WILL GIVE BRAINLIEST

A typical way in which a common-size income statement is constructed is by dividing all expense items in an income statement by

Ad libitum [116K]

Answer:

False

Explanation:

A common size income statement is an income statement expressed in percentages. Each line item is expressed as a percentage of total revenue or total sales, not as a percentage of net income.

A common size income statement is used to analyze the relative weight of the company's accounts, e.g. gross margins, net margins, manufacturing expenses relative to total sales, etc.

3 0

3 years ago

Granger Cards is a manufacturer of greeting cards. Classify its costs by matching the costs to the terms.

OverLord2011 [107]

Answer:

1. Direct Materials: C) Paper

2. Direct Labor: A) Artist's wages

3. Indirect materials: G) Glue for envelopes <em>(this is asuming there isn't a direct association between glue, envelopes and greeting cards - which is the case that one envelope can be used for 1 card or 2+ cards indistinctly- and/or 1 glue can be used for more than 1 envelope)</em>

4. Indirect labor: B) Wages of materials warehouse workers; E) Manufacturing plant manager's salary

5. Other manufacturing overhead: D) Depreciation on manufacturing equipment; F) Property taxes on manufacturing plant

4 0

3 years ago

Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of

larisa86 [58]

Answer:

The amount of cash paid to suppliers of merchandise during the reporting period is $31

Explanation:

Inventory beginning balance is $90, ending balance is $93

Account payables beginning balance is $14, ending balance is $16

Cost of goods sold is $30

Using T accounts: Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold.

Therefore Purchases = Cost of Sales - Beginning Inventory + Ending Inventory

Purchases = 30-90+93 = 33

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In the Accounts Payable Account

Opening balance and Credit purchases are on the credit side, while payment to suppliers and closing balance are on the debit side

Therefore: Opening balance + Purchases during the period = Payments during the period + closing balance.

Hence: 14+33= payments during the period + 16

Payments during the period = 14+33 - 16 = $31

7 0

3 years ago

Eisenhower Corporation purchased a patent for $1,850,000 on November 30, 2015. It has a remaining legal life of 18 years. Eisenh

adoni [48]

Answer:

The correct option is c $1,593,056.

Explanation:

Patent : The patent is an intangible asset in which amortization is to be charged every year till its useful life. An intangible asset is also known as long term asset which cannot be seen or even touched.

As in the given question the patent is purchased on November 30 but we have to reported on the December 31, 2015, so the total months between them is 25 months.

And, the remaining useful life of patent is 15 years we have to convert the years into months .

So, 15 × 12 months in a year = 180 months.

Since, for 180 months the $1,850,000 is given, we have to compute for 25 months. The computation is shown below:

= ($1,850,000 × 25) ÷ 180

= $256,944

Hence, the balance would be Purchase cost - amortization expense

= $1,850,000 - $256,944

= $1,593,056

Thus, the correct option is c $1,593,056.

3 0

2 years ago

A special assessment tax is a tax levied against specific properties that will benefit from a public improvement. It is only lev

Scrat [10]

Answer:

It would take the form of a tax on houses in a small neighborhood, to pay for the new street lamps in that area.

Explanation:

Special taxes are taxes that have a specific application since they affect only a certain group of goods and services that, given their characteristics or effects, are chosen by the government or the tax authority to be subject to a particular tax.

Special taxes are indirect taxes that are applied to the consumption of certain goods or services (such as alcohol or hydrocarbons). They are linear in relation to disposable income.

7 0

3 years ago