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3 years ago

What is financial accounting??Any one help me

Business

2 answers:

ddd [48]3 years ago

7 0

Answer:

This is the process of recording, summarizing and reporting the myriad of a company's transactions to provide an accurate picture.

Explanation:

hope it helps.

AfilCa [17]3 years ago

5 0

Answer:

Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time. ... Work opportunities for a financial accountant can be found in both the public and private sectors.

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on January 1, Year 1, Your Ride Inc. paid $36,000 cash to purchase a taxi cab. The taxi had a four-year useful life and a $4,000

Elina [12.6K]

Answer:

Depreciation to be recorded each year in income statement = $8,000

Accumulated depreciation at end of year 1 = $8,000

Accumulated depreciation at end of year 2 = $8,000 + $8,000 = $16,000

Explanation:

Provided information,

Taxi purchased for a value of $36,000

Expected salvage value = $4,000

Estimated life of asset = 4 years

Using straight line depreciation we have,

Depreciation each year = $\frac{36,000 - 4,000}{4} = $8,000$

Depreciation to be recorded each year in income statement = $8,000

Accumulated depreciation at end of year 1 = $8,000

Accumulated depreciation at end of year 2 = $8,000 + $8,000 = $16,000

6 0

3 years ago

Your latest shipment of chicken has some items with usda stickers and some items with usda grade stamps. what is the difference

Ket [755]

USDA actually has several stickers/labels/stamps that could have different meanings. However, the sticker most likely indicates that the chicken has passed for inspection while the grading stamp means that the poultry processor also requested to have the quality of the chicken evaluated and graded.

The USDA has separate programs for the inspection and for the grading of meet. The former is mandatory and guarantees the wholesomeness of the meat. This means that the animal from which the meat was taken from is not diseased and that the meat is clean and fit for human consumption. Inspection programs are paid for by public funds.

However, USDA also has a grading program, which is paid for by the meat processors. The grading program checks and classifies the meat according to its quality (e.g. flavor, juiciness, and tenderness). Poultry with a Grade A poultry for example is one which does not have "defects" such as feathers, discoloration and bruising.

5 0

4 years ago

Read 2 more answers

XYZ Enterprises purchased equipment for $140,000 on July 1, 2013. The equipment is expected to have a four-year life and a resid

Lunna [17]

Answer:

The answer is: Net book value of XYZ’s equipment on December 31, 2014 74000

Explanation:

Please find the calculation and explanations as below:

Sum-of-years'-digit = Useful life x ( Useful life +1) / 2 = 4 x 5/2 =10

Depreciable base: Cost of equipment - estimated residual value = 140,000 - 20,000 =$120,000

Apply the half year convention, we have depreciation for 2013 and 2014 are:

Depreciation expenses 2013 = (4:2)/10 x 120,000 = $24,000;

Depreciation expenses 2014 = [ (4:2)/10 + (3:2)/10 ] x 120,000 = $42,000.

=> Accumulated depreciation as at 31 December 2014 = $24,000 + $42,000 = $66,000

=>Net book value = $140,000 - $66,000 = $74,000

6 0

4 years ago

A building offers 60,000 square feet of rentable space and it currently occupied by two tenants, A and B. If tenant A occupies 3

timurjin [86]

Answer: a. 80% b. $30960

Explanation:

a. What is the buildingís current occupancy rate?

Occupancy rate can be calculated as:

= (Area of the space occupied / total area of the space) × 100

We.need to calculate the area of the space occupied which will be:

= 35,000+13,000

= 48,000 Sq.Ft

Therefore, Occupancy Rate:

= (48,000 / 60,000) × 100

= 80%

b. If the annual expense for utilities is $2.15/sf and utilities are 30% fixed, what is the utility expense based on the occupancy rate?

Total area of utilities will be:

= 30% × 48,000

= 0.3 × 48,000

= 14,400 Sq.Ft

Annual utility expense per Sq.Ft = $2.15

Therefore, total annual expense of utility will be:

= 2.15 × 14,400

= $30,960

3 0

3 years ago

BR Company has a contribution margin of 18%. Sales are $447,000, net operating income is $80,460, and average operating assets a

Lilit [14]

Answer:

return on investment = 60.50 %

Explanation:

given data

contribution margin = 18%

Sales = $447,000

net operating income = $80,460

average operating assets = $133,000

to find out

company's return on investment (ROI)

solution

we know that return on investment formula that is express as

return on investment = $\frac{net \ operating \ income}{average \ operating \ assets}$ .........................1

put here value we get

return on investment = $\frac{$80,460}{$133,000}$

return on investment = 0.604962

return on investment = 60.50 %

4 0

3 years ago

What is financial accounting??Any one help me ​

What is financial accounting??Any one help me