Answer:
An correct statement was prepared for a comprehensive income which is given below.
Explanation:
Solution
Given that:
Cheyenne Corporation
Correct Statement of Comprehensive/General Income
Income before income taxes $371,000
The less Tax ($371,000 * 35%) $129,850
The Net Income $241,150
Other Comprehensive income
Unrealized profit on present for
sales securities, net of tax $57,655
The comprehensive income
($241,150 +$57,655) $298,805
Note:
The Unrealized profit on present for sales securities, net of tax is given as
=($88,700 * (100% -35%))
=$88,700 * 65%
=$57,655
Answer:
Liabilities
Explanation:
Unearned revenues are written as liabilities in the balance sheet of a firm. They are regarded as liabilities because the revenue is still unearned. An example is advance rent payment.
It is a prepayment for a good or service that has not been rendered to the customer yet by the provider. The provider or seller now has a liability equal to the revenue they have received till they provide that service for which they were paid
B) its businesses can invest in the future
Answer:
Explanation:
Date Unit Unit cost Total Goods sold Cost Total
May 1 28 9 252 28 9 252
May 15 26 10 260 26 10 260
May 24 39 11 429 26 11 286
Total 93 941 80
1) Weighted average unit cost = 941/93 = $10.118
FIFO method
2)Ending inventory (93-80)*11 =$ 143
FIFO method assumes that the first set of inventory are the first to be sold
LIFO method
LIFO assumes that the last set of inventory are the first to be sold
Goods Sold Cost Total
39 11 429
26 10 260
15 9 135
Ending Inventory = (93-80)*9 = $117
Average Cost Method
Ending Inventory = 13 * 10.118 =$131.534
Answer:
B.
Explanation:
We are analizing events that are dependant. Cause and effect.
So let's analize the statements.
A. Not related at all. No cause and effect. Can happen together, but not related.
B. Gasoline is a derivative of oil. If oil prices go up, gasoline prices go up.
C. Not related at all. No cause and effect. Can happen together, but not related.
D. Not related at all. No cause and effect. Can happen together, but not related.
