If you need tutor I'm here i tutor for 1-6th grade

When a periodic inventory system is used, ________. A. the process for closing the Income Summary account differs from the proc

Finger [1]

Answer:

C.

Explanation:

In a Under Periodic Inventory System, the inventory quantities are updated at the end of the period taking physical inventory count.

There is no track exactly how many items where sold.

It is not know how many items are left until the count closing inventory.

Ecuation:

Inventory at the begining of the period

+

Purchases

-

Cost of goods sold

=

Inventory at the end of the period (the ending inventory is determined by a physical count and subtracted/added from the cost of goods sold)

7 0

3 years ago

A company can sell all the units it can produce of either Product A or Product B but not both. Product A has a unit contribution

Mashutka [201]

Answer:

Income = $30,000

Explanation

Whenever a company is faced with a limiting factor i.e a resource in short supply, the company should allocate the resource to the product with he highest contribution per unit of the scare resource

Product Cont/unit machine hr /unit cont/hr Ranking

A $8 2 hrs $4/hr 2nd

B $18 3 hrs $6/hr 1st

Hence the company should allocate the resource to the product B

Hence the total contribution

= 5000 hrs × $6 per hr.

= $30,000

Income = $30,000

6 0

3 years ago

Your company must make a $500,000 balloon payment on a lease 2 years and 9 months from today. You have been directed to deposit

Natasha2012 [34]

Answer:

The Required quarterly deposit is $42,196

Explanation:

The computation of the required quarterly deposit is shown below:

P for (now - 1)

= $500,000 (P/F, 1%, 12)

= $500,000 (0.8874)

= $443,700

A = Pnow-1 (A/P, 1%, 11)

= $443,700 (0.0951)

= $42,196

hence, The Required quarterly deposit is $42,196

The same is to be considered as it is relevant

8 0

3 years ago

Mesia has come to you for help. For the third time this month, she has recorded a cash receipt twice. She wants you to record a

gayaneshka [121]

Answer:

Any adjustment section in the Accounts ought to be assessed and ought to be endorsed by the controller before posting it. The supporting clear archive to be delivered and held with the voucher for review reason.

Here, the case is money receipt is recorded twice, and requirements to book revising passage. Necessities to examine about the section, and need to cross check with money equalization and deals balance, Cash receipt number etc.to ensure this is a real case and ensure no fraud is occurring.

4 0

4 years ago

On January 1, 2013, Ameen Company purchased a building for $36 million. Ameen uses straight-line depreciation for financial stat

mariarad [96]

Answer:

1.

Dr. Income tax Expense $22 million

Cr. Income Tax Payable $16 million

Cr. Deffered tax Liability $6 million

2.

$18 million

Explanation:

1.

Deffer tax liability arises when the book value of the asset is more than the tax basis of the asset. It means there is more depreciation according to tax implication than the depreciation on book value of assets.

Pretax Income = $45 million

Taxable Depreciation = Depreciation as per tax - Accounting depreciation = ($20-$13 )- ($30 - $28 ) = $5 million

Taxable Income = $45 million - $5 million = $40 million

Income tax = 40% x $40 million = $16 million

Deffer tax 2018 = ( $28 million - 13 million ) x 40% = $6 million

Total tax = $16 million + 6 million = $22 million

2.

Pretax Income $45 million

Taxable Depreciation ($5 million)

Taxable Income $40 million

Income tax (16+6) ($22 million)

Net Income  $18 million

7 0

4 years ago

If you need tutor I'm here i tutor for 1-6th grade​

If you need tutor I'm here i tutor for 1-6th grade