The worth of a currency is determined by the amount of products or services that one unit may be used to purchase. Learn the effects that purchasing power has on investors.
Which two environments make up a company's external environment?
The macro environment and the micro environment are two different categories of the external environment. The elements that directly affect a company's operations make up the micro environment. The elements outside the organisation that affect the business are known as external environmental factors. These frequently consist of the political , legal, technological, economic, social, and environmental issues. There are two different sorts of business environments: internal environment of the company. external environment for business.
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use the following information for the next (2) questions the trial balance after adjusting entries had the following balances on december 31, 2028. cash $ 6,000 accounts receivable $ 21,000 interest expense 14,000 sales revenue 480,000 land 7,000 note payable 30,000 accounts payable 18,000 prepaid expenses 4,000 building 304,000 cogs 265,000 unearned revenues 9,000 retained earnings (1/1/28) 113,000 dividends 3,000 common stock 100,000 accumulated depreciation - bldg. 104,000 patent 2,000 accrued expenses payable 11,000 operating expenses 172,000
The Total asset is Cash +Land+ (Building- Accumulated depreciation) + inventory+ Accounts receivable+ prepaid expenses+ patent which equals to $307000.
What is an easy way to define assets?Anything that will or now has economic worth to a company is considered an asset. In essence, assets for businesses are any things that are under the company's control and ownership and are either currently valuable or have the potential to be profitable in the future. Examples include investments, equipment, and patents.
What does a person's asset mean?Personal assets are items with current or potential worth that belong to an individual or family. Cash and cash equivalents, CDs, checking and savings accounts, money market accounts, tangible cash, and Treasury bills are typical types of personal assets.
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Create a Power Point presentation or a chart showing how supply and demand, scarcity, and economic measurement affect the legal form of business you chose, as well as the costs associated with your business.
Answer:
there u go
Explanation:
assume that a company purchases 20% of the common stock of another company for $250,000 on january 1st. on the last day of the on the acquisition year, the fair value of the common stock is $257,000. the investor receives a dividend of $18,000 during the acquisition year. which of the following is the journal entry in the investor's books to record the receipt of dividends under the fair value option?
The journal entry in the investor's books to record the receipt of dividends under the fair value option is Debit Cash for $18,000; Credit Dividend Income for $18,000.
Dividends and common stocks: what are they?
Common stock is a type of security and a form of corporate equity ownership. The terms "voting share" and "ordinary share" are frequently used in contexts other than the United States. They are referred to as equity shares or ordinary shares in the United Kingdom and other Commonwealth nations.
Common stock is a security that represents ownership in a company. Owners of common stock vote on corporate rules and select the board of directors. With this type of stock ownership, long-term rates of return are frequently higher.
A dividend is a benefit that publicly traded companies give to shareholders and is paid for by the company's net profit. Benefits of this kind can come in the form of shares, cash, or other currency equivalents.
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Suzy's Temporary Employee (STE) business, located in a big city, can do an online criminal background check in-house for $2.71 per search with a fixed cost of $20,000. A third-party online security firm offered to do a similar security search for $8.00 per person with an annual service contract with STE. If STE's forecast is 2,500 searches next year, should STE continue to do the search in-house or accept the third-party offer? Round your answer for the breakeven quantity to the nearest whole number and round your answer for the amount of saving/loss to the nearest dollar. This problem includes break-even calculations.
Breakeven quantity _____________ searches.
Since the demand forecast of 2,500 searches is (higher,less) than the breakeven quantity, STE (should, should not) outsource the work. STE (saves, loses) $ __________ by outsourcing.
by outsourcing.
7899 searches are needed to break even. STE should (should not) outsource the task because the demand projection of 2,500 searches is (higher,lesser) than the breakeven quantity. By outsourcing, STE makes a $8.9 profit or loss
What is outsourcing?The practise of employing a third party from outside a corporation to carry out tasks or produce commodities that would typically be done internally by the business's own staff and employees is known as outsourcing. Typically, businesses outsource their work in an effort to reduce costs. A contract for outsourcing involves a company hiring a different company to handle a planned or ongoing task that would otherwise be or might be completed internally, i.e. in-house, and occasionally entails moving assets and workers from one company to another. Human resource management, facility management, supply chain management, accounting, customer support and service, marketing, computer aided design, research, content creation, engineering, diagnostic services, and legal paperwork are a few examples of often outsourced tasks.
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TRUE/FALSE. limiting the quantity of imports of a product to protect a domestic industry against foreign competition.
The statement exists true. Restricting imports of a product to defend a domestic market against import competition.
What is it called when a country limits imports?Import quotas regulate the number or amount of different goods that may be brought into the United States over a predetermined time period. Legislation, executive orders, or presidential proclamations can all set quotas.
Governments impose charges called tariffs on a certain class of imported goods. Quotas are import caps that ban a country from importing more of a certain good than a predetermined amount.
A quota is a trade restriction that the government has placed in place that limits the quantity of commodities that a country may import or export in a specific time frame. Countries use quotas in international trade to limit the amount of trade they conduct with other countries.
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when quantity demanded decreases in response to a change in price: group of answer choices there is a movement up along the demand curve. there is a movement down along the demand curve. the demand curve shifts to the left. the demand curve shifts to the right.
When quantity demanded decreases in response to a change in price, there is a movement down along the demand curve.The relationship between price and volume demanded is shown on a demand wind.
The demand wind pitches down, meaning that as the price of a good increases, the volume of it that consumers are willing and suitable to buy decreases.However, this is appertained to as a movement down along the demand wind.
If the price of a good increases and the volume demanded diminishes. This movement represents a change in the volume demanded, but not the underpinning demand for the good, which is represented by the demand wind itself.When there's a movement down along the demand wind, this indicates that consumers are getting less responsive to changes in price.
That they're buying lower of the good at each price position. This type of change in the volume demanded can be caused by a variety of factors, including changes in consumer preferences, income, and the vacuity of substitute goods.
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The Grand Palace hotel has been in operation for over 10 years now. The hotel provides premium services to all its high-profile guests. The clients are extremely happy with the hotel services and quite a few of its guests have become regular visitors. This loyalty toward the hotel is an example of . Ritzo is a famous branded watch manufacturing company. It produces separate sets of watches for men and women, keeping in mind their preferences. This kind of segmentation is an example of .
The kind of segmentation that is described here is what is refered to as brand loyalty.
What is the segmentation here?The loyalty of guests towards the Grand Palace hotel is an example of brand loyalty. Brand loyalty refers to the strong attachment that customers have to a particular brand or product, often resulting in repeat purchases and a willingness to pay a premium price for the brand.
The segmentation of watches into separate sets for men and women by Ritzo is an example of market segmentation. Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs or characteristics, in order to better understand and meet their needs. By segmenting their market and creating separate products for different groups of consumers, Ritzo is able to better tailor its offerings to the specific needs and preferences of its customers.
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southeast manufacturing company has identified the following cost objects:cost object 1: the cost of operating the finishing departmentcost object 2: the cost of a particular product made in junecost object 3: the cost of operating the factorywith respect to these cost objects, the cost of the salary of the supervisor of the finishing department is directly traceable to cost objects:
Southeast manufacturing company has identified the cost objects:cost object the cost of operating the finishing departmentcost object and the cost of operating the factorywith respect to these cost objects.
What is manufacturing company?
A manufacturing company is a business that produces goods or products, typically in bulk, for sale to consumers or other businesses. Manufacturing companies are typically large, multi-national corporations that have factories and processing plants in many different countries. They create a vast range of products, ranging from food and beverages to consumer goods, such as electronics, furniture, and clothing. Manufacturing companies often have multiple divisions and departments that focus on different aspects of the production process, such as research and development, engineering, and marketing. The company's goal is to create products that are both profitable and of high quality.
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the overabundance of information available on the internet has made it more difficult for consumers to compare product features and prices. group of answer choices
False. The profusion of information on the internet has made it more challenging for clients to compare the features and costs of merchandise.
Describe the Internet.
The TCP/IP protocol suite is used by the Internet, a system of widely interconnected computer networks, to interact with one another. A multitude of electronic, wireless, and optical networking technologies are used to connect private, public, academic, business, and government networks with local to global reach. One of the many information sources and services accessible on the Internet is the World Wide Web (WWW), which is constituted of interconnected hypertext sites and applications. Other services and resources comprise email, phone service, and file sharing. Cable, DSL, WiFi, and broadband are a few examples of internet connection types.
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Geraldo reviews his brokerage statement and sees the following two mutual fund investments that he made a year ago. Active Fund20 had an average return (before fees) of 7% per year and an annual fee of 1%. PassiveFund500 had an average return (before fees) of 6.5% per year and an annual fee of 0.1%. Which investment had a better return for Geraldo (net of fees)?A. ActiveFund20: It had an overall return of 8.0% while Passive Fund 500 had an overall return of 6.6% B. Passive Fund500: It had an overall return of 6.6% while Active Fund20 had an overall return of 8% C. Active Fund 20: It had an overall return of 7.0% while PassiveFund 500 had an overall return of 6.5% D. PassiveFund500: It had an overall return of 6.4% while Active Fund20 had an overall return of 6.0%
PassiveFund500 had a higher overall return, or net of fee returns, compared to ActiveFund20. Hence, the correct answer is option D.
Mutual funds are investment vehicles that pool together money from multiple investors to purchase a portfolio of stocks, bonds, or other securities.
PassiveFund500 had a better return for Geraldo's net fees. The overall return of ActiveFund20 is 7% - 1% = 6%, while the overall return of PassiveFund500 is 6.5% - 0.1% = 6.4%.
Thus, PassiveFund500 had a higher overall return, or net of fee returns, compared to ActiveFund20. The fees for ActiveFund20 are higher, which reduces its overall return, making PassiveFund500 the better investment for Geraldo in terms of return net of fees.
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5. give an example of how improvements in mechanization helped agricultural production increased substantially and contribute to declines in food prices.
It increases productivity while decreasing human drudgery and cultivation costs.
How does mechanization improve agricultural production levels in order to meet our country's food sufficiency?
Sustainable agricultural mechanization can also help to develop value chains and food systems by making postharvest, processing, and marketing activities and functions more efficient, effective, and environmentally friendly.
Humans have created new ways to make farming more efficient and grow more food, from the invention of the plough to GPS-driven precision farming equipment. We are always looking for new ways to irrigate crops or breed disease-resistant varieties.
Therefore, Mechanization also improves the utilization efficiency of other inputs, the safety and comfort of agricultural workers, and the quality and value addition of the produce.
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As it relates to a formal business plan, the ________ defines how the company will generate revenue and produce a profit.
Answer:
capital , the reward of capital is profit
true/false. the firm which sets the dominant product design goes on to be the most profitable firm in the industry.
The given statement ''The firm which sets the dominant product design goes on to be the most profitable firm in the industry.'' is false.
What is a firm in business?A company that offers professional services and is for-profit, such as a corporation, limited liability company (LLC), or partnership, is called a firm. The majority of businesses only have one actual location.
A firm is a company that operates with the goal of making money by providing products and services. Both the terms firm and business are appropriate. Different business structures, such as corporations or single proprietorships, are available.
A firm is a company that generates revenue by providing goods and services, typically consulting services.
A company can take any shape. A single proprietorship, partnership, limited liability company, or corporation are some types of businesses.
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the net income reported on the income statement is $62,904. however, adjusting entries have not been made at the end of the period for the supplies expense of $2,362 and accrued salaries of $1,627. net income, as corrected, is
The net income reported on the income statement is $62,904. however, adjusting entries have not been made at the end of the period for the supplies expense of $2,362 and accrued salaries of $1,627. net income, as corrected, is $66,893.
What do you mean by net income?
Net income is a financial term used to describe the total amount of money a person or business has earned after all expenses, costs, and taxes have been deducted. It is also known as the bottom line because it is the last item on a company's income statement. Net income is an important metric for both businesses and individual investors, as it represents the overall profitability of the company or investor. It is also used to determine a company's dividend payout and the amount of taxes due. Net income is a key measure of financial performance, and is typically the primary focus of investors and analysts when evaluating a company's financial health.
So, The required answer is $66,893.
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true/false. investment companies are successful in attracting business away from banks and insurance companies primarily because they remove interest rate risk for the saver. give savers cheaper access to the direct securities markets. offer lower loan rates. have no liquidity risk. guarantee higher rates of return on savers' funds.
investment companies are successful in attracting business away from banks and insurance companies primarily because they remove interest rate risk for the saver. The statement is true.
An asset is considered an investment if it is bought or invested in with the intention of increasing financial security and preserving hard-earned income. The primary purpose of an investment is to create a new source of income or to generate profit over a certain time period. A successful strategy to invest your money and maybe increase your wealth is to open an investment account. Your money may see value growth that exceeds inflation if you make wise investment decisions. Compounding's effectiveness and the risk-return trade-off are the main causes of investing's higher growth potential. Greater benefits might accrue from investing over time. Because of this, some individuals utilise investing to fulfil long-term objectives like retirement.
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subsequent events include which of the following? events or transactions that provide evidence about conditions at the date of the balance sheet, including the estimates inherent in statement preparation. events or transactions that provide evidence about conditions that did not exist at the date of the balance sheet. i only. both i and ii. neither i nor ii. ii only.
Subsequent events includes both events or transactions. Thus, both 1 and 2 would be the correct answer.
What do you mean by subsequent events?
Events that take place after a company's year-end period but before the financial statements are published are referred to as subsequent events. Therefore, between the cut-off date and the day the firm releases its financial accounts, following events are any occurrences. Subsequent developments may need disclosure in a company's financial statements, depending on the circumstances.
A corporation typically has a reporting term of 12 months. A reporting period does not, however, have to correspond to the 12-month period from January 1 to December 31. Typically, businesses will select a year end that falls during a slow time. For instance, when inventory is low at the end of January, merchants often follow a year-end (post-holiday season).
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which of the following factors do managers consider when evaluating the business strengths dimension of a strategic planning grid?
The concept is Strategic planning. It is a process in which an organization's leaders expression their vision regarding the firm for future.
Factors:
whether the company's employees are able to implement the product and market plan, whether the size, cost, and capabilities of the company allow it to gain profitable market shares, and whether the image and financial plan The company's situation is compatible with goals.Strategic planning is the process by which leaders of an organization define their vision for the future and identify their organization's goals and objectives.
This process involves determining the order in which these goals must be pursued in order for the organization to achieve its vision. The four most widely accepted key elements of business strategy are vision, goal setting, resource allocation, and prioritization.
Question:
What factors do managers consider when evaluating the business strengths dimension of a strategic planning grid?
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fill in the blank. ___ refer(s) to the price a country receives from foreign buyers for exported products relative to the price the country pays foreign sellers for imported products. multiple choice trade patterns net export price free trade terms of trade
Terms of trade refer to the price a country receives from foreign buyers for exported products relative to the price the country pays foreign sellers for imported products.
The ratio of a country's export prices to tariff rates is represented by the terms of trade (TOT). TOT indices are calculated by subtracting a country's total exports from its total imports. The ratio is computed by dividing the exchange rate by the import price and multiplying the result by 100. When many capital leaves the nation than enters, the TOT is less than 100%. When the TOT exceeds 100%, the country is earning more money from exports than it is spending on imports. The TOT is employed as a measure of a country's economic health, although it can lead experts astray. Changes in import and export prices have an influence on the TOT, and it's critical to understand what prompted the price to rise or fall. TOT measures are frequently recorded in an indicator for financial monitoring. An increase or development in a country's TOT often suggests that export prices have risen while import prices have remained stable or decreased. Export prices, on the other hand, may have fallen, but not as drastically as import prices. Export prices may have remained stable while import prices have fallen, or they may have simply climbed quicker than import prices. All of these conditions can lead to a higher TOT.
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the fisher effect explains the relationship between interest rates and expected inflation. which of the following equations best exemplifies the fishe
The Fisher Effect states that the nominal interest rate is equal to the real interest rate plus expected inflation. This relationship is described by the equation i = r + E(π)
i is the nominal interest rate, r is the real interest rate, and E(π) is the expected inflation rate. The Fisher Effect explains how changes in expected inflation will impact the nominal interest rate and vice versa. If expected inflation increases, the nominal interest rate will also increase to compensate for the decrease in purchasing power of money. The Fisher Effect has important implications for monetary policy and investment decisions. If expected inflation is high, nominal interest rates will also be high, making borrowing more expensive. On the other hand, if expected inflation is low, nominal interest rates will be low, making borrowing more affordable. The Fisher Effect helps to ensure that the nominal interest rate accurately reflects changes in the purchasing power of money over time.
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________ is a specialty that covers the management of employees, as well as legality and various personnel policies.
Human resources is a specialty that covers the management of employees, as well as legality and various personnel policies.
What is human resources?In an organization, business sector, industry, or economy, human resources refers to the group of individuals who work there. Human capital, or the expertise that people possess, is a more specific idea. Alternative words for people include labor, staff, colleagues, and manpower. The division within a company that is in charge of everything employee-related is known as human resources (HR). This comprises finding, screening, choosing, hiring, orienting, coaching, promoting, compensating, and terminating workers and independent contractors. The tactical method for developing and assisting people and providing a positive work environment is known as human resource management. Across many organizations and industries, it performs a variety of tasks, but its common duties include hiring, paying and providing benefits, providing training and development, and managing employee relations.To learn more about Human resources refer to:
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use the following information for palmer co. to compute inventory turnover for 2019 and 2018, and its day's sales in inventory at december 31, 2019 and 2018. (do not round interim calculations. round your answers to one decimal place. use 365 days for a year.) 2019 2018 2017 cost of goods sold $667,134 $442,104 $405,600 ending inventory 92,232 87,840 97,600
Computing Inventory Turnover and Days Sales in Inventory for Palmer Co.:Inventory Turnover:
2019: $667,134 / ($92,232 + $87,840)/2 = 11.0 times
2018: $442,104 / ($87,840 + $97,600)/2 = 6.4 times
How to compute day's sales in inventory at December 31, 2019 and 2018. ?Days Sales in Inventory:2019: 365 / 11.0 = 33.2 days2018: 365 / 6.4 = 57.0 daysExplanation: Inventory Turnover is a measure of how many times a company sells and replaces its stock of goods during a given period. The higher the inventory turnover, the more efficiently a company is selling and replenishing its stock. Days Sales in Inventory represents the average number of days it takes a company to sell its inventory.Conclusion: Palmer Co. improved its inventory management in 2019, as evidenced by the increase in inventory turnover and decrease in days sales in inventory. However, further analysis is needed to determine if these improvements are sustainable and if they have a positive impact on the company's profitability.To learn more about inventory turnover refer:
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T or F. The amount of each managerial skill required by a manager does not change from organization to organization.
Each managerial ability that a manager must possess varies depending on the firm. The given statement is false.
What is managerial ability?
An executive needs to have certain qualities or skills in order to carry out specific jobs in an organisation, and these qualities or talents are referred to as management competencies. They include the ability to carry out executive responsibilities in an organisation while averting crises and quickly resolving issues when they arise.
Learning new things and getting hands-on management experience are two ways to improve your management talents. The ability to relate to coworkers and deal well with subordinates provides for the smooth flow of business operations inside the organisation.
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calculate iyana's marginal revenue and marginal cost for the first seven phone cases they produce, and plot them on the following graph. use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity.
The marginal cost is another name for this additional expense. When a product's quantity is increased, an additional amount of money is made, which is known as marginal revenue.
The term "at the margin" is used to describe this supplementary income. An increase in quantity results in an increase in the marginal cost. Revenue earned from selling an extra unit is known as marginal revenue, whereas costs associated with selling an extra unit are known as marginal costs.
Each evaluates the monetary difference between predetermined sales thresholds to pinpoint the sweet spot where a business is creating and selling products at maximum efficiency. At this point, productivity is at its highest, and profits are at their highest.
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which of the following factors impact a business executive's credibility? (choose every correct answer.) a. competence b. being caring c . character d. salary
The qualities that affect a company executive's credibility are competence, compassion, and character.
What three roles play in building credibility?The Three C's of Credibility's parallelism with Aristotle's ethos is no coincidence. According to research on credibility, people make three unconscious judgements about a person's trustworthiness: ability, character, and care. The most effective leaders have all three qualities.
Which three factors are the foundations of credibility?According to social scientists, trustworthiness may be broken down into three parts. Unsurprisingly, there was little deviation from Aristotle's original work in the areas of competence, trust, and goodwill.
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publicly owned companies must release financial statements to their stockholders and the public at which of the following reporting intervals
Public corporations who are required to file quarterly reports on Form 10-Q must do so for the first three months of their fiscal year.
What is a fiscal year?For these purposes, government accounting, which varies by country, employs a fiscal year (sometimes referred to as a financial year or, occasionally, a budget year). Companies and other organisations use it as well for financial reporting. There are regulations in many jurisdictions mandating businesses to prepare and publish annual financial reports, but they rarely specify that the reporting period must correspond to the calendar year (1 January to 31 December). The fiscal year used by the government is normally the same year that tax rules require accounting records to be kept and taxes to be computed. The annual tax calculation is vital for direct taxes like income tax.
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The market demand schedule or curve for a product shows the relationship between how much of the product buyers are willing and able to buy and theA. product's price.B. buyers' incomes.C. cost of producing the product.D. time period, say, from one month to the next.
A. product's price. The market demand curve, often known as the schedule, depicts the relationship between the quantity of a product that consumers are willing and able to purchase and its price.
The link between the quantity of a product that customers are willing and able to buy and the product's price is shown by the market demand schedule or curve. Demand declines as a result of people becoming less inclined to buy the goods when its price rises. On the other hand, when the product's price drops, more people are eager to buy it, driving up demand. The market demand curve, which is a visual depiction of the market demand schedule, is frequently used to assist businesses in deciding on the best price to charge for their goods. The demand schedule and curve don't account for things like buyer income levels or product production costs.
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FILL IN THE BLANK. future value is the blank____value of an investment at some time in the future
Future value is the cash value of an investment at some time in the future.
Is the value of an investment today equal to its future value?A current asset's future value (FV), which itself is based on an expected rate of growth, is its value at a later stage. Investors and financial planners value its future value since it helps consumers determine the amount that an investment is made now will be worth in the future.
What does an investment's future worth look like?Future value is the worth of a financial item or investment on a certain future date. In other words, future value is the amount of money an investment will be worth, assuming a specified rate of return, after a specific amount of time (interest rate).
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macroeconomics, unlike microeconomics: please choose the correct answer from the following choices, and then select the submit answer button. answer choices concerns the behavior of individual firms and markets. may seek to account for increases in economic living standards over time. focuses on the production and consumption of particular goods. suggests that the behavior of individuals is more important in determining economic outcomes than the aggregate summation of individual behaviors.
The study of economics at the level of a single individual, a small group, or a corporation is known as microeconomics. On the other hand, macroeconomics is the study of a nation's economy as a whole.
What connections do macroeconomics and microeconomics have?
Microeconomics studies human behavior and decision-making. In order to determine macroeconomic indicators like total production and unemployment, these people's activities and decisions are summed together.
What role does macroeconomics have in this test?
Macroeconomics is the study of the economy as a whole. Macroeconomics, or the bigger picture, describes how economies grow and how economic activity changes over time. Inflation, unemployment, economic growth, and government economic policy are further issues that it is worried about.
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the four leaf clover corporation makes tw3o products lc1 and lc2. each product uses a different type ofraw materials and the company p
The prime cost and cost of goods sold for LC1 are 210000 and 260000 respectively. The conversion costs and cost of materials purchased for LC2 are 180000 and 250000.
a) LC1
Beginning balance in raw materials inventory 30000
Add: Purchases of materials 70000
Price of raw materials that are usable 100000
Less: Closing balance in raw materials inventory 20000
Direct materials 80000
Direct labour 130000
Prime costs 210000b) LC1
Beginning balance in work in process 15000
Direct materials used 80000
Direct labour 130000
Manufacturing overhead allocated (50% x $130000)65000
Total manufacturing costs 290000
Less: Ending balance in work in process 25000
Cost of goods manufactured 265000
Add: Beginning balance in finished goods 45000
Cost of goods available for sale 310000
Less: Ending balance in finished goods 50000
Cost of goods sold 260000Manufacturing overhead allocation rate = $125,000/($130000 + $120000) =$125000/$250000, or 50% of the cost of direct labour.
c. LC2
Direct labour 120000
Manufacturing overhead allocated (50% x $130000) 60000
Conversion costs 180000d. Cost of goods sold
LC2
Beginning balance in raw materials inventory 45000
Add: Purchases of materials 40000
Cost of raw materials available for use 85000
Less: Ending balance in raw materials inventory 30000
Direct materials used 55000
Direct labour 120000
Manufacturing overhead 60000
Total current manufacturing costs 235000
Add: Beginning balance in work in process 50000
The total cost of work in process 285000
Less: Ending balance in work in process 25000
Cost of goods manufactured 260000
Add: Beginning balance in finished goods 80000
Cost of goods available for sale 340000
Less: Ending balance in finished goods 90000
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Correct question:
Cost flows in manufacturing (LO4). The Four-Leaf Clover Corporation makes two products, LC1 and LC2. Each product uses a different type of raw materials, and the company provides you with the following data for the most recent year: LC1 LC2Beginning balance in raw materials inventory $30,000 $45,000Beginning balance in work in process 15,000 50,000Beginning balance in finished goods 45,000 80,000Purchases of materials 70,000?Direct labour 130,000 120,000Ending balance in raw materials inventory 20,000 30,000Ending balance in work in process 25,000 25,000Ending balance in finished goods 50,000 90,000Cost of goods sold? 250,000You also learn that Four-Leaf Clover spent $125,000 on manufacturing overhead expenses during the year. The company allocates overhead to products using labour cost as the allocation basis. Required: Calculate: a. The prime costs for LC1.b. The cost of goods sold for LC1.c. The conversion costs for LC2.d. The cost of materials purchased for LC2.
94. If a company uses the modified cash basis of accounting, the modifications from the pure cash basis should have substantial support. In this context substantial support requires
a. The financial statements have only minor modifications from GAAP.
b. The modifications must be the same as those required by tax law.
c. The modifications must be the same as GAAP and not illogical.
d. No modifications are allowed.
The correct option is C i.e., The modifications must be the same as GAAP and not illogical.
Why is GAAP important? What is it?
The creation of financial statements must follow a set of accounting regulations known as generally accepted accounting principles (GAAP). The preparation of financial accounts in conformity with GAAP is needed for public enterprises, nonprofit organizations, and governmental agencies.
What is GAAP's primary objective?The goal of GAAP is to harmonise the categories, presumptions, and processes used in accounting across all US industries. Giving clear, dependable, and comparable information about an organization's finances is the goal.
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