Answer:
$0
Explanation:
As we know that the impairment loss is recognized when the book value is more than the fair value
As we can see that since book value is not greater than the fair value so the impairment loss than need to be recorded at the end of 2016 should be zero as it does not satisfy the given condition
Hence, the answer is $0 and the same is to be considered
That is false there is 161 type of insurances
Answer:
The options are not correct:
Dr costs of good sold $15,800
Cr inventory $15,800
Explanation:
The 4,400 units sold consist of the 2,400 units purchased on 1 January at $4.00 per unit and the balance of 2,000 units from the purchase made on January 12 at $3.10 per unit
cost of goods sold=(2,400*$4)+(2,000*$3.10)=$15,800
The cost of goods sold is $15,800 ,neither is it $11,900 nor $11,800
The appropriate entries is to debit costs of good sold with $15,800 while merchandise inventory is credited with $15,800
Answer:
The correct answer is number (1): summarizes the firms revenues and expenses over an accounting period.
Explanation:
The Income Statement is a report that examines the financial performance of a business over a given period. In compliance with Generally Accepted Accounting Principles (GAAP), publicly traded companies will report income statements, balance sheets and cash flow for each quarter and year.
<em>A company's Income Statement shows revenues, expenses and net profits for both operating and non-operating activities</em>.
Explanation:
The answer is True!!!!!!!