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3 years ago

Steps in the Accounting Cycle Listed below, out of order, are the steps in an accounting cycle.

Business

1 answer:

sasho [114]3 years ago

5 0

Answer:

Steps in the Accounting Cycle

a) The order in which the steps in the accounting cycle are performed is:

3, 6, 2, 1, 4, 8, 5, 9, 7

b) The steps in the accounting cycle that occur daily are:

2, 3, & 6

Explanation:

The correct ordered steps in the account cycle are:

3. Analyze transactions from source documents.

6. Record transactions in a journal.

2. Post journal entries to general ledger accounts.

1. Prepare the unadjusted trial balance.

4. Journalize and post adjusting entries.

8. Prepare the adjusted trial balance.

5. Prepare the financial statements.

9. Journalize and post closing entries.

7. Prepare the post-closing trial balance.

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Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offe

ratelena [41]

Answer:

B) Sales discounts.

Explanation:

Sales Discount is a contra revenue account which is adjusted in the sales to calculate the net sales value.

As the following transaction is already been recorded at the time of sale

Dr. Account receivable xxxx

Cr. Sales xxxx

Sales account will not be debited to adjust the transaction. we will record this transaction in sales discount account which will ultimately adjusted.

4 0

3 years ago

Income statement under absorption costing and variable costing

Len [333]

Answer:

unitary product cost= $102

Explanation:

Giving the following information:

Manufacturing costs Direct materials per unit $60

Direct labor per unit $22

Variable overhead per unit $8

Fixed overhead for the year $528,000

Units produced= 44,000

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

First, we need to calculate the unitary fixed overhead:

Unitary fixed overhead= 528,000/44,000= $12

Now, the unitary product cost:

unitary product cost= 60 + 22 + 8 + 12

unitary product cost= $102

4 0

3 years ago

On October 10, the stockholders’ equity of Sherman Systems appears as follows. Common stock–$10 par value, 77,000 shares authori

Vikki [24]

Answer:

See the explanation below:

Explanation:

1. Prepare journal entries to record the following transactions for Sherman Systems

a. Purchased 5,500 shares of its own common stock at $30 per share on October 11.

Details Dr ($) Cr ($) 

Treasury Stock (5,500 × 30) 165,000

Cash 165,000

To record the repurchase of own common stock

b. Sold 1,125 treasury shares on November 1 for $36 cash per share.

Details Dr ($) Cr ($)

Cash (1,125 × 36) 40,500

Treasury Stock (1,125 × 30) 33,750

Paid-in Capital from Sale of Treasury Stock 6,750

To record the sale of treasury stock.

c. Sold all remaining treasury shares on November 25 for $25 cash per share.

Details Dr ($) Cr ($) 

Cash (4,375 × 25) 109,375

Paid-in Capital from Sale of Treasury Stock 6,750

Retained Earnings 15,125

Treasury Stock 99,000 (4,375 × 30) 131,250

To record the sale of the remaining treasury shares

Kindly note that there is a balance of $6,750 in the Treasury Stock Paid-in Capital account. Since it is utilized, the remaining deficit will show in Retained Earnings.

2. Prepare the stockholders' equity section after the October 11 treasury stock purchase.

Details $

77,000 issued authorized common stock–$10 par value 770,000

Paid-in capital in excess of par value, common stock 241,000

Retained earnings 904,000

Treasury stock (165,000)

Total stockholders’ equity 1,750,000

3 0

3 years ago

A firm with a production function Q = KL (where K is units of capital and L is units of labor) has an expansion path that is giv

Charra [1.4K]

Answer:

C. 120

Explanation:

The computation is shown below:

(L × K)

Labor L Capital K Quantity of Output Q Total cost TC

1 2 2 $40

2 4 8 $80

(2 × $20 + 4 × $10)

3 6 18 $120

(3 × $20 + 6 × $10)

4 8 32 $160

(4 × $20 + 8 × $10)

As we can see that if we considered 3 units of labor so the total cost is $120

Hence, the correct option is c.

4 0

3 years ago

Regulatory policy is a balance between ___________________ safety and ____________________ rights.

Lana71 [14]

Answer:

protecting

constitutional

Explanation:

7 0

2 years ago

Read 2 more answers