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liq [111]
2 years ago
6

Weib Manufacturing experienced the following events during its first accounting period: Recognized revenue from cash sale of pro

ducts. Recognized cost of goods sold from sale referenced in Event 1. Acquired cash by issuing common stock. Paid cash to purchase raw materials that were used to make products. Paid wages to production workers. Paid salaries to administrative staff. Recognized depreciation on manufacturing equipment. Recognized depreciation on office furniture. Required Use the following horizontal financial statements model to show how each event affects the GAAP-based balance sheet and income statement. Indicate whether the event increases (I), decreases (D), or has no effect (NA) on each element of the financial statements. The first transaction has been recorded as an example. Show accumulated depreciation as a decrease in the book value of the appropriate asset account.
Business
1 answer:
Anna11 [10]2 years ago
6 0

Answer:

Weib Manufacturing

Balance Sheet                                             Income Statement

Assets                      = Liabilities + Equity   (Revenue - Expenses =  Profit)

Recognized revenue from cash sale of products:

Cash (I)                     =                   RE (I)       Revenue (I)

Inventory (D)            =                   RE (D)                        Expenses (NA)

Cash (I)                    =                    RE (D)                        Expenses CGS (I)

Cash (D) Inventory (I)

Cash (D)                  =                   RE (D)                        Expenses (I) Wages

Cash (D)                   =                  RE (D)                        Expenses (I) Salaries

Equipment (D)          =                  RE (D)                        Exp (I) Depreciation

Office Furniture (D)  =                 RE (D)                         Exp (I) Depreciation

Explanation:

a) Data:

RE = Retained Earnings

Exp = Expenses

CGS = Cost of Goods Sold

Increases = (I), Decreases  = (D), or has no effect = (NA)

b) The above records show the effect of the accounting equation on the elements of the financial statements of the income statement and the balance sheet.

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Answer:

$454,000

Explanation:

Ending inventory is the value of the inventory in the store at the end of the year.

Goods are purchased and added to the the beginning inventory, the sale for the period is deducted from it. the residual value is the value of ending Inventory.

In This question it is assumed that there is $26,000 of beginning inventory of the goods. $470,000 of the purchases were made and at the end of the year there was $42,000 balance of inventory.

We can calculate the deduction value as follow

Ending Inventory = Beginning Inventory + Purchases - deduction

$42000 = $26,000 + $470,000 - deduction

$42000 = $496,000 - deduction

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If government spending increases or personal income taxes decrease, what are the likely effects on output, price level, and inte
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When there is an increase in government spending, there will be an increase on the output, price level, and interest rates

<h3>What is a government spending?</h3>

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Exercise 18-12 Computing sales to achieve target income LO C2 Blanchard Company manufactures a single product that sells for $31
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Answer:

The unit sales to earn the target income is 9,000 units

Explanation:

Annual income=Total sales-total expenses

where;

Annual income=$1,550,000

Total sales=Cost per unit sales×number of units sold (n)=(310×n)=310 n

Total expenses=Variable cost+annual fixed cost

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Replacing;

1,550,000=310 n-(248 n+992,000)

1,550,000=310 n-248 n-992,000

310 n-248 n=1,550,000-992,000

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n=558,000/62

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Union members typically receive greater wages, better health and pension benefits, and better working conditions. For people who decide to work in education, the advantages of unionization are essential. NEA members use collective bargaining to fight for causes other than their own financial stability.

To negotiate our union contract with the employer, including our pay, benefits, hours, holidays, sick days, staffing levels, seniority, safety, supplies, and other working conditions, a group of union members—our Bargaining Team—sits down with management.  The given statement is true.

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