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2 years ago

Can someone please read this and tell me if it sounds good so far, thanks!

Business

1 answer:

antiseptic1488 [7]2 years ago

5 0

Answer:

I think It sounds great! just make sure to check for punctuation and any run-on sentences :)

Explanation:

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A company acquires a subsidiary and will prepare consolidated financial statements for external reporting purposes. For internal

NemiM [27]

Answer:

It is a relatively easy method to apply.

Explanation:

When accounting for a subsidiary, equity method is followed, whenever the shareholding percentage is equal or more than 20%.

But here, the parent company uses, initial value method for internal reporting.

Under initial value method the value of investment in subsidiary is recorded at cost, and then adjusted at year end at fair value, this clearly shows the gain or loss at each year end from such investment as per market norms.

There is no statutory requirement to follow such initial value method for internal reporting.

The correct reason therefore, is:

It is a relatively easy method to apply.

7 0

3 years ago

On January 1, 2020, Novak Corp. had inventory of $56,500. At December 31, 2020, Novak had the following account balances.

salantis [7]

Answer:

Gross Profit ⇒ $296,500

Operating expenses ⇒ $153,500

Explanation:

Gross Profit;

= Net sales - Cost of Goods sold

Net sales = Sales revenue - sales discounts - sales returns and allowances

= 807,000 - 6,000 - 10,900

= $790,100

Cost of Goods sold

= Opening balance + Purchases + Freight-in - Purchase discounts - Purchase returns and allowances -closing balance

= 56,500 + 509,500 + 4,800 - 8,000 - 2,700 - 66,500

= $493,600

Gross Profit = 790,100 - 493,600

= $296,500

Operating Expense

Net Income = Gross profit - operating expenses

143,000 = 296,500 - operating expenses

Operating expenses = 296,500 - 143,000

= $153,500

6 0

2 years ago

On August 5, 2021, Blossom Furniture shipped 50 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set

Gennadij [26K]

Answer:

$15,960

Explanation:

The total profit on units sold for the consignor:

= Sales Value - Cost of Goods Sold - Shipping Expenses - Commission - Advertising Expenses - Installation and setup costs

= (40 × $720) - (40 × $220) - [$1,850 × (40/50)] - ($28,800 × 5%) - $470 - $650

= $28,800 - $8,800 - $1,480 - $1,440 - $470 - $650

= $15,960

5 0

3 years ago

LO 8.5When might an unfavorable variance be a good outcome?

ivolga24 [154]

Answer: An unfavorable variance can be used to detect a drop in estimated income early, and then solutions to the challenge can be identified.

Explanation:

An unfavorable variance is the difference between a company's projected expectation and the actual outcome of a financial activity of the company, where the actual outcome is less favorable than the projected expectation.

The information from an unfavorable variance can help alert a company to a negative outcome early, and the company's leadership can then find ways of solving the cause of the negative outcome.

7 0

3 years ago

Economic systems differ according to which two main characteristics?

nikitadnepr [17]

Answer:

Explanation:

Economic systems refers to the different ways in which a government moves and distributes the resources that the country needs, including labor, capital, entrepreneurs, physical resources and information resources. That being said the two main characteristics that explains how they differ would be who owns the factors of production which are the 5 stated above, and the methods used to coordinate economic activity.

4 0

2 years ago