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Gala2k [10]
3 years ago
13

The budgeted multi-step income statements of both manufacturing and merchandising companies include the calculation of gross pro

fit.
a) true
b) false
Business
1 answer:
k0ka [10]3 years ago
7 0

Answer:

TRUE

Explanation:

The gross profit is the difference betwenethe sales revenue and the cost of good sold/manufactured

for retail companys they determinate the cost using a given inventory method like FIFO LIFO or weighted average.

Manufacturing companies will subtract from the sales revenue the cost of good manufactured which can be determinated in various ways like process, order, absorption or ABC

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You purchased five August 13 futures contracts on soybeans at a price quote of 1056′6. Each contract is for 5,000 bushels with t
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Answer:

B) $1,187.50

Explanation:

The computation of the total profit or loss on this investment is given below:

Expiration price = 1061'4  = 1061 + 4 ÷ 8 = 1061.50

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Now the profit is

= (1061.50 - 1056.75) × 5000 × 5

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Hence, the profit on this investment is $1,187.50

3 0
2 years ago
At the end of the fiscal year, the usual adjusting entry for depreciation on equipment was omitted. Which of the following state
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Answer:

c. Net income will be overstated for the current year.

Explanation:

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The adjusting entry for depreciation at the end of year is a debit to Depreciation Expense and a credit to Accumulated depreciation.

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Net income will be overstated because generally expenses will be understated.

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3 years ago
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nydimaria [60]

Answer:

The answer is: psychological contract

Explanation:

Psychological contracts are the expectations or promises exchanged between the parties; employer, employee, or even fellow employees, in an employment relationship. They are not written contracts, but they often implicit or understood between the parties. For example, an employee expects that if he or she works really hard, eventually he or she will receive a promotion or a salary raise.

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Learning Objective 4 - Prepare Financial Statements
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Answer:

150Explanation:

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According to the acquired needs theory, which of the following characteristics describe people who have a high need for affiliat
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