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Bezzdna [24]
2 years ago
15

An examplepf a cost would be O profit revenue Ofire O salaries

Business
1 answer:
scoundrel [369]2 years ago
3 0
I Think it’s Profits
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On October 31, 2018, your company's records say that the company has $20,419.93 in its checking account. A review of the bank st
puteri [66]

Answer: $29337.32

Explanation:

The following can be reduced from the question:

Balance as per company's ledger = $20,419.93

Add the outstanding checks= $8912.25

Add interest = $27.14

Less the fee charged by the bank = $22.00

The bank statement dated October 31, 2018 would report a balance of:

=($20,419.93 + $8912.25 + $27.14) - $22.00

= $29337.32

3 0
3 years ago
Which limitation of an income statement occurs when one company uses an accelerated depreciation method while another company us
aleksandrvk [35]

Answer:

The options for answering this question are the following:

A. Companies omit from the income statement items they cannot measure reliably.

B. Income measurement involves judgment.

C. Income numbers are affected by the accounting methods employed.

D. All of these answer choices are correct.

The correct answer is C. Income numbers are affected by the accounting methods employed.

Explanation:

Accelerated depreciation is a method of calculating the attrition of the asset, where through the use of indices greater wear is assigned to the first years of use, which gradually decreases over the years as the middle age This method assumes that during the first years the asset is in better physical and technical conditions so it can be subjected to more intense use, generating more units produced or services provided, where maintenance costs will be lower. This method represents an incentive for the company that applies it, since by reflecting a higher depreciation expense in the first years its usefulness in this period will be lower, which will result in a lower tax burden. This will allow you, among other things, to pay less to the treasury and have cash to recover from the large disbursement represented by the acquisition of a fixed asset, since these assets generally have a high cost, last several financial years and gradually lose their value.

Linear depreciation is that which, through a previously established depreciation rate, is applied in a linear manner throughout the entire useful life of the medium. With this it is achieved that the depreciation expense remains the same during all the years that the medium lasts. This method does not offer tax incentives to its holders, who are forced to record the same expense in the first year when the medium is in optimal physical and technological conditions than during the last year of useful life when the productivity of the asset is inexorably lower due to its high technological wear and tear due to its moral aging in relation to the new technologies existing in the market.

5 0
3 years ago
Oakwood Inc. manufactures end tables, armchairs, and other wood furniture products from high-quality materials. The company uses
Mars2501 [29]

Answer:

Oakwood Inc.

a) The actual price paid per board foot purchased is:

= $7.34

b) The standard quantity of materials allowed (in board feet) for the number of units produced is:

= 36,740 board feet

c) The direct materials usage variance is:

= $140,328 F

Explanation:

a) Data and Calculations:

i) Reported production of American Oak Armchairs:

Units produced = 1,670 armchairs

Direct materials purchased = 18,500 board feet

Direct materials issued into production = 17,250 board feet

ii) Standard cost per unit

(22 board feet × $7.2) $158.4 per unit produced

Purchase price variance $2,620

a) The actual price paid per board foot purchased

= Standard cost per board feet + (Purchase price variance/Quantity purchased)

= $7.20 + ($2,620/18,500)

= $7.20 + $0.14

= $7.34

b) The standard quantity of materials allowed (in board feet) for the number of units produced

= 22 * 1,670

= 36,740 board feet

c) The direct materials usage variance = (Standard Qty - Actual Qty) * Standard price per board feet

= (36,740 - 17,250) * $7.20

= $140,328 F

5 0
3 years ago
While generally accepted accounting principles do allow flexibility, standards of _________, ________, and ________ must always
Stella [2.4K]

Answer:

While generally accepted accounting principles do allow flexibility, standards of _objectivity_, _integrity_, and _judgement_ must always prevail in the financial statements

Explanation:

The concept of objectivity is the concept that an organisation's financial statements are based on solid evidence. The purpose behind this principle is to prohibit an entity's management and accounting department from generating financial statements based on their views and prejudices

Integrity is an important cornerstone of the accounting profession. Integrity requires accountants to be honest, candid and straightforward with the financial information provided by a client. Accountants should use confidential information to limit themselves to personal gain or advantage

professional judgment in deciding whether the content of business transactions differs from its nature, in assessing the appropriateness of disclosure, in determining the likely effect of upcoming events.

5 0
3 years ago
Jordan files his income tax return on a calendar-year basis. he is the principal partner of a partnership reporting on a june 30
Molodets [167]

Answer:

A) $24,000

Explanation:

Assuming that this is the first year that the partnership is in business, Jordan must include in his 2017 tax return all the income received between July 1 and June 30 2017, and part of the income received between July 1 and December 31 2017.

The problem is that we are not told how much he received between July and December 2017. If Jordan is paid a salary, then we should include half of $72,000, but we are not given any specific details.

We can also assume that he only receives money at the end of the partnership's fiscal year, so he only received $24,000 during 2017.

We have two possible options:

  • option 1, total income = $24,000
  • option 2, total income = $24,000 + ($72,000 / 2) = $60,000

Sine option 2 is not given as a possible answer, I will go for option 1.

The IRS establishes that income must be considered during the taxable year that results in the least deferral of income, i.e. you must pay your taxes as soon as possible.

3 0
3 years ago
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