Answer:
This statement is True.
Explanation:
The Financial Accounting Standards Board (FASB) is the successor of the <u><em>Accounting Principles Board</em></u> and was founded in 1973. Currently based in Norwalk - Conn, the FASB is responsible of establishing the Generally Accepted Accounting Principles (GAAP), and, overall, is in charge of setting accounting and financial reporting standards for public and private companies, as well as non-profit organizations in the United States. The FASB is also currently working to establish worldwide acceptable standards together with the International Accounting Standards Board (IASB).
Answer:
Journal entry to record the Sale of Patent
Debit : Cash $750,000
Credit : Patent at Book Value $120,000
Credit : Profit and Loss $630,000
Journal entry to record the Sale of Equipment
Debit : Cash $325,000
Debit : Profit and loss $75,000
Debit : Accumulated depreciation $150,000
Credit : Equipment at Cost $550,000
Explanation:
During a sale transaction the entity recognizes 1. The Cash Proceeds resulting from the sale, 2. The Profit or loss resulting from the sale, 3.The entity derecognizes the Cost or Book Value of the Asset as well as the Accumulated depreciation.
A profit of $630,000 has been earned as a result of the sale of the Patent, whereas a loss of $75,000 has been incurred as a result of sale of Equipment.
Answer: $36,000
Explanation:
First calculate the Equivalent Units of Production;
= 21,000 + (3,000 * 40%)
= 21,000 + 1,200
= 22,200 units
Then find the cost of each units.
= Total production cost/ Equivalent units of production
= 666,000/22,200
= $30 per unit
Then the cost of ending Goods in Process Inventory is:
= Equivalent ending process inventory units * cost per unit
= 1,200 * 30
= $36,000
The type of approach Misaki is using to determine her company's market potential is the breakdown approach, used to determine the size of sales forces needed in a company.
<h3 /><h3>Breakdown approach</h3>
Corresponds to a method used to identify an organization's sales force, through projections for future sales and past sales history.
Therefore, in the breakdown approach, the total sales value identified by the sales projection is divided by the sales generated by each sales professional, assuming that each one reaches the same level of productivity.
The correct answer is:
Find out more information about breakdown approach here:
brainly.com/question/5775960
Answer:
It is decreased by the sale amount
Explanation:
An income statement is a financial statement that communicates a business's profitability. An income statement lists the revenues and expenses incurred by a business in a period.
The sale of a company's asset may result in a loss or profit. A profit is treated as an income to the business, but a loss is an expense. When an asset is sold at a loss, business expenses increase. An increase in expenses reduces profits as reported in the income statement.
