced - Units sold) / Units produced) = $3,780 * ((360 - 260) / 360) = (100/360)) = $1,050

Below the income statement and the balance sheet in the attached excel file, there is a working that shows the ending cash balance of $4,064.

Download xlsx

3 0

3 years ago

A contractual arrangement between a parent company and an individual or firm that allows the latter to operate a certain type of

Serhud [2]

Answer:

Franchising

Explanation:

Franchising is defined as the contract that exists between a parent company (franchisor) and other firms (franchisee) in which an operating licence is given to the franchisee.

The franchisor gives access to use of their brand and also provides support and training to the franchisee.

Franchisee in turn gives an agreed amount of profit to the franchisor for using their brand.

An established name and specific rules of operation is agreed upon in the contract.

4 0

3 years ago

A supply chain management (SCM) system is an IT system that supports supply chain management activities by: a. helping decision

Evgen [1.6K]

Answer:

The correct answer is letter "B": automating the tracking of inventory and information among business processes and across companies .

Explanation:

Supply Chain Management (SCM) comprises all the steps companies take from gathering raw materials until the delivery of a final good to consumers. In the process, several resources are used such as Information Technology (IT) systems which allow measuring numerically materials, components, labor hand and hours, and the necessary resources for the manufacturing company given a period.

Besides, <em>IT systems are useful to keep track of the flow of the units being produced when they hit the warehouse shelves and when they leave the company for sale. This information is useful for the plant and its suppliers.</em>

3 0

4 years ago

What are expansionary ficalpolicy? Contrationary fiscal policy, What do you mean by automatic stabilizer?

OverLord2011 [107]

Answer:

Here is your answer : )

Explanation:

Contractionary fiscal policy means when the government taxes more than it spends.

Expansionary fiscal policy means when the government spends more than it taxes.

Automatic stabilizers means features of the tax and transfer systems that temper the economy when it overheats and stimulate the economy when it slumps without direct intervention by policymakers.

Hope it helps you

4 0

3 years ago

Gateway Ltd sets up a company and in the first nine days of trading the following transactions occurred

valina [46]

1. The completion of the relevant ledger accounts for Gateway Ltd is as follows:

<h3>Cash Account</h3>

Date Account Titles Debit Credit

January 1: Common Stock $10,000

January 2: Inventory $4,000

January 3: Delivery Van $2,000

January 5: Sales Revenue $1,500

January 7: Accounts Payable $800

January 8: Rent Expense $200

Balance $4,500

<h3>Accounts Receivable</h3>

Date Account Titles Debit Credit

January 6 Sales Revenue $5,000

<h3>Inventory</h3>

Date Account Titles Debit Credit

January 2 Cash $4,000

January 4 Accounts Payable 1,000

January 6 Cost of goods sold $5,000

<h3>Delivery Van</h3>

Date Account Titles Debit Credit

January 3 Cash $2,000

<h3>Accounts Payable</h3>

Date Account Titles Debit Credit

January 4 Inventory $1,000

January 7 Cash $800

Balance $200

<h3>Common Stock</h3>

Date Account Titles Debit Credit

January 1 Cash $10,000

<h3>Sales Revenue</h3>

Date Account Titles Debit Credit

January 5 Cash $1,000

January 6 Accounts Receivable 5,000

Balance $6,000

<h3>Cost of goods sold</h3>

Date Account Titles Debit Credit

January 6 Inventory $5,000

<h3>Rent Expense</h3>

Date Account Titles Debit Credit

January 8 Cash $200

2. The extraction of a trial balance for Gateway Ltd is as follows:

<h3>Trial Balance</h3>

As of January 9

Account Titles Debit Credit

Cash $4,500

Accounts Receivable 5,000

Delivery Van 2,000

Accounts Payable $200

Common Stock 10,000

Sales Revenue 6,500

Cost of goods sold 5,000

Rent Expense 200

Totals $16,700 $16,700

<h3>Data Analysis:</h3>

January 1: Cash $10,000 Common Stock $10,000

January 2: Inventory $4,000 Cash $4,000

January 3: Delivery Van $2,000 Cash $2,000

January 4: Inventory $1,000 Accounts Payable $1,000

January 5: Cash $1,500 Sales Revenue $1,500

January 6: Accounts Receivable $5,000 Sales Revenue $5,000

January 7: Accounts Payable $800 Cash $800

January 8: Rent Expense $200 Cash $200

Learn more about extracting a trial balance at brainly.com/question/14604253

6 0

2 years ago