Sales is NOT one of the five basic functions of an accounting department
<h3>What is accounting department?</h3>
The accounting department is responsible for recording and reporting the cash flows, both in and out, of a company. It is part of the corporate overhead group of an organization.
An accounting department provides accounting services and manages the finances of a company.
There are five basic roles or functions within the accounting department:
Therefore, sales is not one of the basic functions of an accounting department.
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Answer:
A. Libel is written, while slander is spoken
Explanation: Libel is a defamatory statement made in writing, while slander is a defamatory statement that is spoken.
Answer:
Rate of interest = 6/60% = 10%
Explanation:
Net rate of bonds after tax will be = Rate of interest X (1 - Tax)
Heflin bond = 6% X (1 - 40%) = 3.6%
Surething Bond = 9% X (1 - 40%) = 5.4%
Since both bonds provide interest and Surething provides more than Heflin
then in order to make both incomparable Surething can decrease the rate of interest to that of Heflin so that Hugh remains indifferent will be 6%
In case there is no tax on Heflin Bond, as Hugh is in 40% marginal tax bracket, then net interest = 6 %
But for Surething Hugh will have to pay tax then after tax value of interest shall be 6% i.e. 6% = 1 - 40%
Rate of interest = 6/60% = 10%
Surething needs to pay Interest @10% on bonds. to make Hugh indifferent of both the bonds.
Answer:
(i) $34,200
(ii) $55,860
(iii) $23,960
Explanation:
Total sales = $ 240,000 + $392,000 + $168,000
= $800,000
Department 1:
sales = $240,000
Percent of total = sales ÷ Total sales
= $240,000 ÷ $800,000
= 0.3
Allocated amount = % of total × advertising to allocate
= 0.3 × $114,000
= $34,200
Department 2:
sales = $392,000
Percent of total = sales ÷ Total sales
= $392,000 ÷ $800,000
= 0.49
Allocated amount = % of total × advertising to allocate
= 0.49 × $114,000
= $55,860
Department 3:
sales = $168,000
Percent of total = sales ÷ Total sales
= $168,000 ÷ $800,000
= 0.21
Allocated amount = % of total × advertising to allocate
= 0.21 × $114,000
= $23,940
Answer:
COGS= $297
Explanation:
Giving the following information:
December 2: 5 units were purchased at $7 per unit.
December 9: 10 units were purchased at $9.40 per unit.
December 11: 12 units were sold at $35 per unit.
December 15: 20 units were purchased at $10.15 per unit.
December 22: 18 units were sold at $35 per unit.
<u>First, we need to calculate the number of units sold:</u>
Number of units sold= 12 + 18= 30
Now, under the LIFO (last-in, first-out) method, the cost of goods sold is calculated using the cost of <u>the lasts units incorporated into inventory</u>:
COGS= 20*10.15 + 10*9.4
COGS= $297