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morpeh [17]
2 years ago
9

Which of the following will usually be found on an income statement prepared using absorption costing? Contribution Margin Gross

Margin A) Yes Yes B) Yes No C) No Yes D) No No
Business
1 answer:
noname [10]2 years ago
5 0

Answer:

C) No Yes

Explanation:

When an income statement is prepared using absorption costing then, firstly revenue from sales is shown, then cost of goods sold will be shown, which includes direct fixed cost + Variable direct cost, that is cost related to production from this we get gross margin after that selling and administration expenses are deducted and we get operating profit, in income statement using absorption costing there is no, contribution margin, only gross margin and net operating income.

Sales

Less: Cost of goods sold

Gross Margin

Less: Administrative Cost

Net Operating Margin

Therefore Correct option is

C) No Yes

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Martina, Inc. has two service departments (Human Resources and Building Maintenance) and two production departments (Machining a
ziro4ka [17]

Answer:

The correct answer is option (b) 44,000

Explanation:

Solution

Given that:

From the question given, the first step to take is to find out how many square feet would the Building Maintenance cost be allocated

Now,

The Square feet over which Building Maintenance cost would be allocated is stated as follows:

The Square feet over which Building Maintenance cost would be allocated = Square Footage of Machining + Square Footage of Assembly = 18000 + 26000

Thus,

=18000 + 26000 = 44,000

6 0
2 years ago
what are the building blocks of a personality select all that apply A. emotional qualities B, ethnic identity
taurus [48]

Answer:

A

Explanation:Bcause ethnic identity should not determine youre personality. Many peoplefrom the same ethic identity may have different personalities.

8 0
3 years ago
When it comes to fraud committed by an organization’s employees, the single most effective fraudprevention technique is _______.
Maurinko [17]

Answer:

C

Explanation:

5 0
3 years ago
Randolph is a 30 percent partner in the RD Partnership. On January 1, RD distributes $15,000 cash and inventory with a fair valu
Naya [18.7K]

Answer:

$2,000 capital loss

Explanation:

Randolph recognizes a $2,000 capital loss because RD distributes only cash and inventory and the adjusted bases of the property distributed is less than his basis in RD.

7 0
3 years ago
The accounts in the ledger of Dependable Delivery Service contain the following balances on July 31, 2022.
pishuonlain [190]

Answer:

Dependable Delivery Service

Classified balance sheet as at July 31, 2022

Non Current Assets

Equipment                                                  $59,360

Total Non Current Assets                          $59,360

Current Assets

Accounts Receivable                                  $11,400

Prepaid Insurance                                        $1,800

Cash                                                            $15,940

Total Current Assets                                  $29,140

Total Assets                                               $88,500

Equity and Liabilities

<u>Equity</u>

Common Stock                                         $40,000

Retained Earnings                                       $8,750

Total Equity                                                $48,750

<u>Liabilities</u>

<u>Non Current Liabilities</u>

Notes Payable, due 2024                         $31,450

Total Non Current Liabilities                     $31,450

<u>Current Liabilities</u>

Accounts Payable                                      $7,400

Salaries and Wages Payable                       $900

Total Non-Current Liabilities                     $8,300

Total Liabilities                                         $39,750

Total Equity and Liabilities                      $88,500

Explanation:

Its very important to calculate the Retained Earnings Balance at the end of July 2020.

To do this, we need to first calculate the Net Income for the period as follows :

<u>Income Statement for the year ended July 31, 2022</u>

Service Revenue                                                        15,500

Less Expenses :

Maintenance and Repairs Expense           1,200

Utilities Expense                                           950

Insurance Expense                                       600

Salaries and Wages Expense                    8,400     (11,150)

Net Income/(loss)                                                         4,350

Then, calculate the Retained Earnings Balance as follows :

<u>Retained Earnings Calculation </u>

Beginning Balance                                    5,200

Add Net Income during the period          4,350

Less Dividends                                            (800)

Ending Balance                                         8,750

6 0
3 years ago
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