Answer:
Explanation: see attachment below
In 2014, David Company accrued, for financial statement reporting, estimated losses on disposal of unused plant facilities of $2
1 answer:
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Answer:
- Accounting Equation = The basic tool of accounting, stated as Assets = Liabilities + Equity
- Asset = An economic resource that is expected to be of benefit in the future
- Balance sheet = Reports on an entity's assets, liabilities, and stockholders' equity as of a specific date
- Expense = Decreases in equity that occur in the course of selling goods or services
- Income statement = Reports on an entity's revenues, expenses, and net income or loss for the period
- Liability = Debts that are owed to creditors
- Net income = Excess of total revenues over total expenses
- Net loss = Excess of total expenses over total revenues
- Revenue = Increases in equity that occur in the course of selling goods or services
- Stmt. of cash flows = Reports on a business's cash receipts and cash payments during a period
- Stmt. of ret. earnings = Reports how the company's retained earnings 'balance changed from the beginning to the end of the period
Explanation:
- Accounting Equation = The basic tool of accounting, stated as Assets = Liabilities + Equity
- Asset = An economic resource that is expected to be of benefit in the future
- Balance sheet = Reports on an entity's assets, liabilities, and stockholders' equity as of a specific date
- Expense = Decreases in equity that occur in the course of selling goods or services
- Income statement = Reports on an entity's revenues, expenses, and net income or loss for the period
- Liability = Debts that are owed to creditors
- Net income = Excess of total revenues over total expenses
- Net loss = Excess of total expenses over total revenues
- Revenue = Increases in equity that occur in the course of selling goods or services
- Stmt. of cash flows = Reports on a business's cash receipts and cash payments during a period
- Stmt. of ret. earnings = Reports how the company's retained earnings 'balance changed from the beginning to the end of the period
1. The missing amounts should be determined in the following manner:
On Company A. Materials inventory December 1 Materials inventory December 31-+Materi also purchased -Cost of direct materials
Off Company Total manufacturing costs incurred in December -Direct labor Cost of direct materials used in production -Factory
2. On Company's statement of goods manufactured should be prepared as follows:
On Company Statement of Goods Manufactured For the Month of December 2016 Materials inventory December 1 Add: Purchases Total
3. On Company's income statement should be prepared as follows:
On Company Income Statement For the Month of December 2016 Sales 1,127,000 827.400 299,600 Less: Operating expenses 117,600.
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