The budgeted income statement does not rely on information from the production budget.
<h3>What is a budgeted income statement?</h3>
The expected profit, revenue, and expenses for the upcoming year or months are listed in a budgeted income statement, which is a financial report. Its purpose is to assist businesses in future planning, better decision-making, and resource allocation.
All of the line categories seen in a typical income statement are included in the budgeted income statement, but it is an estimate of what the income statement would look like in future budget periods.
The budgeted income statement makes it easier to compare planned and actual income and expense components at the end of the month. It aids in evaluating the efficiency of the company's financial planning procedure.
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Answer: The correct answer is "(A) Materiality.".
Explanation: The concept demonstrated is Materiality because by having a mechanism for preventing bad accounts through their strict requirements, they only recorded bad accounts when they actually existed, instead of making a provision.
Answer:
- Melba's adjusted basis for the land at the Acquisition date is $625000
- Melba's adjusted basis for the land one year later is $645000
Explanation:
The adjusted basis for a property/land is the net cost of the property after adjusting for factors that might attract tax as related to the land
The adjusted basis for the land at the acquisition date is the net cost of the land at the acquisition date which will be ( $225000 + $400000 ) because that was the net cost of the Land at the date of acquisition before an agreement was later reached by Melba requiring him to pay $400000 plus an interest of 5%
Hence the adjusted basis for the land one year later will be
= ( $225000 + $400000 ) + 5% of $400000
= ( $625000 ) + $20000
= $645000
Answer:
d. purchase the machine because each partner has one vote in management matters
Explanation:
Since in the question it is mentioned that the partners vote whether or not to buy a new machine for $100 so the violet and William would agree on this but Xavier does not agree
Now according to this situation the machine should be purchased as each partner vote is necessary also there is a majority of 2 person to buy the machine
hence, the option d is correct
Social capital increases cooperation among individuals inside and outside the firm.
What is social capital ?
Social capital allows a group of people to work together effectively to achieve a common purpose or goal. It allows a society or organization, such as a corporation or a nonprofit, to function together as a whole through trust and shared identity, norms, values, and mutual relationships.
What is the social capital theory?
Social capital theory contends that social relationships are resources that can lead to the development and accumulation of human capital. For example, a stable family environment can support educational attainment and support the development of highly valued and rewarded skills and credentials.
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