Answer:
Lima Company
Journal Entries during August 2018:
1. Direct write-off method:
Debit Accounts Receivable $122,000
Debit Cash $11,300
Credit Sales Revenue $133,300
To record the sale of goods on credit and for cash.
Debit Cash $106,400
Credit Accounts Receivable $106,400
To record the cash receipts on account.
Debit Bad Debts Expense $990
Credit Accounts Receivable $990
To write-off uncollectible accounts.
Debit Cash $800
Credit Bad Debts Expense $800
To record the recovery of previously written off accounts.
2. Allowance Method:
Debit Accounts Receivable $122,000
Debit Cash $11,300
Credit Sales Revenue $133,300
To record the sale of goods on credit and for cash.
Debit Cash $106,400
Credit Accounts Receivable $106,400
To record the cash receipts on account.
Debit Allowance for Uncollectible Accounts $990
Credit Accounts Receivable $990
To record the write-off of uncollectible accounts.
Debit Accounts Receivable $800
Credit Allowance for Uncollectible Accounts $800
To reinstate the recovery of previously written off accounts.
Debit Cash $800
Credit Accounts Receivable $800
To record the recovery of previously written off accounts.
Explanation:
a) Data and Analysis:
1. Direct write-off method:
Accounts Receivable $122,000 Cash $11,300 Sales Revenue $133,300
Cash $106,400 Accounts Receivable $106,400
Bad Debts Expense $990 Accounts Receivable $990
Cash $800 Bad Debts $800
2. Allowance Method:
Accounts Receivable $122,000 Cash $11,300 Sales Revenue $133,300
Cash $106,400 Accounts Receivable $106,400
Allowance for Uncollectible Accounts $990 Accounts Receivable $990
Accounts Receivable $800 Allowance for Uncollectible Accounts $800
Cash $800 Accounts Receivable $800
A project has an expected risky cash flow of $500 in year 3. The risk-free rate is 4%, the expected market rate of return is 14%, and the project's beta is 1.20. Calculate the certainty equivalent cash flow for year 3, CEQ3. (Assume CAPM holds.)
The certainty equivalent cash flow for year 3, CEQ3 is $360.33
The computation of the certainty equivalent cash flow for year 3 is as follows:
But before that, the cost of equity should be determined via using the Capital Asset Pricing Model (CAPM).
Cost of equity = Risk-free rate + beta × (expected market rate of return - risk-free rate)
= 4% + 1.20 × (14% - 4%)
= 16%
Now the certainty equivalent cash flow for year 3 is
= $500 ÷ (1+ 0.16)^3
= $360.33
Therefore we can conclude that the certainty equivalent cash flow for year 3, CEQ3 is $360.33
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The Zeller Corporation's stockholders' equity accounts have the following balances as of December 31, 2016:
Common stock, $10 par (30,000 shares issued and outstanding) $300,000
Additional paid-in capital 2,000,000
Retained earnings 5,700,000
Total stockholders' equity $8,000,000
Refer to above table. On January 2, 2017, the board of directors of Zeller declared a 5% stock dividend to be distributed on January 31, 2017. The market price per share of Zeller's common stock was $30 on January 2 and $32 on January 31. As a result of this stock dividend, the retained earnings account should be decreased by :___________
Answer:
The Zeller Corporation
As a result of this stock dividend, the retained earnings account should be decreased by :___________
$15,000.
Explanation:
a) Data and Calculations:
The Zeller Corporation's stockholders' equity accounts have the following balances as of December 31, 2016:
Common stock, $10 par (30,000 shares issued and outstanding) $300,000
Additional paid-in capital 2,000,000
Retained earnings 5,700,000
Total stockholders' equity $8,000,000
Analysis:
January 2, 2017: Stock dividend $15,000 (30,000 * 5% = 1,500 shares * $10) Stock dividend distributable $15,000
January 31, 2017: Retained Earnings $15,000 Stock Dividend $15,000
Stock dividend distributable $15,000 Common stock $15,000
When there are batch-level or product-level costs, in comparison to a traditional cost system, an activity-based costing system ordinarily will shift costs from: a. high-volume to low-volume products. b. low-volume to high-volume products. c. specialized to standardized products. d. standardized to specialized products.
Answer: A. high-volume to low-volume products
Explanation:
Batch-level costs refers to the expenses that are related to the group of products which cannot be traced back to an individual item. The cost of production are incurred for the production of a batch.
Activity-based costing refers to the method whereby overhead and indirect costs are assigned to the products and services.
When there are batch-level or product-level costs, in comparison to a traditional cost system, an activity-based costing system ordinarily will shift costs from a high-volume to low-volume products.
A firm with earnings before interest and taxes of $500,000 needs $1 million of additional funds. If it issues debt, the bonds will mature after 20 years and pay interest of 8 percent. The firm could issue preferred stock with a dividend rate of 8 percent. The firm has 100,000 shares of common stock outstanding and is in the 30 percent income tax bracket. What are the (1) earnings per common share under the two alternatives, (2) the times-interest-earned if the firm uses debt financing, and (3) the times-dividend-earned if the firm uses preferred stock financing
Answer:
Calculation of Earning Per Share
Particulars Debt Alternative($) Preferred Stock($)
Amount Required 1,000,000 1,000,000
Earning before Interest and Tax 500,000 500,000
Less: Interest Cost(8%) 80,000 ----
Earning After Interest 420,000 500,000
Tax(30%) 126,000 150,000
Earning After Tax 294,000 350,000
Less: Dividend to Pref. Shares 80,000
Earning Avai. for C. Stockholders 294,000 270,000
Outstanding shares 100,000 100,000
Earning Per Common Share 2.94 2.70
2. Times Interest Earned Ratio = EBIT / Interest
Times Interest Earned Ratio = 500,000 / 80,000
Times Interest Earned Ratio = 6.25 Times
3. Times Dividend Earned Ratio = Net Income / Preferred Dividend
Times Dividend Earned Ratio = 350,000 / 80,000
Times Dividend Earned Ratio = 4.375 Times
The direct method of reporting operating cash flows: ________
a. Separately lists cash receipts and payments.
b. Must be used by all companies.
c. Is used by most companies.
d. Is considered supplementary disclosure.
e. Is not recommended by the FASB, but is commonly used.
Answer:
e. Is not recommended by the FASB, but is commonly used.
Explanation:
A statement of cash flows is also known as cash flow statement and it is a financial statement which is used to illustrate how changes in income and various account of the balance sheet affect cash and cash equivalents.
The statement of cash flows is also used by financial experts or accountants to breakdown the cash-flow analysis into;
1. Cash-flow from investing activities: it represents the cash flow from investment such as proceeds from the sale of plant, equipments etc.
2. Cash-flow from financing activities: it represents the cash flow from debt or equity. Typically, it's the costs used in a financing a business.
3. Cash-flow from operating activities: it represents cash-flow and transactions from operational business activities such as employee salary, sales of goods etc.
Generally, the statement of cash flows provides financial information about an organization's operating profitability and how it use its operating cash flow.
Financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining financial accounting and reporting standards for general guidance of individuals or capital providers such as investors, issuers and auditors.
In Financial accounting, the direct method of reporting operating cash flows uses actual cash inflows and outflows from the operating activities of a company by generating data from the income statement (cash receipts and cash disbursements/payments).
However, the direct method of reporting operating cash flows is not recommended by the FASB, but it's commonly used.
This ultimately implies that, it's a recommended accounting method, but it's not an accounting standard required by the financial accounting standards board (FASB).
most expensive startup option is usually A. starting a business from scratch B. buying a franchise C. buying an established business D. renting a building
C. buying an established business
If you look at it it kind of depends on the business and their success rates.
Discuss the importance of innovation in the survival and success of a business. Include three strategies that you, as an entrepreneur, can use to encourage creativity and innovation in your small business in your response. Provide support for your response.
Answer is given below :
Explanation:
Innovation is part of the business and should be successful in the long run. If the business is not innovative it will one day fail and stop making a profit. example shows that it was the number one mobile phone in 2000 but it failed for a long time because it did not change the dynamic market and did not adopt the Android operating system.There are three strategies to promote creativity and innovation in small business: -A business should focus not only on the product, but also on the process, delivery and customer service of the product.A business must always come up with new ideas to survive in the market, which will reduce costs and improve production.A business must constantly monitor the current dynamic environment in the business world and adapt to market conditions and change business on time if necessary.Swifty Corporation reported net income of $203000 for the year. During the year, accounts receivable increased by $15000, accounts payable decreased by $6000 and depreciation expense of $32000 was recorded. Net cash provided by operating activities for the year is: __________
a. $214000.
b. $192000.
c. $179000.
d. $203000.
Answer:
la respuesta es la a espero te ayude
Bob and Alice enter a contract that is within the statute of frauds. Now, Bob wants to get out of the contract on the basis that it is unenforceable pursuant to the statute of frauds. In response, Alice produces a writing that she says evidences the contract. In order for this writing to support the claim that the contract is enforceable against Bob, it must have been signed by:
Answer:
The writing must be signed by Bob himself, or his representative or any person who has the authority to act for him.
Explanation:
Statute of frauds is defined as a provision that only allows certain transactions will be valid only when they are in writing.
Such transactions include sale of land, transactions that are above $500, and transactions that will last over a year.
In the given scenario Bob wants to pull out of the contract because it is not enforceable according to the statue of frauds.
Alice produces a writing that she says evidences the contract.
However for this to be enforceable it must be signed by Bob himself, or his representative or any person who has the authority to act for him.
Integrity Accounting Firm provides various financial services to organizations. Integrity has decided to price its jobs at the total variable costs of the job plus 14.3 percent. The job for a medium-sized dance club client included the following costs:
Direct materials $20,000
Direct labor (partners and staff accountants) 150,000
Depreciation (using straight-line method) on
Integrity’s office building 50,000
Required:
Calculate the price charged by The J. Escobar Law Firm to the dance club.
Answer:
$194,310
Explanation:
The price charged by The J. Escobar Law Firm to the dance club is as follows:
Direct Materials $20,000
Direct Labour $150,000
Total Variable Cost of Jobs $170,000
14.3% Mark up on TVC $24,310
The price charged ro the club $194,310
Which of the following statements is true?
a. Overhead can be applied slowly as a job is worked on.
b. Overhead can be applied when the job is completed.
c. Overhead should be applied to any job not completed at year-end in order to properly value the work in process inventory.
Answer:
the answer should be
a. Overhead can be applied slowly as a job is worked on.
Answer:
A: overhead can be applied slowly as a job is worked on.
Explanation:
Im pretty sure i already learned that! so trust it!
hope it helps!
if its wrong report my answer!
Abigail (Abby) Boxer, age 38, is a single mother (birthdate April 28, 1982) working as a civilian accountant for the U.S. Army. Her Social Security number is 676-73-3311 and she lives at 3456 S Career Avenue, Sioux Falls, SD 57107. Helen, Abby's 18-year-old daughter (Social Security number 676-73-3312 and birthdate April 16, 2002), is a dependent child living with her mother, and she does not qualify for the child tax credit due to her age but does qualify for the other dependent credit of $500. Abby received a Form W-2 from the U.S. Department of Defense.
Answer:
Step 1 of 4
Aby is a single mother with a dependent child. She files Form 1040A. The form is attached herewith.Some of the highlights are given below:
• Gross Income is calculated as follows.
• Adjusted gross income is same as gross income as there are no deductions for AGI. So, adjusted gross income is $42,730 (line 21).
• Standard deduction under Head of Households is $8,700 (line 24).
• She claims one personal and one dependent exemption. So, her total exemptions are (line 26).
1) Tesla needs to order custom processor chipsfior their cars. The annual demand is
50,000. It cost $5000 to place an order. The chips must be stored in an environmentally friendly location and cost $50 per chip to store annually. The factory is open 360 days a
year. What is the optimal order quantity? What is the number of workdays in an order cycle?
2) The Lancaster Tesla dealer is open to the public for customers to come to the store and test drive a car. On any given Saturday customer arrive at a rate of 5 customer per hour. It takes 1 employee about 30 minutes to complete the test drive with a customer. Some customers take shorter, some take longer. There is expected to be a wait, but what is the average number of customers waiting for service? This will allow Tesla to build the correct size waiting room. Also how long do customers wait in line. This will allow Tesla to plan alternative activities that can take place during the wait. As a manager, what would you recommend Tesla do about the current system in order to improve customer service?
Tesla needs to identify the optimal order size for its product processor chipsfior, the correct order size can be determined by Economic order quantity.
EOQ = [tex]\sqrt{\frac{2*D*S}{H} }[/tex]
EOQ = 3162.28
Economic order quantity is the optimal quantity which is to be order in the business. This is inventory management technique.
The number of work days in order cycle are 50,000 / 3162 = 15.8
Tesla should extend its waiting room and allow more customers to wait in the room for they customer service issues. There can be feedback on the service provided so that there can be improvement.
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Training needs analysis
Answer:
is it a true or false question?
John House has taken a 20-year, $250,000 mortgage on his house at an interest rate of 6 percent per year. What is the remaining balance (or value) of the mortgage after the payment of the fifth annual installment?
Answer:
$211,689. 53
Explanation:
Calculation to determine the remaining balance (or value) of the mortgage after the payment of the fifth annual installment
Step 1 is to compute PMT using Financial calculator
I = 6%
N = 20
PV = 250,000
FV = 0
PMT=?
Hence,
PMT = 21,796.14.
Now let determine the PV using Financial calculator
I = 6%
N = 15
PMT = 21,796.14
PV=?
Hence,
PV = $211,689. 53
Therefore the remaining balance (or value) of the mortgage after the payment of the fifth annual installment is $211,689. 53
An individual taxpayer reports the following items for the current year: Ordinary income from Partnership A, operating a movie theater in which the taxpayer materially participates $70,000 Net loss from Partnership B, operating an equipment rental business in which the taxpayer does not materially participate (9,000) Rental income from building rented to a third party 7,000 Short-term capital gain from sale of stock 4,000 What is the taxpayer’s adjusted gross income for the year?
Answer:
$74,000
Explanation:
Calculation to determine the taxpayer’s adjusted gross income for the year
Taxpayer’s adjusted gross income=Net loss from Partnership B+Capital gain from sale of stock
Let plug in the formula
Taxpayer’s adjusted gross income=$70,000+ $4,000
Taxpayer’s adjusted gross income=$74,000
Therefore the taxpayer’s adjusted gross income for the year is $74,000
If the State of California raised the average state consumer sales tax rate from 9.25 percent to 15 percent, then this sales tax will have its heavist impact on and raise the marginal cost curves for California businesses.
a. True
b. False
Answer: False
Explanation:
Consumer sales tax is not charged to businesses but rather to the customers through a business. The tax would therefore increase the prices of goods and services for consumers and not the businesses.
The businesses would therefore not see their marginal cost curves increase. They could still be affected however, by Californians demanding less goods and services because it is now more expensive for them on account of the new sales tax.
Which statement does not describe a difference between government and household budgets? In the short term, economists would expect the budget deficits and surpluses to fluctuate up and down with the economy and the automatic stabilizers. Most economists view the proposals for a perpetually balanced budget with bemusement. Most economists agree with the proposals for a perpetually balanced budget. Economic recessions should automatically lead to larger budget deficits or smaller budget surpluses, while economic booms lead to smaller deficits or larger surpluses.
Answer:
Most economists view the proposals for a perpetually balanced budget with bemusement
Explanation:
A balanced budget is a budget where at the end of every year, revenue must equal expenditure. this type of budget can magnify the business cycle. This types of budget contrasts with a cyclically balanced budget
A Cyclically balanced budget is when in a recession, the government makes use of expansionary fiscal policy and in a boom, the government makes use of a contractionary fiscal policy to stabilise the economy. So, in a recession, deficits would be higher and in an expansion, surplus would be higher.
Government sector deficit occurs when government spending exceeds income of the government.
When deficit increases, debt increases. This is because a deficit would need to be funded by additional borrowing
When there is a surplus, government spending is less than the income of the government.
About 1.4 billion pounds of American, cheddar and other kinds of cheese is socked away at cold-storage warehouses across the country, the biggest stockpile since federal record-keeping began a century ago...Many [cheese companies] are paying to store their excess cheese in hopes demand and prices will improve. Source: Heather Haddon, "America Can't Move Its Cheese," Wall Street Journal, December 17, 2018. What effect did the strategy of warehousing cheese have on the supply of cheese? Using the line drawing tool, show the effect of cheese producers storing cheese in warehouses rather than offering it for sale. Properly label your line. Carefully follow the instructions above, and only draw the required object
Answer: See explanation
Explanation:
Since the cheese companies are paying to store their excess cheese in hopes demand and prices will improve, then this will bring about the reduction in the supply of cheese in the market but the demand for cheese will still be constant.
Due to the fact that there is shortage of supply, the supply curve will shift leftward and as a result of this, the price if cheese will increase and the quantity demanded by the customers will then decrease as a result of price increase.
Martin Corporation’s (a C corporation) bookkeeper told the owner that she could not have all the tax information ready for the accountant immediately after the tax year end of June 30. She was having surgery and asked if the tax return could be postponed. The accountant’s answer should be:
Answer:
Yes, we can request an extension until the following April 15
Explanation:
In general, there is a room for automatic extension of 6 months for
a corporation to file its income tax return so far appropriate form (7004) has been filed by the corporation, and
estimated unpaid tax liability is been paid before date of the return is due. It should be noted that until tax year 2026, Until June 30 fiscal-year which is tax year 2026 there is duration of 7 months given to the corporation. Though there could be rovoking of the extension by The IRS at any time. tax return of Martin will be due under normall condition by September 15, but since extension comes in it will be due April 15.
Rank the following asserts of a commercial Bank in order of decreasing liquidity. (a) market loans. (b) Reserves with the bank of Ghana. (c) cash. (d) personal loans. (e) sales and repurchase agreements (repos). (f) mortgages. (g) Government bonds (of from one to five years to motuity)
The rankings are as follows;
Cash.Ghana bank.Personal loan.Market loan.Sales and repurchase agreements.Mortgage.Government bonds.We want to help the user to understand the term liquidity before giving the explanation with respect to ranking the following terms:
Liquidity means an asset or security that should be converted into cash without impacting the market price.
Here the most liquids are the ones that could be converted into cash in an easy manner but we have to rank in order of reducing the liquidity.
Cash = more liquid.Ghana bank along with reserves = less than liquid as cash.Personal loan = less liquid.Market loan = less liquid.Sale & repurchase agreements = less liquid.Mortgage = reduce liquidity. Government bonds.We ranked according to high to low liquidity.
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If the market index subsequently rises by 8% and Ford’s stock price rises by 7%, what is the abnormal change in Ford’s stock price? (Negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to 1 decimal place.)
Answer:
-1.9%.
Explanation:
The computation of the abnormal change in the stock price of ford should be given below:
Given that
The return on the market is 8%.
So, the forecast monthly return for Ford is
= 0.10% + (1.1 × 8%)
= 8.9%.
And, the Ford’s actual return was 7%,
So,
the abnormal return be
= 7% - 8.9%
= -1.9%.
How does Spotify implement Salesforce?
Any answer is very appreciated^^!!
Explanation:
With Salesforce, Spotify has continued to offer amazing customer service since its days as a small startup. The company started by using Desk.com for fast customer support and later migrated to an integrated Sales Cloud and Service Cloud system for a customised solution with 360-degree customer views and collaboration.
In 4-6 sentences, discuss how understanding the concept of price elasticity of demand is useful for a business owner/firm operating in any market structure. Copying the definition or restating the definition of elasticity will result in loss of points. (What does price elasticity of demand tell the firm in terms
Answer:
The concept of price elasticity is important to a firm because it would help a firm determine how to change prices in order to increase total revenue
For example, if a firm has an elastic demand, if price is increased, the quantity demanded would fall. The fall in demand would be greater than the increase in price. As a result, total revenue would fall. If price is reduced, the quantity demanded would increase.. the increase in demand would be greater than the reduction in price. Total revenue would increase
If on the other hand, demand is inelastic, if price is increased, total revenue increases. If price is reduced, total revenue reduces
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.
Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases
Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.
The seven main functions of marketing summarize what it takes to _____.
Explanation:
The seven functions of marketing are distribution, market research, setting prices, finance, product management, promotional channels and matching products to consumers
I guess this may help
Answer:
All of the above
Explanation:
just took it
The rate at which revenue was generated (in millions of dollars per year) for a certain company for the years 2010 through 2016 can be approximated by f(t)=348e0.22t (10≤t≤16), where t=10 corresponds to the start of the year 2010. Find and interpret ∫1016f(t)dt.
The revenue of a company represents the income generated by the company within a time frame. The total revenue generated by the company from the start of 2010 to the start of 2016 is $39.16 billion
Given that:
[tex]f(t) = 348e^{0.22t}[/tex] [tex]10 \le t \le 16[/tex]
First, we calculate the integral
[tex]\int\limits^{16}_{10} {f(t)} \, dt[/tex]
This is calculated as:
[tex]\int\limits^{16}_{10} {f(t)} \, dt = \int\limits^{16}_{10} {348e^{0.22t}} \, dt[/tex]
Remove the constant
[tex]\int\limits^{16}_{10} {f(t)} \, dt = 348\int\limits^{16}_{10} {e^{0.22t}} \, dt[/tex]
Now, integrate
[tex]\int\limits^{16}_{10} {f(t)} \, dt = 348 \times \frac{1}{0.22} (e^{0.22t})|\limits^{16}_{10}[/tex]
[tex]\int\limits^{16}_{10} {f(t)} \, dt = \frac{ 348}{0.22} (e^{0.22t})|\limits^{16}_{10}[/tex]
Expand
[tex]\int\limits^{16}_{10} {f(t)} \, dt = \frac{ 348}{0.22} (e^{0.22\times 16} -e^{0.22\times 10} )[/tex]
[tex]\int\limits^{16}_{10} {f(t)} \, dt = \frac{ 348}{0.22} (e^{3.52} -e^{2.2} )[/tex]
[tex]\int\limits^{16}_{10} {f(t)} \, dt = \frac{ 348}{0.22} \times 24.759[/tex]
[tex]\int\limits^{16}_{10} {f(t)} \, dt = 39164.2[/tex]
From the question
[tex]t = 10[/tex] represents the start of 2010.
This means that
[tex]t = 16[/tex] represents the start of 2016.
So, the interpretation is:
The total revenue from the start of 2010 to the start of 2016 is $39.16 billion
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How and When to accomplish all Assistant Manager responsibilities in a shift in a fast food restaurant.
Answer:
Researching new wholesale food suppliers and negotiating prices
Calculating future needs in kitchenware and equipment and placing orders, as needed
Managing and storing vendors’ contracts and invoices
Overseeing restaurant staff performance, ensuring quality dining
Explanation:
Responsibilities
Research new wholesale food suppliers and negotiate prices
Calculate future needs in kitchenware and equipment and place orders, as needed
Manage and store vendors’ contracts and invoices
Coordinate communication between front of the house and back of the house staff
Prepare shift schedules
Process payroll for all restaurant staff
Supervise kitchen and wait staff and provide assistance, as needed
Keep detailed records of daily, weekly and monthly costs and revenues
Arrange for new employees’ proper onboarding (scheduling trainings and ordering uniforms)
Monitor compliance with safety and hygiene regulations
Gather guests’ feedback and recommend improvements to our menus
Elderly woman purchases a table from a local furniture store for $5,000. She decides she does not want the table because of a defect. The woman successfully cancels the payment on the credit card for payment of the table, and continues to keep the table despite the store requesting to pick the table up from woman. What statement is true:
Answer:
She cannot keep the table
Explanation:
In the given scenario we will look at the different parties and wether they are satisfied with the transaction.
The buyer picked the table after which she complained about a defect and refused to pay. Because she refused to pay she cannot take ownership of the table so she has to return it.
The store did not receive payment for the table so they have the right to request for the table back from the elderly woman.
So she cannot keep the table.
The statement that is true is that she cannot keep the table
In the given scenario, we will look at the different parties and whether they are satisfied with the transaction.
Here, the buyer picked the table after which she complained about a defect and refused to pay. Because she refused to pay she cannot take ownership of the table so she has to return it.
Now, the store did not receive payment for the table so they have the right to request for the table back from the elderly woman.
In conclusion, the statement that is true is that she cannot keep the table
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Which assertion relates to the following statement? "Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts
Answer: Valuation
Explanation:
The assertion that assertion relates to the statement that Assets, liabilities, and equity interests are included in the financial statements at appropriate amounts is the valuation assertion.
According to the assertion of accuracy and valuation, it simply means that all the figures that are presented in a financial statement are known to be accurate and are based on proper valuation of the assets, the liabilities and the equity balances
A company plans on selling 500 units. The selling price per unit is $10. There are 60 units in beginning inventory, and the company would like to have 100 units in ending inventory. How many units should be produced for the coming period?
a. 540 units
b. 2,000 units
c. 2,035 units
d. 365 units
e. 400 units
