Inventories held for sale in the normal course of business are classified in the balance sheet as Current liabilities.
<h3>What is meant by current liability?</h3>
This is the term that is used to refer to all of the financial obligations that the customer would have to have due to themselves in the long run. These are the liabilities that are known to be dropped in the current assets and would then be settled in the course of a year.
Hence we can say that Inventories held for sale in the normal course of business are classified in the balance sheet as Current liabilities.
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Top down/bottom up budgets, lack of control, poor inventorying, lack of staff investment, over control are the least effective financial management practices in creating and monitoring an operating budget.
The operating budget includes the expenditures and revenues generated by the company's daily business functions. The operating budget focuses on operating expenses, such as the cost of goods sold in the market, also known as the cost of sold goods (COGS), and revenue or income. COGS is the cost of direct labor and direct materials used in the production process.
The operating budget also includes overhead and administration costs that are directly related to manufacturing goods and providing services. However, capital expenditures and long-term loans will not be included in the operating budget. Budgets for sales, production process or manufacturing, labor, overhead, and administration are a few examples of frequently utilized operating budgets.
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Answer: B. $65,000
Explanation:
The options to the question are:
A. $15,000
B. $65,000
C. $150,000
D. $200,000
It should be noted that the corporate liquidations of property are typically treated as either an exchange or a sale and the profit or the loss made will be recognized by the corporation usually based on the liquidating sale of the assets of the corporation.
In certain cases whereby the distributee that is, the individual who is entitled to partake in the share of an estate distribution is a corporation that is in charge of the distributing corporation, this may lead to the distribution not to be taxable.
Due to this, Alvo has a basis of $65,000. The reason is that the land was not sold and therefore Alvo did not get $200,000.
Answer:
Vince's Vehicle Repairs
The Cost of Sales is:
= $72,000.
Explanation:
a) Data and Calculations:
Turnover = $180,000
Gross profit margin = 60%
Net profit margin = 22%
Gross profit margin = Gross profit/Turnover * 100
60% = Gross Profit/$180,000 * 100
Therefore, the Gross Profit = $180,000 * 60%
Gross Profit = $108,000
Cost of sales = Turnover - Gross profit (100% - 60%)
Cost of sales = $180,000 - $108,000
= $72,000
Alternatively, Cost of Sales:
= $180,000 * (100% - 60%)
= $72,000
Answer:
establish a more equitable result based on normative judgements. In the market for personal computers and in the stock market: 1) supply and demand shifts change prices and quantities.
