In the closing procedure, expenses and dividends are zeroed out by crediting each account, and incomes are zeroed out by debiting each account.
<h3>What is the objective of the closing process?</h3>
One purpose of closing admissions is to communicate net income or net loss for the period to Retained Earnings. A second objective is to "zero out" all temporary accounts (revenue accounts, expense accounts, and Dividends) so that they begin each new period with a zero balance.
The statement of cash flows must be prepared last because it takes data from all three previously prepared financial statements.
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Answer:
a. is entitled to have the water body maintained in its natural state by other owners.
Explanation:
The Riparian law is usually applied the eastern states of the United States to determine who is legally allowed to use water.
Riparian law states that the owner of a property adjacent to a body of water has the right to use it.
The concept of natural flow states that each Riparian land owner can use water for domestic use and no more. If a owner uses it for other purposes, other Riparian owners can take legal action against them.
Each riparian land owner is supposed to use what they need for domestic purpose so that natural flow is maintained for other riparian users.
Answer:
The unit value os $20 which Ross should use
Explanation:
LCM stand for or termed as Lower of Cost or Market approach- This approach is described as the inventory values at the historical cost or lesser than the replacement cost of market.
NRV stands for or termed as Net Realizable Value- This rule or method is defined as the estimated selling price, which the company expects to gather in the cash form from the customer through the sale of the inventory.
Computing the unit value as:
Given,
Cost price per unit is $20
Selling price per unit is $30
Selling cost per unit is $4
Using the NRV method:
NRV = Selling Price - Selling Cost
= $30 - $4
= $26
Using the lower of cost rule:
Cost = Cost of product
Cost = $20
Therefore, the $20 is the unit value which Rose should use.
Answer:
The company produce during June 5,745 units
Explanation:
Units the company produce during June = Units sold during June + Units in ending inventory - Units in beginning inventory
The company plans to sell 5,700 units in June and has 855 units in beginning inventory, has a target of 900 ending inventory
Units the company produce during June = 5,700 + 900 - 855 = 5,745 units
Buyer's remorse.
Buyer's remorse is a feeling of regret after making a purchase, especially for something expensive or extravagant.