The presentation of current and non-current liabilities in the statement of financial position (balance sheet):

Preparing Journal Entries for Process Costing SystemDuring its first month of operation, Portia Company purchased $90,000 of mat

babunello [35]

Answer:

a.

Date Account Title Debit Credit

XX-XX-XXXX Raw materials inventory $90,000

Accounts Payable $90,000

b.

Date Account Title Debit Credit

XX-XX-XXXX Work in Process Inventory $64,000

Raw materials inventory $64,000

c.

Date Account Title Debit Credit

XX-XX-XXXX Work in Process inventory $30,000

Wages Payable $30,000

d.

Date Account Title Debit Credit

XX-XX-XXXX Work in Process Inventory $20,000

Manufacturing overhead $20,000

7 0

2 years ago

Using the vendor that all Camp Bow Wow franchises use, which gives a volume discount, purchase additional ramps, tunnels, and po

kari74 [83]

Answer:

c. High Performance

Explanation:

5 0

3 years ago

Is the following statement True, False or Uncertain? Explain your answer. "In the long run, firms will exit the market if price

Ratling [72]

Answer:

True

Explanation:

The purpose of any business is to make profit, which is from the difference between revenues (price of product multiplied number of product sold) with the cost of goods sold (average total cost multiplied number of product sold).

In short, the profit = (price - average total cost) x number of product sold.

Normally the price must be above/ higher than cost, so that the firm can have profit. Sometime the price in the market go down, so the firm have have to adjust down its price also to maintain customer's purchases.

Once its price is down, but the firm's average total cost is still same as previous, the firm can not have profit as previously. The firm may bear this situation as long as its capital capacity allowed, but will not be too long.

4 0

3 years ago

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Which of the following is a positive economic statement? Group of answer choices The standard of living in the United States sho

Vesna [10]

The U.S. government should not have bailed out U.S. auto manufacturers.

Explanation:

After the inflation period during the 1930, which continued almost for the next 30 years, America increased its standard of living - payment of higher taxes. With an income that was to be paid to government and to be used for their living, Americans had a tough time for almost 10 years to come out of the inflation they faced. Recession was also a part of this period during Hoover's presidency.
Later, when Roosevelt was elected, his new ideals changed the phase of America which did not let the government stick to basic infrastructure of America. In this period, people of America unanimously agreed for the bailout of auto manufacturers with which, they earned revenue for other sector's development.
In 2009, when the contract with General Motors was disintegrated, which was created during the time of World War II, the government of America did not want to take any risk/was not ready to face an economic hit. This eventually led for a bail out.
With this step, in that period of time, it is an economically positive statement.

3 0

3 years ago

Langley Company reported net income for 2022 in the amount of $460,000. The company's financial statements also included the fol

inn [45]

Answer:

$655,000

Explanation:

Cash flow from operating activities involved all the cash flows related to the operations of the company like sales , purchases, receivable, payable etc.

Net Cash flow is the net of receipts and Payment.

Following are the operating cash flows.

Cash flows from operating activities

Net Income $460,000

Add: Non cash Expense Adjustments:

Depreciation $107,000

Change in Working Capital:

Increase in Account receivable ($77,000)

Decrease in Inventory $62,000

Increase in Account payable $250,000

Less: Net Change in WC $235,000

Other Adjustments

Gain on sale of Land <u>($147,000)</u>

Net Operating Cash flow <u>$655,000</u>

Depreciation is a non cash expense deducted from the revenue to calculate net income. Now it needs to be added back.

6 0

3 years ago

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