Answer:
The COGS for the June 1st sale is $17 per unit, and the COGS for the August 27th sale is $20 per unit.
Explanation:
<u>Date</u> <u>Number of units</u> <u>Unit balance</u> <u>Unit cost</u> <u>Average cost</u>
May 7 40 40 $17 $17
June 1 (20) 20 $17
July 28 30 50 $22 $20
August 27 (30) 20 $20
The average COGS after the purchase on July 28 = [(20 x $17) + (30 x $22)] / 50 = ($340 + $660) / 50 = $20
Answer:
Coronado's diluted earnings per share would be 4.53
Explanation:
Net interest savings = (2040000*5%)*(1-0.35)= $66,300
Weighted average common stock outstanding=194000+(2040000/1000*10)= 214,400
Coronado's diluted earnings per share=(906,000+66,300)/214,400= $4.53
The justification for a company initially recording prepaid rent in either an income statement or balance sheet account is that a<u>t the end of each year, the</u><u> account balances </u><u>are revised so that they accurately represent the c</u><u>urrent situation.</u>
This is further explained below.
<h3>What is
an income statement?</h3>
Generally, When a business first records its prepaid rent, it should do so in either an account on its income statement or one on its balance sheet.
The reason for this is because, at the end of each year, the balances of these accounts should be revised so that they more accurately reflect the situation at the moment.
In conclusion, An income statement, also known as a profit and loss account, is one of the financial statements that a business maintains.
It details the revenues and costs that the firm incurred during a certain time period. It describes the process through which the revenues are converted into the company's income or profit after taxes.
Read more about income statements,
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<span>Frank Festa should take time and reflect on the history of management because as they say, learn from the past or you are doomed to repeat it. He can look back on situations that the bank faced and learn to recognize similar circumstances and warning flags so he can avoid repeating mistakes and prevent the bank from falling into another bankruptcy.</span>
Answer:
The amount of Drake’s casualty loss deduction is $3,000
Explanation:
The deduction amount would be less of the adjusted basis or net cost of the truck
where,
Adjusted basis = $22,000
And, the net cost would be equal to
= Repair cost - reimbursement cost of insurance
= $5,000 - $2,000
= $3,000
So, by comparing both the amounts, the $3000 would show a lesser amount than adjusted basis ($22,000)
And, the purchase cost of the truck would be ignored. Thus, it is not considered in the computation part.
