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2 years ago

Illustrate the effects of each of the transactions on the accounts and financial statements of Snipes Company.

Business

1 answer:

Lesechka [4]2 years ago

4 0

Answer:

Snipes Company

Effects of each transaction on the accounts and the financial statements of Snipes Company:

Balance Sheet Income Statement Statement of

Cash Flows

Assets = Liabilities + Equity Revenue - Expense = Profit

+ $18,250 = 0 + $18,250 + $18,250 - 0 + $18,250

Accounts receivable $18,250 Sales revenue $18,250

Assets = Liabilities + Equity Revenue - Expense = Profit

-$10,000 = 0 - $10,000 0 - $10,000

Cost of goods sold $10,000 Inventory $10,000

Assets = Liabilities + Equity Revenue - Expense = Profit

-$400 0 -$400 0 -$400 -$400 Operating activity

Transportation-out expense $400 Cash $400

Explanation:

a) Data and Analysis:

Accounts receivable $18,250 Sales revenue $18,250

Cost of goods sold $10,000 Inventory $10,000

Transportation-out expense $400 Cash $400

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In a(n) __________ marketing channel, several independent members each attempt to satisfy their own objectives and maximize thei

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In an independent marketing channel, several independent members each attempt to satisfy their own objectives and maximize their profits, often at the expense of the other members.

<h3>What is marketing channel ?</h3>

A marketing channel can be described as the channel that consist people, organizations, and activities necessary to transfer the ownership of goods from the point of production to consumption.

It shoul;d be noted that this can be seen as the way products get to the end-user, the consumer; and is also known as a distribution channel.

Therefore, option B is correct.

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11 months ago

Forner, Inc., manufactures and sells two products: Product Z1 and Product Z8. The company has an activity-based costing system w

Alona [7]

Answer:

$184.34

Explanation:

The computation of activity rate for the Order Size activity cost pool is shown below:-

The Activity rate for Order size = Estimated order size overhead cost ÷ Total machine hours

= 1,069,190 ÷ 5,800

= $184.34

Therefore for computing the activity rate for the Order Size activity cost pool we simply applied the above formula and ignore all other value.

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3 years ago

Sheridan Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is avai

il63 [147K]

Answer:

Closing inventory - $10,160

Costs of goods sold - $9,600

Explanation:

Under the LIFO Method, the cost of good sold equals to

= April 23 units × cost per unit + Remaining units × cost per unit

= 300 units × $22 + 150 units × $20

= $6,600 + $3,000

= $9,600

Since the firm has sold 450 units, so out of which 300 units sold at a price of $22 and the remaining 150 units sold at a price of $20

The ending inventory equals to

= Remaining units × cost per unit + April 1 × cost per unit

= 270 units × $20 + 280 units × $17

= $5,400 + $4,760

= $10,160

Since on April 23, the 420 units were purchase, out of which 150 units are transferred to the cost of good sold and the remaining units 270 units at $20 is transferred to the ending inventory

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2 years ago

a person was able to invest 1,000 per month for 30 years with interest rate of 5%. 1. find out how much the person will have in

sveticcg [70]

Answer:

1. $832,258.64

2. $616,550.50

3. $476,407.77

Explanation:

As the question is concerned, we are to calculate the Future value for the following data

1. PV = 0

PMT = 1,000

N = 30*12 = 360

I = 5%/12

Future Value = PV (PMT, N, I)

Future Value = PV(0, 1,000, 360,0.05/12)

Future Value = $832,258.6354

Future Value = $832,258.64

2. PV = 0

PMT = 1,500

N = 20*12 = 240

I = 5%/12

Future Value = PV (PMT, N, I)

Future Value = PV (0, 1,500,240, 0.05/12]

Future Value = 616,550.5028

Future Value = $616,550.50

3. PV = 0

PMT = 800

N = 25*12 = 300

I = 5%/12

Future Value = PV (PMT, N, I)

Future Value = PV (0, 800, 300, 0.05/12]

Future Value = 475,407.7668

Future Value = $476,407.77

7 0

2 years ago

The primary objectives of control over inventory are

Morgarella [4.7K]

Answer: The correct answer is to safeguard the inventory and reporting the inventory on the financial statements.

Explanation: One of the primary objectives of control over inventory is to safeguard the inventory from damage or theft. The second objective is to report the inventory on the financial statements.

4 0

3 years ago