A local government's basic financial statements would include a statement of cash flows for all_______

Differentiated oligopoly exists where a small number of firms are:

garri49 [273]

Occupying most of the market share

6 0

3 years ago

Financial Statements of a Manufacturing Firm The following events took place for Sorensen Manufacturing Company during January,

Yakvenalex [24]

Answer:

Required a.

January income statement for Sorensen Manufacturing Company

Sales $1,200,000

Less Cost of Sales ($675,000)

Gross Profit $525,000

Less Expenses :

Selling expense ($215,000)

Administrative expense ($125,000)

Net Income / (Loss) $185,000

Required b.

Work In Process Inventory = $120,000

Finished Goods Inventory = $85,000

Explanation:

Manufacturing Cost Schedule (Determination of Work In Process Inventory)

Direct Materials $180,000

Indirect Materials ($250,000 - $180,000) $70,000

Direct Labor $450,000

Factory Overheads $180,000

Total Cost of Goods Manufactured $880,000

Less Transferred to finished goods ($760,000)

Closing Work In Process Inventory $120,000

Finished Goods T- Account (Determination of Finished Goods Inventory)

Debit :

Transferred from Work In Process $760,000

Totals $760,000

Credit:

Trading Account $675,000

Ending Finished Goods Inventory $85,000

Totals $760,000

7 0

4 years ago

An opportunity cost is ________. A. the benefit gained by choosing a certain course of action B. costs that have been incurred

Oliga [24]

Answer: Option (D)

Explanation:

Opportunity costs are known to present the benefits that an individual misses while they opt for an alternative over the another one. When an individual chooses an option from the alternatives, then the opportunity cost is referred to as the cost that has incurred by not appreciating the benefit which are confederated with the known alternative choice.

8 0

3 years ago

Examine the methods that FNB can use to compete with other banks in South Africa

zvonat [6]

There are a couple of methods that First National Bank can use in order to compete with other banks in south Africa, such as :
- Increasing their interest rates for saving to gain more mass deposits from the mass
- By creating a couple of regulations that could invite more capital to the bank (such as giving a car if you deposit an xxxxx amount within 1 year)
- Expanding their subsidiaries not only in South Africa, but also to neighborhood countries to increase the net income

5 0

3 years ago

1. A county uses the GAAP basis to report encumbrances. At the end of 2020 there are purchase orders outstanding, for which the

hram777 [196]

Answer:

A. Expenditures for 2020 will include the $40,000 purchase orders.

Explanation:

The only accounting technique or principle that is accepted by GAAP which is generally known as the generally accepted accounting principles, is the accrual basis accounting technique. This technique pertains to the matching principle by recording the income whenever it is earned and expenses as they happen.

The four fundamental constraints that are associated with GAAP include materiality, objectivity, consistency and prudence.

4 0

3 years ago

A local government's basic financial statements would include a statement of cash flows for all________