Question
In: Accounting
Explain the difference in the mindset of a particular company when they prepare income statements by...
Explain the difference in the mindset of a particular company when they prepare income statements by Absorption and Marginal costing approach.
Solutions
Expert Solution
The income statement of XYZ company as arbitrary amount .The
income for the costing is same but transaction treatment is
different.
ekkarill92 answered 1 year agoRelated Solutions
Prepare income statements for both Garcon Company and Pepper Company.
The following data is provided for Garcon Company and Pepper Company.
Garcon Company
Pepper Company
Beginning finished goods inventory
$
13,500
$
19,300
Beginning work in process inventory
15,300
23,550
Beginning raw materials inventory (direct materials)
9,200
12,600
Rental cost on factory equipment
27,250
23,950
Direct labor
19,200
41,000
...
Prepare an absorption and variable income statement and prove the difference between the two statements Units...
Prepare an absorption and variable income statement and prove
the
difference between the two statements
Units in
beginning inventory
0
Units
sold
35,000
Units
produced
40,000
Ending
inventory
5,000
Variable
cost per unit
Fixed
costs
Direct
materials
5
Fixed
overhead
$160,000
Direct
labor
6
Fixed
selling
$210,000
Variable
OH
1
Variable
selling exp
2
Sales
price
$40
A . Prepare income statements for the XXX company in December 2020. Use the following information...
A . Prepare income statements for the
XXX company in December 2020. Use the following
information please :
B. What is the Gross Margin %?
C. What is Basic EPS? What is Diluted EPS?
***************Use below Information *********
Cost of Goods Sold. 600,000
Purchased patents 50,000
Sales Returns 30,000
Sales 1,505,000
Allowance for Doubtful Accounts 60,000
Trademarks 15,000
Sales and marketing expenses 220,000
Accounts Payable 65,000
Engineering Expenses 300,000
Contributed Capital 300,000
G&A Expenses 165,000
Goodwill 150,000
Sales Discounts 18,000...
prepare the financial statements of the Company: A) Statement of Comprehensive Income B) Statement of Financial...
prepare the financial statements of the Company:
A) Statement of Comprehensive Income
B) Statement of Financial Position
C) Statement of Changes in Owner's Equity
Accounts Payable
63,200.00
Accounts Receivable
74,100.00
Accrued Expenses
20,300.00
Accrued Income
5,000.00
Accumulated Depreciation - Equipment
20,000.00
Accumulated Depreciation - Furniture
10,000.00
Bonds Payable
1,500,000.00
Capital
517,685.00
Cash in Bank
280,000.00
Cash on Hand
35,000.00
Depreciation Expense - Furniture
500.00
Depreciation Expense - Equipment
...
(1) Prepare the income statements and balance sheets for years 2017 and 2018 for Smith Company...
(1) Prepare the income statements and balance sheets for years
2017 and 2018 for Smith Company using the following information.
The balance sheet numbers are at the end of year figures.
Item
2017
2018
Accounts Payable
150.0
180.0
Accounts Receivable
150.0
180.0
Accumulated Depreciation
270.0
300.0
Cash & Cash Equivalents
10.0
12.0
Common Stock
50.0
50.0
Cost of Goods Sold
550.0
650.0
Depreciation
25.0
30.0
Interest Expense
20.2
21.7
Inventory
200.0
180.0
Long-term Debt
150.0
150.0
Gross Plant & Equipment...
(1) Prepare the income statements and balance sheets for years 2017 and 2018 for Smith Company...
(1) Prepare the income statements and balance sheets for years
2017 and 2018 for Smith Company using the following information.
The balance sheet numbers are at the end of year figures.
Item
2017
2018
Accounts Payable
150.0
180.0
Accounts Receivable
150.0
180.0
Accumulated Depreciation
270.0
300.0
Cash & Cash Equivalents
10.0
12.0
Common Stock
50.0
50.0
Cost of Goods Sold
550.0
650.0
Depreciation
25.0
30.0
Interest Expense
20.2
21.7
Inventory
200.0
180.0
Long-term Debt
150.0
150.0
Gross Plant & Equipment...
1. Explain what conditions will be required to prepare consolidated financial statements for a company that...
1. Explain what conditions will be required to prepare
consolidated financial statements for a company that owns less than
100% of the voting common stock of another company?
2. Identify 3 events or conditions that should be included in
The Articles of Partnership.
3.The SEC administers many laws and regulations governing the
information made in files reports.
a) What is the difference in issues covered by Regulation S-X and
Regulation S-K?
b) How do the issues covered by these regulations...
What is the "automation first" mindset? When it comes to RPA
What is the "automation first" mindset?
When it comes to RPA
Explain the difference between absorption and variable costing income statements and discuss which method has a...
Explain the difference between absorption and variable costing
income statements and discuss which method has a greater chance of
manipulation by management
In 200 words or more, explain what a “Global Mindset” is and explain the importance of...
In 200 words or more, explain what a “Global Mindset” is and
explain the importance of establishing and maintaining one in any
company wishing to compete successfully in the world market.
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