Which cost flow assumption assumes that the last units purchased are the first units sold?

The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of ope

vitfil [10]

Answer:

Note: See attached excel file for the record of the effect of the given transactions in a horizontal statements model.

In the attached excel file, we have:

Assets = Liabilities + Stockholders' Equity = $152,155

Explanation:

In the attached excel file, we have:

Sales tax payable on sales for November Year 1 = $65,500 * 9% = $5,895

Sales tax payable on sales for December Year 1 = $79,500 * 9% = $7,155

Assets = $152,155

Liabilities + Stockholders' Equity = $7,155 + $145,000 = $152,155

Therefore, the accounting equation is proved as follows:

Assets = Liabilities + Stockholders' Equity = $152,155

Download xlsx

6 0

3 years ago

The Busby Corporation had a share price at the start of the year of $26.20, paid a dividend of $0.56 at the end of the year, and

Westkost [7]

Answer:

D) 13%

Explanation:

Calculation for the percentage that is closest to the rate of return of investments

First step is to find the balance amount of the share price using this formula

Share price =(End of the year Share price + End of the year dividend)-Start of the year Share price

Let plug in the formula

Share price =($29.00+$0.56)-$26.20

Share price =$29.56-$26.20

Share price =$3.36

Second step is to find the rate of return of investments

Using this formula

Rate of return of investments= Share price/Start of the year Share price

Rate of return of investments

Let plug in the formula

Rate of return of investments=$3.36/$26.20

Rate of return of investments=0.13*100

Rate of return of investments=13%

Therefore the percentage that is closest to the rate of return of investments in companies with equal risk to The Busby Corporation for this perio will be 13%

4 0

3 years ago

Which of the following costs is an example of a Selling & Administrative (S&A) cost rather than a product cost? Group of

irakobra [83]

Answer:

The answer is B.

Explanation:

Option B. Wages of sales person are the example of a Selling and Administrative cost. Other examples are rents, distribution cost etc.

Option C is wrong. Wages of production machine operators is a direct wage. It will form part of cost of sales.

Option D is wrong. Insurance on factory equipment cannot be attributable to selling cost.

4 0

3 years ago

Incorporators are required to sign the charter, deliver it to the proper state officials, and purchase a certain percentage of t

alex41 [277]

The statement " Incorporators are required to sign the charter, deliver it to the proper state officials, and purchase a certain percentage of the initial stock offering " is FALSE.

Explanation:

Incorporation of a business means making a company officially known by the company's sole property or general partner. If a company forms, it becomes a legal structure separating the individuals who founded the company.

Even though a company does not have a office there, the company must always have a registered agent within the state of incorporation.

Incorporation provides shareholders with immunity from personal liability for the company's debts.

8 0

3 years ago

All of the cells in the body need oxygen. Hemoglobin molecules in red blood cells transport oxygen through the bloodstream. Oxyg

OleMash [197]

Answer:

D. the high partial pressure of oxygen in the lungs

Explanation:

As the cells of the human body are made of the Hemoglobin molecules that transport this red blood to the bloodstreams.

Due to the presence of the dissolved oxygen concentration in the body that these molecules in the lungs are unloaded and then merges with the tissues.

The higher pressure is responsible for the flow of the oxygen in the lungs and the thus formation of the RBC in hemoglobin.

3 0

4 years ago