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3 years ago

How do you prepare a balance sheet

Business

2 answers:

Romashka [77]3 years ago

5 0

Answer:

Determine the reporting Date and period. 2. Identify your assets. 3. Identify your liabilities.

4. Calculate shareholders' equity.

Add total liabilities to total shareholders' equity and compare to the assets.

Scilla [17]3 years ago

4 0

Determine the Reporting Date and Period. ...
Identify Your Assets. ...
Identify Your Liabilities. ...
Calculate Shareholders' Equity. ...
Add Total Liabilities to Total Shareholders' Equity and Compare to Assets.

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Haynes, Inc. obtained 100 percent of Turner Company's common stock on January 1, 2017, by issuing 10,000 shares of $10 par value

saveliy_v [14]

Answer:

a. $848,000

b. No

Explanation:

a. The calculation of consolidated equipment balance as of December 31, 2018 is shown below:-

Consolidated equipment balance = Equipment balance of Haynes + Equipment balance of Turner + Allocation based on fair value - Depreciation

= $500,000 + $300,000 + $5,000 - (($5,000 ÷ 5 × 2)

= $500,000 + $300,000 + $5,000 - $2,000

= $848,000

2. No it will not affect by the investment method applied by the parent.

6 0

3 years ago

During November, the production department of a process operations system completed and transferred to finished goods 31,000 uni

Aleks [24]

Answer:

200,800 units

Explanation:

<u>Calculation of Equivalent units of Production of Conversion Costs</u>

Method : weighted-average method.

Completed and Transferred (181,000 × 100%) = 181,000

Ending Work In Process (33,000 × 60%) = 19,800

Equivalent units of Production of Conversion Costs = 200,800

6 0

3 years ago

Charles Berkle is the manager of Nogain Manufacturing and is interested in doing a cost of quality analysis. The following cost

Georgia [21]

Explanation:

a. The classification is shown below:

Prevention cost: This cost incurred so that the faults, or defects could be minimized as compare to before. It includes the machine maintenance expense i.e $3,000

Appraisal cost: This cost incurred specially to meet the quality of the customer expectations. It is a quality control cost. It includes the inspection cost of $15,000

Internal failure: This cost is occurred before delivery the product from the factory. It includes Scrap and rework of $8,600 and Machine breakdown cost of $4,000

External failure: This cost is occurred after delivery the product. It includes the warranty expense of $21,000, product return due to defects of $6,000 and Estimated lost sales due to poor quality of $5,000

b. Now the percentage is

= (Prevention and appraisal cost) ÷ (Sales revenue) × 100

= ($3,000 + $15,000) ÷ ($250,000) × 100

= 7.2%

c. The percentage is

= (Internal and external failures) ÷ (Sales revenue) × 100

= ($8,600 + $4,000 + $21,000 + $6,000 + $5,000) ÷ ($250,000) × 100

= 17.84%

Below is the attachment for cost of quality report

7 0

3 years ago

HELP ASAP

Vesnalui [34]

The three basic question of economic is

What to produce

How to produce

For whom to produce

Therefore the answer would be

1.How will the goods and service be produced

2.How will the goods and service be produced

3.Who will consume the goods and services

6 0

3 years ago

under teh statements on standards for tax services, a cpa may recommend a tax return if the position is frivolous and the positi

Papessa [141]

Under The Statements On Standards For Tax Services, A CPA May Recommend A Tax Return Position If The Position Is Frivolous And The Position Is Not Disclosed On The Tax Return. Standards for Tax Services, a CPA may recommend a tax return position if the position is frivolous and the position is not disclosed on the tax return. This statement is false.

A taxpayer wants to take a position on a tax return that the CPA determines is frivolous. However, the CPA and the taxpayer determine that the possibility of the return being selected for audit is remote and that even if the return is selected for audit the issue most likely will not be raised.

Cannot sign or prepare the return .
The CPA concludes that a taxpayer's desire to comment on a tax return is frivolous. However, the CPA and the taxpayer come to the conclusion that it is unlikely that the return will be chosen for audit and that, even if it is, the matter most likely won't be brought up.

A taxpayer is anybody who owes taxes to the federal, state, or municipal governments, whether they are an individual or a corporation. Governments primarily obtain their funding through taxes, which are levied on both citizens and companies.

A tax return is one or more forms submitted to a taxing body that include earnings, outlays, and other crucial tax data. Tax returns provide taxpayers the option to determine their tax burden, plan out their tax payments, or ask for refunds for any taxes they have paid in excess of what is required.

Complete question: Under The Statements On Standards For Tax Services, A CPA May Recommend A Tax Return Position If The Position Is Frivolous And The Position Is Not Disclosed On The Tax Return. True Or False? This problem has been solved! See the answer Under the Statements on Standards for Tax Services, a CPA may recommend a tax return position if the position is frivolous and the position is not disclosed on the tax return. True or False?

To know more about taxpayer visit:
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5 0

1 year ago