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Which of the following statements regarding the direct and indirect methods of reporting cash flow from operating activities is

erica [24]

Answer:

a) although both methods result in the same net increase or decrease in cash for the year, net cash flow from operating activities will be different under the two methods

Explanation:

Using the indirect method, computation of cash flow from operating activities begins with net income as shown in the income statement. The FASB also permits both methods but has expressed a preference for the direct method and the direct method shows the specific cash inflow and outflows for each operating activities of the business.

This option that does not align with the differences between the 2 methods is that the cash flow reported under direct and indirect method for operating activities would always remain the same notwithstanding the method used.

3 0

3 years ago

Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances at the beginning and end

Jet001 [13]

Answer:

a schedule of cost of goods manufactured

Direct Raw materials $281,000

Direct Labor $377,000

Indirect Raw materials $26,000

Indirect Labor $96,000

Factory utility costs: $10,000

Depreciation - factory operations $120,000

Add Opening Work In Process $27,000

Less Closing Work In Process ($9,000)

cost of goods manufactured $928,000

Under Recovery = $14,000

Explanation:

a. Prepare a schedule of cost of goods manufactured.

Raw Materials Used in Manufacturing = $14,000+$315,000-$22,000

= $307,000

a schedule of cost of goods manufactured

Direct Raw materials $281,000

Direct Labor $377,000

Indirect Raw materials $26,000

Indirect Labor $96,000

Factory utility costs: $10,000

Depreciation - factory operations $120,000

Add Opening Work In Process $27,000

Less Closing Work In Process ($9,000)

cost of goods manufactured $928,000

b. Was the manufacturing overhead under- or overapplied

Factory Overheads Applied = Predetermined Rate × Actual Activity

Predetermined Rate = Budgeted Overheads/ Budgeted Activity

= $231,000/33,000 machine hours

=$7.00 per machine hour

Factory Overheads Applied = $7.00 × 34,000 machine hours

= $238,000

Actual Overheads

Indirect Raw materials $26,000

Indirect Labor $96,000

Factory utility costs: $10,000

Depreciation - factory operations $120,000

Total $252,000

Actual Overheads $252,000 > Factory Overheads Applied $238,000

Under Recovery = $14,000

5 0

2 years ago

Which step in the STP process develops descriptions of the different segments, which helps firms better understand the customer

timurjin [86]

Answer:

d. Evaluate segment attractiveness

Explanation:

The STP process helps to find your customers and decide the best way to target them. The step of the process that develops descriptions of the different segments is evaluate segment attractiveness as in this step the description of the segments along with market information and research results are generated to evaluate each segment.

6 0

2 years ago

During 2019, Travis purchases $13,000 of used manufacturing equipment (7-year property) for use in his business, his only asset

skelet666 [1.2K]

Answer:

$13,000

Explanation:

Most property purchased during 2019 and beyond, may be expenses using Section 179 tax deductions. The limit for 2019 was $1 million and that is way more than $13,000. Section 179 is one of the few benefits that small business got from the Tax Cut and Jobs Act, and it can be really useful.

Businesses can deduct the full purchase price of qualifying equipment (used manufacturing equipment qualifies) as long as it was purchased after January 1, 2019. This is an incentive created to encourage businesses to buy more equipment and invest more.

5 0

2 years ago

What is a regular savings account traditionally called?

Sphinxa [80]

A savings account is a savings account

4 0

2 years ago