Must be original Can you tell me why inventories should be included in (a) a statement...
Must be original Can you tell me why inventories should be included in (a) a statement of financial position and (b) the computation of net income?
Homework Answers
Inventories should be placed in statement of financial position
because it is an asset (Current asset) for which payment has
already been done and which will be converted tnto finished within
one year. Since inventory is considered as current assets is should
be included in balance sheet (statement of financial
position)
Inventories should be in included in Net income because inventory
consists of storing, holding and carrying expenses which affect the
operating income of a company. Since expenses on inventory are
incurred regularly they should be places in income statement for
calculation of net income. Moreover inventory can be manipulated to
increase or decrease cost of goods sold to show higher expenses
which will result in higher tax savings. To prevent manipulation
inventory should be kept in income statement.
Best of luck. God Bless
Add Answer to:
Must be original Can you tell me why inventories should be
included in (a) a statement...
Included in the materials for this discussion is a budgetary comparison statement showing a government’s original...
Included in the materials for this discussion is a budgetary comparison statement showing a government’s original adopted budget, and actual results on the budgetary basis of accounting ($ in thousands). Assume the amount originally budgeted for sales tax revenues was based on the expectation that taxable sales would increase by 6 % over the previous year. Review the provided budgetary comparison statement. Consider the adequacy of the budget provisions and whether they should have been revised. What does the statement...
can you give me the answer and explain why?also can you explain why A is incorrect....
can you give me the answer and explain why?also can you explain
why A is incorrect. thx
27. What statement(s) is/are correct concerning the Income Statement? The net income reported on the Income Statement usually equals the same net amount of operating cash flow for the period if the company uses the accrual basis of accounting The Income Statement must be prepared first in order to include the net income for the period when updating the retained earnings account at...
Tell me if a regulatory agency can make its own rules. If so, tell me why....
Tell me if a regulatory agency can make its own rules. If so, tell me why. If not, tell me why not:
can you give me the answer and explain why?also can you explain why E is incorrect....
can you give me the answer and explain why?also can you explain
why E is incorrect. thx
29. In recording accounting transactions in a double-entry system: There can only be two accounts recorded in any transaction. To accurately reflect a company's financial position, the two sides of the accounting equation must always stay in balance. The double-entry system assures that no mistakes are recorded during the year. There must always be entries made on both sides of the balance sheet...
can you tell me which is answer and why they are right and wrong? Please choose...
can you tell me which is answer and why they are right and wrong? Please choose the true statement: 1. Sickle cell anemia is a recessive autosomal mutation that confers survival advantage to heterozygous individuals who contract malaria. 2. In aqueous solution, most proteins are surrounded by a hydration cage of water molecules that is energetically unfavorable because it limits the entropy of water. 3. Thalassemia is caused by too much methemoglobin in the blood.
What can you tell me about the Industrial Light and Magic- special effects. Why is it...
What can you tell me about the Industrial Light and Magic- special effects. Why is it important? What changes happened with this?
True or False: and can you tell me why. In a competitive market where the price...
True or False: and can you tell me why. In a competitive market where the price is below the average variable cost, new firms enter the industry in the long run and increase the equilibrium supply
Can you guys tell me the exact answer and why that is the answer? Please and...
Can you guys tell me the exact answer and why that is the
answer? Please and thank you!
Question 2: Circle all that apply for a 50:50 mixture of these compounds. Optically active Not optically active Mixture of diastereomers same molecule does not Racemic mixture Both chiral pertgin to this Both achiral
Can you tell me if this answer is corret? Print Item Calculator Show Me How еВook...
Can you tell me if this answer is corret?
Print Item Calculator Show Me How еВook Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Previous Year Current Year $480,000 $628,800 Sales 410,000 528,900 Cost of goods sold $70,000 $99,900 Gross profit $25,000 $30,250 Selling expenses 21,000 27,090 Administrative expenses $46,000 $57,340 Total operating expenses $24,000 $42,560 Income before income tax 9,600 17,000 Income tax expenses $14,400...
Why should the original budget and the final budget be presented on a budgetary comparison statement...
Why should the original budget and the final budget be presented on a budgetary comparison statement or schedule?
can you give me the answer and explain why?also can you explain
why A is incorrect. thx
27. What statement(s) is/are correct concerning the Income Statement? The net income reported on the Income Statement usually equals the same net amount of operating cash flow for the period if the company uses the accrual basis of accounting The Income Statement must be prepared first in order to include the net income for the period when updating the retained earnings account at...
can you give me the answer and explain why?also can you explain
why E is incorrect. thx
29. In recording accounting transactions in a double-entry system: There can only be two accounts recorded in any transaction. To accurately reflect a company's financial position, the two sides of the accounting equation must always stay in balance. The double-entry system assures that no mistakes are recorded during the year. There must always be entries made on both sides of the balance sheet...
Can you guys tell me the exact answer and why that is the
answer? Please and thank you!
Question 2: Circle all that apply for a 50:50 mixture of these compounds. Optically active Not optically active Mixture of diastereomers same molecule does not Racemic mixture Both chiral pertgin to this Both achiral
Can you tell me if this answer is corret?
Print Item Calculator Show Me How еВook Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Previous Year Current Year $480,000 $628,800 Sales 410,000 528,900 Cost of goods sold $70,000 $99,900 Gross profit $25,000 $30,250 Selling expenses 21,000 27,090 Administrative expenses $46,000 $57,340 Total operating expenses $24,000 $42,560 Income before income tax 9,600 17,000 Income tax expenses $14,400...
Most questions answered within 3 hours.
-
Cardiolipin is not found in which of the following?
a) kidney proximal tubule
b) cardiac muscle...
asked 31 minutes ago -
A business employs three individuals, whose taxable earnings to
date (prior to the current pay period)...
asked 12 minutes ago -
Ice of mass 52.0 g at -10.9° C is added to 220 g of water at...
asked 31 minutes ago -
A 2.8 kg block of wood sits on a table. A 3.0 g bullet, fired
horizontally...
asked 27 minutes ago -
This question is about specialization and trade.
A.) Suppose a worker in the U.S. can produce...
asked 19 minutes ago -
ETHICAL DILEMMA: Producing toys-child's play? You are the
product manager of a confectionery company that includes...
asked 26 minutes ago -
AI, Robotics, Machine Learning, etc.
1. How do we distinguish between robotics and machine
learning?
2....
asked 31 minutes ago -
implement a binary search function in 3 programming
languages. In each program (identical, except for the...
asked 34 minutes ago -
Which storage technology has two parities for each data
block?
A) RAID0
B) RAID1
C) RAID5...
asked 33 minutes ago -
bleach is 6.00% NaClO by weight and the density is
1.07g/ml. How many grams of NaClO...
asked 47 minutes ago -
Given what you know about juvenile delinquency, if government
officials asked for your guidance on how...
asked 47 minutes ago -
Citation Builders, Inc., builds office buildings and
single-family homes. The office buildings are constructed under
contract...
asked 1 hour ago