Complete/Correct Question:
The account that is brought up to date after the closing entries have been journalized and posted is the ____.
A. Sales account
B. Purchases account
C. Capital Stock account
D. Retained Earnings account
Answer:
D, retained earnings account
Explanation:
Retained earnings can be defined as the accumulated income of a firm, that is retained by firm, after a certain period of time. After a certain time could be after the reporting period.
Simply put, retained earnings can be said to be the amount of income that a firm keeps after a period such as declaring financial reports.
The retained earnings is always reported and recorded in the stakeholder's equity and the company's balance sheets respectively. Retained earnings signify or represent how much of its profits a firm has reinvested itself.
Cheers.
Answer:
The potential benefits of this type of situation are articulated below.
Explanation:
- This could help throughout the knowledge of quality health services or could update new policies and procedures on health organizations that will be of benefit to something like the construction process.
- Might well encourage you to understand how to manage financial affairs. What about an offer to customers, expenses, and so on.
The correct answer is A.
In a corporation the shareholders are the owners. They are required to release the financial reports because they are entitled to transparency and need them in order to base their investment decisions on their contents.
Answer:
Hubs Sprockets
Direct Materials 29 17
Direct Labor 13.3 5.7
Overhead 14.65 0.24
Unit Cost 56.95 22.94
Explanation:
<u><em>Labor:</em></u>
Hubs: 0.7 hours per unitx 19 labor rate = $13.3
Sprockets 0.3 x 19 = $5.7
<u><em>Direct Materials:</em></u>
Hubs $29
Sprockets $17
<u><em>Overhead rate</em></u>
Activity Pool Hub Sprockets
Machine Setups 225 125(55.56%) 100(44.44%)
Special processing 3900 3900
<u>Machine Setups</u>
27,000 x 55.56% /13,000 units: $ 1.1538
27,000 x 44.44% / 50,000 units $ 0.24
<u>Special Processing</u>
175,500/13,000 = $13.5
Total overhead
sprockets: $0.24
hubs: $14.65
Units cost:
hubs: 13.3 + 29 + 14.65 = 56.95
sprockets: 5.7 + 17 + 0.24 = 22.94