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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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Birk Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.
Kitty [74]

Answer:

$4,373

Explanation:

we will check lower of cost or market for individual items:

Minolta :

= Market value per unit × No. of units

= 158 × 5

= $790

Canon :

= Cost per unit × No. of units

= 145 x 7

= $1,015

Vivitar:

=  Market value per unit × No. of units

= 114 x 12

= $1,368

Kodak:

= Cost per unit × No. of units

= 120 x 10

= $1,200

Total amount should be reported on Brik Camera Shop's financial statements:

= $790  + $1,015  + $1,368  + $1,200

= $4,373

4 0
3 years ago
​the principle of _________ is the premise for elliot erwitt’s humorous photograph felix, gladys, and rover.
nydimaria [60]

The answer is variety within unity. It is because this is the principle being described above in which has became a premise of the humorous photograph of Elliot Erwitt towards Felix, Gladys and Rover. It is a principle that changes the character of a certain element.

5 0
3 years ago
Assume Maine Line Railway is considering hiring a reservations agency to handle passenger reservations. The agency would charge
Keith_Richards [23]

Answer:

$214,000

Explanation:

The total reservation cost per month is given by the following expression:

R = \$14,000+\$1*n

Where 'n' is the number of monthly reservations.

If there are 200,000 reservations for passengers taking a trip next month, the reservation cost is:

R = \$14,000+\$1*200,000\\R=\$214,000

Total reservation cost is $214,000.

8 0
3 years ago
Read 2 more answers
Recording purchases made for cash and on account. LO 8-1 Lewis Corporation engaged in the following transactions during June. DA
vampirchik [111]

Answer:

(A) June 4

Inventory debit 1,065

Accounts Payable credit 1,065

(B) June 15

Inventory debit 1,550

Cash credit 1,550

(C) June 30

Accounts Payable debit 1,065

Cash credit 1,065

Explanation:

(A) there is no information or suggestion that Lweis will take the discount, we post as it was nominal, if later on it is paid within the discount period, we will recognize it. <u>No discount is recorded</u>

(B) Simple: increase the inventory receive and decrease cash by the amount paid.

(C) We settle the account payable for the nominal of the purchase.

It wasn't within the discount period. So <u>no discount is granted.</u>

5 0
3 years ago
When a liability is first recorded, it is _____. reported as a current liability. reported as a long-term liability. measured in
bekas [8.4K]

Answer:

measured in terms of the probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events.

Explanation:

According to my research on financial accounting terms, the term liability is defined as the state of being legally responsible for something (dept such as auto or student loans). When a liability is first recorded it is measured in terms of the probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events. Basically calculating the amount of future payments that need to be made by the dept owner.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0
3 years ago
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