Budget planning, budget authorization, budget implementation, and budget accountability are the four (4) separate procedures or phases that make up the national government's budgeting process.
What is financial statement?
Financial statements are a collection of records that demonstrate the financial standing of your business at a given period. These provide important information on the assets and debts of your business as well as its earnings and expenses.
The balance sheet, the income statement, the statement of cash flow, and the statement of retained earnings are the four main forms of financial statements used by for-profit companies.
The income statement, which shows a company's potential to make a profit, is likely to be the most crucial financial statement for the majority of consumers. Also, the data on the income statement is largely expressed in current dollars, indicating a respectable level of accuracy.
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Which process includes determining the project’s course of action?
Answer:
I think it's the Control Scope Process.
If I got it right...
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1. Prepare journal entries to record the preceding transactions.
2. Post the entries prepared in step 1 to their respective T-accounts.
3. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold.
4. Prepare and income statement for the year.
Information and Data
White Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows:
Raw Materials $20,000
Work in Process $15,000
Finished Goods $30,000
The company applies overhead cost to jobs on the basis of machine-hours worked. For the current year, the company's predetermined overhead rates was based on a cost forumulat that estimated $450,000 of total manufacturing overhead for an estimated activity level of 75,000 machine-hours. The following transactions were recorded for the year:
A. Raw materials were purchased on account, $410,000.
B. Raw materials were used in production, $380,000 ($360,000 direct materials and $20,000 indirect materials).
C. The following costs were accrued for employee services: Direct Labor, $75,000; Indirect Labor, $110,000; Sales Commissions, $90,000; and Administrative Salaries, $200,000.
D. Sales travel costs (on account) were $17,000.
E. Utility costs (on account) in the factory were $43,000.
F. Advertising costs (on account) were $180,000.
G. Depreciation was recorded for the year, $350,000 ($280,000 relates to factory assets and $70,000 relates to selling and administrative assets).
H. Insurance expired during the year, $10,000 ($7,000 relates to factory operations and the remaining relates to sellling and administrative activities.
I. Manufacturing overhead was applied to production. Due to greater than expected demand for its products, the company worked 80,000 machine hours on all jobs during the year.
J. Jobs costing $900,000 to manufacture according to their job cost sheets were completed during the year.
K. Jobs were sold on account to customers during the year for a total of $1,500,000. The jobs cost $870,000 to manufacture according to their job cost sheets.
L. Close out entry to for Underapplied / Overapplied Manufacturing Overhead (as stated in item 3 above).
1. Journal Entries: A. Raw materials inventory (debit) $410,000 ,Accounts payable (credit) $410,000.
What is the meaning of Gross Profit?Gross profit is the revenue earned by a company minus the direct costs associated with producing and selling its products or services. In other words, it is the amount of money that a company has left over from its sales after deducting the cost of goods sold (COGS).
B. Work in process inventory (debit) $380,000
Raw materials inventory (debit) $360,000
Manufacturing overhead (debit) $20,000
Accounts payable (credit) $380,000
C. Direct labor (debit) $75,000
Indirect labor (debit) $110,000
Sales commissions expense (debit) $90,000
Administrative salaries expense (debit) $200,000
Accrued salaries and wages payable (credit) $475,000
D. Sales travel expense (debit) $17,000
Accounts payable (credit) $17,000
E. Utilities expense (debit) $43,000
Accounts payable (credit) $43,000
F. Advertising expense (debit) $180,000
Accounts payable (credit) $180,000
G. Depreciation expense (debit) $350,000
Accumulated depreciation - factory assets (credit) $280,000
Accumulated depreciation - selling and administrative assets (credit) $70,000
H. Factory insurance expense (debit) $7,000
Selling and administrative insurance expense (debit) $3,000
Prepaid insurance (credit) $10,000
I. Work in process inventory (debit) $360,000
Manufacturing overhead (debit) $90,000
Accrued manufacturing overhead (credit) $450,000
J. Finished Goods Inventory $900,000
Work in Process Inventory $900,000
K. Accounts Receivable $1,500,000
Sales $1,500,000
Cost of Goods Sold $870,000
Finished Goods Inventory $870,000
L. Manufacturing Overhead $20,000
Cost of Goods Sold $20,000
2. T-Accounts:
Raw Materials Inventory
Beginning Balance: $20,000
Purchases: $410,000
Materials Used: ($360,000)
Ending Balance: $70,000
Work in Process Inventory
Beginning Balance: $15,000
Direct Materials: $360,000
Direct Labor: $75,000
Manufacturing Overhead: $90,000
Jobs Completed: ($900,000)
Ending Balance: $540,000
Finished Goods Inventory
Beginning Balance: $30,000
Cost of Goods Manufactured: $900,000
Jobs Sold: ($870,000)
Ending Balance: $60,000
Manufacturing Overhead
Applied to Production: $90,000
Actual Overhead: ($603,000)
Closing Entry: $20,000
Ending Balance: $-493,000
3. Closing Entry:
Manufacturing Overhead $493,000
Cost of Goods Sold $493,000
4. Income Statement:
Sales $1,500,000
Cost of Goods Sold ($870,000)
Gross Profit $630,000
Operating Expenses:
Direct Labor $75,000
Indirect Labor $110,000
Sales Commissions $90,000
Administrative Salaries $200,000
Sales Travel Expenses $17,000
Utility Costs $43,000
Advertising Expenses $180,000
Depreciation Expense - Factory Assets $280,000
Depreciation Expense - Selling and Administrative Assets $70,000
Insurance Expense $10,000
Total Operating Expenses ($1,075,000)
Operating Income ($445,000).
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Which of the following is the most accurate statement about a mentally impaired person's capacity to contract?
Multiple Choice
None of the parties to a contract can enforce the contract if, before they entered the contract, one of the parties was judged by a court (.e.,
adjudicated) to be mentally incompetent.
A person who suffers from a mental impairment can never have capacity to contract.
A person can disaffirm a contract if the other party to the contract suffers from a mental impairment.
A person with a mental impairment lacks the capacity to contract, even if the impairment does not affect their ability to understand and
evaluate the contract.
If a person has a mental impairment that deprives him of capacity at the time he enters into a contract, the person can never have capacity
to ratify the contract at a later time.
Correct answer is If a person has a mental impairment that deprives him of capacity at the time he enters into a contract, the person can never have capacity to ratify the contract at a later time.
Who are the mentally impaired?Being mentally handicapped refers to having any mental or psychological condition, including specific learning impairments, organic brain syndrome, developmental disabilities, and mental illnesses.
When a person's mind is damaged or not working properly, it is said that they have a mental impairment. A mental impairment, according to the policy, is a decline in mental capacity that requires close supervision in order to protect your safety and the protection of others.
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Choose all that apply.
Identify all actions that do not following the tips for spending wisely.
Buy the cheapest items no matter what.
Track your spending.
Buy items at the check-out lane, even if they are not on your list.
Use your credit card, even if you don't know your balance.
Compare prices to get a bargain.
Answer:
Buy the cheapest items no matter what.
Buy items at the check-out lane, even if they are not on your list.
Use your credit card, even if you don't know your balance.
why is the diminishing balance method better than the cost price method when calculating depreciation
The diminishing balance technique outperforms the cost price method because more depreciation is written off in the first few years. Hence, it helps to less the effects of asset obsolescence.
The tax authorities approve the declining balance technique of depreciation. As a result, the corporation receives tax advantages.
What is the straightforward definition of depreciation?Depreciation is the expected down value of a fixed asset over a fiscal year. Large lump sum purchases are made for tangible goods like real estate, machinery, cars, and other things.
What does a it do in accounting?Depreciation is a measurement of the wearing down, consumption, or other loss of value of a depreciable asset resulting from usage, effluxion of time, or obsolescence by technological and market developments.
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1. assets
2. balance sheet
3. equity
4. invoice
5. liabilities
6. profit-and-loss statement
7. revenue
what a company uses to operate
the business
money that has been borrowed
from banks
a financial document that shows
income and expenses over a given
period of time
amount that was originally invested
in the business
a statement you submit to receive
payment for a product or service
a statement of a company's
financial position at a given time
an amount a business makes in a
given period of time
1. Assets: amount that was originally invested
in the business.
2. Balance sheet: a statement of a company's
financial position at a given time.
3. Equity: what a company uses to operate
the business
4. Invoice: a statement you submit to receive
payment for a product or service.
5. Liabilities:money that has been borrowed
from banks.
6. profit and loss statement: a financial document that shows income and expenses over a given
period of time
7. Revenue: an amount a business makes in a
given period of time.
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Do you think the practice of "Photoshopping" is ethical? In what situations would you strongly discourage it?
Answer:
The ethics of "Photoshopping" depend on its purpose. Artistic or creative editing may be ethical, but manipulation or deception is not. In journalism, where accuracy is vital, "Photoshopping" should be discouraged. It can harm media credibility and misrepresent facts. In fashion or advertising, "Photoshopping" can promote harmful beauty standards and contribute to negative body image. In such cases, it should be discouraged, and body positivity and diversity should be promoted.
The data related to Shunda Enterprises Inc.'s factory overhead cost for the production of 50,000 units of product are as follows:
IVE INCLUDED PHOTOS OF THE FULL PROBLEM
The total overhead rate is $6
The variable overhead rate is $3.5
The fixed overhead rate is 2.5 per hour
How to solve1. Variable factory overhead controllable variance = standard variable overhead - actual variable overhead
(standard hours x standard rate of variable overhead) - actual overhead
= (76,000 x 3.5) - 263,300
= 2,700 favorable
2. Fixed factory overhead volume variance = absorption rate of fixed overhead x (standard hours - actual hours)
2.5 (76,000 - 75,000)
2500 favorable
3. Total factory overhead cost variance = actual overhead - standard overhead
= (263,300 + 188,800) - (456,000)
= 3900 favorable
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88) What characteristic must an asset have in order to count as a current asset? A) tangibility B) liability C) goodwill D) liquidity
The answer is D) liquidity. Liquidity is the characteristic that an asset must have in order to count as a current asset.
What do you mean by current assets?A current asset is anything that appears on the balance sheet of a business that is either cash, a cash equivalent, or that may be converted into cash within a year.
What current and non-current assets actually entail?Short-term assets are ones that can be swiftly liquidated and utilized for a company's urgent requirements. Noncurrent Assets are long-term and have a useful life of over a year.
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describe three purposes of foreign exchange reserves in a country like Kenya. What effects do such foreign exchange reserves have in a country? (10marks)
1. To Provide Stability: Foreign exchange reserves are an important tool for a country like Kenya to provide greater stability to the economy.
What is economy?Economy is the large scale management of resources, goods, and services to meet the needs of society.
This means that when the value of the local currency fluctuates due to global events, the country can use its foreign exchange reserves to support the exchange rate. This can help to maintain the purchasing power of the local currency and keep the exchange rate from becoming too volatile.
2. To Protect from Speculation: Foreign exchange reserves can also be used as a buffer against speculation. Speculation can create rapid changes in the foreign exchange markets, which can have a destabilizing effect on a country’s economy. By having foreign exchange reserves, a country can protect itself from the effects of speculation.
3. To Support Growth: Foreign exchange reserves can be used to support economic growth. By having foreign exchange reserves, a country can make sure it has access to the foreign currency it needs to finance its imports. This can help to promote economic growth by allowing a country to access the materials and resources it needs to produce goods and services.
The effects of having foreign exchange reserves in a country can be significant. Having reserves can help to maintain the stability of the exchange rate, protect the economy from speculation, and support economic growth.
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Asy Clean operates a chain of dry cleaners. It is experimenting with a continuous-improvement (i.e., kaizen) budget for operating expenses. Currently, a typical location has operating expenses of $14,000 per month. Plans are in place to achieve labor and utility savings. The associated operational changes are estimated to reduce monthly operating costs by a factor of 0.99 beginning in January.
Expected cost = Current price x factor ∧ number of months = 14,000 * 0.99 ∧ 1 = 13 860; 14,000 * 0.99 ∧ 6 = 13 180.72; 14,000 * 0.99 ∧ 12 = 12 409.39
How would you define a kaizen budget?Companies looking to reduce their operational expenses frequently employ a Kaizen System in the context of supply chain management. The Kaizen System has a structure that mandates constant efficiency improvement in a business in order to lower costs and boost quality. Kaizen is the process of continuously enhancing operations and cutting expenses. The idea often produces slow, steady progress over time. By including projected cost cuts into the anticipated outcomes of a corporation, this idea can be used to budgeting.
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Explain how the classification of risks into categories such as ‘high’, ‘medium’ or ‘low’, helps entities manage their businesses
Explanation:
Classification of the customers is done under three risk categories viz. low, medium, and high. Customer’s identity, Social/financial status, Nature of business activity, Information about the client’s business and their location, etc. are some of the parameters in the risk assessment strategy of the financial institutions.
total marketing effort is a term used to describe the critical decision factors that affect demand: price, advertising, distribution, and and product quality. let the variable x represent total marketing effort. a typical model that is used to predict demand as a function of total marketing effort is D=ax
A linear link between demand (D) and overall marketing effort is shown by the equation D = axe (x). The slope of the line, or a, which represents the proportionality constant in this case, depicts the increase in demand for each additional unit of marketing activity.
What can be inferred about the link between demand and marketing effort from the model for B 1?What can be inferred about the link between demand and marketing effort from the model for b=1. Demand rises linearly as marketing effort rises.
What exactly is a marketing effort?The resources a business commits to promoting its goods and services are known as marketing efforts. A business can increase exposure among potential clients and generate demand and interest for its products through marketing initiatives.
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Why do lending and credit card companies use a borrower's Social Security number when opening an account?
Answer:
Most card issuers in the United States will request credit card applicants to provide a Social Security number (SSN). This helps credit card companies prevent fraud and protects the general public from identity theft.
Explanation:
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Lending and credit card companies use a borrower's Social Security number as a unique identifier to verify their identity and maintain accurate records, and to evaluate their creditworthiness.
What are the lending and credit card?Lending refers to the practice of providing money or other resources to an individual or organization, typically in the form of a loan, with the expectation that the borrower will repay the amount with interest over a set period of time.
Lending can take various forms, including personal loans, mortgages, auto loans, and business loans, among others. Lending institutions, such as banks, credit unions, and online lenders, provide these types of loans.
A credit card, on the other hand, is a type of revolving credit that allows individuals to borrow money up to a certain limit, typically based on their creditworthiness, and use it to make purchases or pay bills.
The borrower is required to make at least a minimum payment each month and can choose to carry a balance from month to month, with interest charged on the outstanding balance. Credit cards are typically issued by banks or other financial institutions, and may come with various rewards or benefits, such as cashback or points for purchases.
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can I get a detailed explanation about accounting in grade 9 term 1
Answer:
Accounting Equation: The accounting equation is a fundamental concept in accounting. It states that assets equal liabilities plus equity. This means that everything a company owns (assets) is either financed by what it owes (liabilities) or by what its owners have put in (equity).
Double-Entry Accounting: Double-entry accounting is a system where every financial transaction has two equal and opposite entries, one on the debit side and one on the credit side. This system is used to ensure that the accounting equation remains balanced.
Financial Statements: Financial statements are reports that show the financial performance and position of a company. The three main financial statements are the balance sheet, income statement, and statement of cash flows.
Recording Transactions: Transactions are recorded in journals, which are then posted to ledgers. Journals record transactions in chronological order, while ledgers organize transactions by account.
Types of Accounts: Accounts can be categorized as assets, liabilities, equity, revenue, and expenses. Assets are resources that a company owns and can use to generate future economic benefits. Liabilities are obligations that a company owes to others. Equity represents the residual interest in the assets of a company after liabilities are deducted. Revenue is money earned by a company from its primary business activities. Expenses are the costs incurred in earning revenue.
These are just a few of the concepts that you may learn in grade 9 accounting. Accounting can be a challenging subject, but with practice and dedication, you can master it.
Explanation:
he Nelson Company has $1,170,000 in current assets and $450,000 in current liabilities. Its initial inventory level is $280,000, and it will raise funds as additional notes payable and use them to increase inventory. How much can Nelson's short-term debt (notes payable) increase without pushing its current ratio below 2.2? Do not round intermediate calculations. Round your answer to the nearest dollar. $ 150,000 What will be the firm's quick ratio after Nelson has raised the maximum amount of short-term funds? Do not round intermediate calculations. Round your answer to two decimal places.
The quick ratio after Nelson has raised the maximum amount of short-term funds will be 1.48.
What is quick ratio?The quick ratio (also known as the acid-test ratio) is a measure of a company's short-term liquidity. It is calculated by dividing a company's total assets minus its inventory by its current liabilities. This ratio reveals a company's ability to pay its current liabilities with its most liquid assets. A quick ratio of 1:1 or higher is generally considered a sign of a financially healthy company, while a ratio lower than 1:1 may indicate that a company lacks the necessary liquidity to pay its current liabilities.
The quick ratio is calculated by dividing the sum of cash, cash equivalents, and marketable securities by the total current liabilities.
In this case, the total current liabilities will be $450,000 + $150,000 = $600,000.
The sum of cash, cash equivalents, and marketable securities will be $1,170,000 - $280,000 = $890,000.
The quick ratio will be $890,000 / $600,000 = 1.48.
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Gantt charts are most helpful when:
Answer: For planning and scheduling projects.
have you used the rational decision making model to make a decision?what was the context, how well was the model working
The rational decision-making model is a structured and systematic approach to making decisions that are based on objective reasoning and logical analysis.
What is rational decision making modeland how does it works?This model is commonly used in organizations and business settings to help individuals or teams make informed decisions. The rational decision-making model is a structured approach to making decisions that are based on logic and reasoning. It is a systematic process that involves several steps, each of which is designed to help the decision-maker evaluate and choose the best possible course of action.
The rational decision-making model is a systematic and objective approach to decision making that helps individuals make informed choices based on sound reasoning and evidence.
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Find the interest rate, I, on a given security that costs $100 and that will return $150 after 10 years.
Answer:
Rate = 6.666%
Explanation:
First, the formula of the simple interest rate is:
R = I/PT x 100%
Put in the numbers:
R = $100/($150 x 10 years) x 100%
Then calculate:
R = $100/$1500 x 100%
R = 100/15%
R = 6.666%
which statement is prepared for only one date?
Answer:
The Balance Sheet is prepared at a particular date usually the end of the financial year, while the Profit and Loss account is prepared for a particular period.
How do differences in income levels among countries affect international businesses?
Explanation:
Middle-income and Low-income countries are less attractive to international business because they offer less consumer demand and lack the public infrastructure necessary for reliable production and distribution of goods and services.
Assume you work for a division of 3M that makes medical monitoring systems. Respond to these questions with a clear explanation : 1/How would the purchasing decision process differ in the following situations? Which situation (a, b and c) is a new task? A modified rebuy? A straight rebuy? Explain. 2/How likely is the buyer to get other people in the organization involved? Which types of people are likely to get involved in each decision? 3/Which situation is likely to produce the slowest decision? Explain. a. The organization is purchasing a custom designed machine to be used in the manufacturing of metal racks that house multiple monitoring systems. b. An organization reorders plastic shields that it uses in making medical monitoring equipment from a regular supplier, a supplier that it has bought from in the past. c. The organization is designing a new line of medical monitoring equipment and wants an improved and updated microprocessor. It is considering its past suppliers as well as some suppliers that it has not bought from before.
suppliers as well as some upoliers
Explanation:
gow now
Need this done fast. Help.
1. The well-known company McDonald's brand promise is to provide fast, affordable, and reliable food to their customers.
What is food ?Food is any substance consumed to provide nutritional support for an organism. It is usually of plant or animal origin, and contains essential nutrients, such as carbohydrates, fats, proteins, vitamins, or minerals. The substance is ingested by an organism and assimilated by the organism's cells to provide energy, maintain life, or stimulate growth.
2a. The type of company I would like to work for or start up myself is a home decor store. 2b. Company's target customers could be grouped into two categories. 2c. The company could treat these two categories of customers differently by offering discounts.d.Type of channel management described in questions 2b and 2c is not likely to lead to unfair treatment .
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In a manufacturing plant, machine A produces 30% of a certain product, machine B produces 50% of this product, and machine C produces 20% of this product. Five percent of machine A products are defective, 10% of machine B products are defective, and 9% of machine C products are defective. The company inspector has just sampled a product from this plant and has found it to be defective.
P (C | D) = ______ ?
The probability that the product is from machine C given that it is defective is 0.4.
What is product?Product is an item or service that is created by a business to be sold for a profit. Products can include tangible items such as clothing or electronics, or intangible items such as services, experiences, or digital content. Products are created with the intent of satisfying customer needs and wants, and are typically marketed through various channels in order to reach the desired target audience. The success of a product is largely determined by its quality, price, and availability.
P (C | D) = P (C ∩ D) / P (D)
P (C ∩ D) = 0.20 * 0.09 = 0.018
P (D) = 0.30 * 0.05 + 0.50 * 0.10 + 0.20 * 0.09 = 0.045
P (C | D) = 0.018 / 0.045 = 0.4
Therefore, the probability that the product is from machine C given that it is defective is 0.4.
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Margot is leading a seminar on active listening. What is the MOST appropriate and accurate sentence for her to include in her seminar about this topic?
Active listening simply means to pay attention.
Active listening focuses solely on verbal language.
Active listening involves a four-part process.
Active listening can only be used in business settings
Option A: The most suitable and accurate phrase for her to use in her seminar on this subject is "active listening," which simply translates to "paying attention."
How Does Active Listening Work?To engage in active listening, you must pay close attention to the speaker, comprehend what they are saying, respond to and consider what they are saying, and retain the information for later use. As a result, both the speaker and the listener remain actively engaged in the conversation.
Managerial hints: To better comprehend the speaker's message, engage in active listening by paying close attention to their behavior and body language. Use eye contact and nodding to indicate that you're following along. Pacing and fidgeting, two potential interruptions, should be avoided.
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AMD offers 5 percent coupon bonds with semiannual payments and a yield to maturity of 8 percent. The bonds mature in 20 years. What is the market price per bond if the face value is $1,000?
The above calculations, the market price of the bond is $996.92, calculated as follows are Market Price = $1,000 x (1 - $3.08/$118.17) = $996.92.
What is Market Price?Market price is the current price at which a particular good or service can be bought or sold. It is determined by the forces of supply and demand in the market, and it is constantly changing. Market price reflects the overall sentiment of buyers and sellers in the market, and it can be affected by a variety of factors such as economic conditions, competition, and even emotions. Market price is used in many different industries, including commodities, stocks, and currencies, to determine the value of goods and services.
The market price of the bond is calculated using the following formula:
Market Price = Face Value x (1 - Present Value of Coupons/Present Value of Par Value)
Using the given information, we can calculate the present value of the coupon payments and the present value of the par value:
Present Value of Coupons = 5% x ($1,000/2) x (1/(1.04)^40) = $3.08
Present Value of Par Value = $1,000/(1.04)^40 = $118.17
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What are the key features of "The Non-Shedder Shampoo" from Pride and Groom, and how can it effectively help reduce shedding in dogs?
Answer:
Natural Ingredients: The Non-Shedder Shampoo is made from a blend of natural ingredients, including aloe vera, oatmeal, and omega-3 fatty acids. These ingredients work together to nourish and strengthen the dog's hair follicles, which helps to reduce shedding.
pH-Balanced Formula: The Non-Shedder Shampoo is pH-balanced to ensure that it does not cause any irritation or dryness on the dog's skin. This makes it safe for regular use, which is important for maintaining healthy skin and fur.
Gentle Cleansing: The shampoo uses a gentle cleansing formula that removes dirt and debris from the dog's coat without stripping it of its natural oils. This is important for maintaining healthy skin and fur, as well as reducing shedding.
Long-Lasting Results: The Non-Shedder Shampoo is designed to provide long-lasting results, meaning that it helps to reduce shedding for several days after each use. This is important for maintaining a healthy coat and reducing the amount of hair that the dog sheds.
Overall, the Non-Shedder Shampoo from Pride and Groom is an effective product for reducing shedding in dogs. Its blend of natural ingredients, pH-balanced formula, gentle cleansing, and long-lasting results make it a popular choice among dog owners who want to keep their pets' coats healthy and reduce shedding.
Explanation:
Less randomness and more difficulty in obtaining a sample size are disadvantages of
O a. social media.
O b. mail surveys.
O c. personal interview surveys.
d. telephone surveys.
e. online experimentation.
Mail surveys have the disadvantages of being less random and harder to determine a sample size.
What are the drawbacks of mailing surveys?Due to the numerous follow-up mailings needed to get a respectably high response rate, a mail survey's lengthy field period is one of its biggest drawbacks.
What drawbacks are there to questionnaires?Disadvantages: Questionnaires may not be valid because they can limit or skew the responses of respondents. The researcher or the questions may persuade respondents to provide particular responses. If the survey is sent via postal mail, a significant number of respondents may choose not to respond.
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Using a perpetual inventory system, payment during the discount period for inventory purchased previously on account will have what effect on the financial statements?
Multiple Choice
Decrease assets
Decrease expenses
Decrease revenues
Decrease stockholders’ equity
The perpetual inventory system is applied by Abbott. How do the financial statements get affected by this transaction? Both inventory and accounts payable should be increased.
How do financial statements change as a result of a perpetual inventory system?Each time the business makes a sale or buys new goods, adjustments are recorded by software together into sales revenue account. The accounting records will accurately represent the balances in the impacted accounts thanks to this method of registering sales. The cost charged is also recorded by the software.
What account does the periodic inventory system record purchases in?If the weekly inventory system is being used, in which account are purchases being made recorded? Purchases are noted in the Market Inventory account in a system of perpetual inventory. Purchases are noted there in Purchases account in a regular inventory process.
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E7-11 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Income and Cash Flow Effects LO7-2, 7-3
Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,180 units at $37; purchases, 7,930 units at $39; expenses (excluding income taxes), $193,100; ending inventory per physical count at December 31, current year, 1,750 units; sales, 8,360 units; sales price per unit, $78; and average income tax rate, 34 percent.
Required:
1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.
1-b. Prepare income statements under the FIFO, LIFO, and average cost inventory costing methods.
2. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow)?
3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow), assuming that prices were falling?
Q 2. Find LIFO, FIFO and Average cost for each
Sales Revenue
Cost of goods sold
Gross profit
Operating expenses
Pretax income
Income tax expense
Net income
3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow)?
net income
Income taxes paid
Between FIFO and LIFO, FIFO is preferable in terms of net income and income taxes paid. FIFO results in a higher net income.The LIFO inventory method would result in the lowest net income.
What is net income ?Net income is the total amount of money that a company earns after accounting for all of its expenses. It is also known as the company's bottom line or net profit. Net income is an important metric used to measure the financial health of a business and can be calculated by subtracting total expenses from total revenue. Net income is typically reported on an organization's income statement and can be used to determine the company's overall profitability.
To learn more about net income
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