Answer:
The correct answer is Gain or loss on the sale of equipment as part of continuing operations.
Explanation:
If a gross profit on sales is generated in the process of selling an item of property, plant and equipment, but additional expenses are also incurred, the only thing that is recognized in the income statement is the net profit.
Among the accounts of the income statement, only one record is made with the net profit that occurred in the process of the sale of the asset. Although the final effect on the income statement is the same as it had under the old regulatory framework, it can be said that with that single record among the income statements, what is sought is that high gross income and expenses are not shown high, as this could distort the different financial analyzes that will be carried out at the end of the year.
Answer:
May sales collection
May cash sales 107,250
April account sales <u> 491,400 </u>
Total sales collection 598,650
Explanation:
On May we will collect the cash sales for May
And the sales on account for April, we need to calcualte and add these two values.
Sales for May
3,900 x 275 = 1,072,500
<em>Cash Sales for May </em>
<em>10% of may sales: 107,250</em>
<em />
Sales from April
2,100 x 260 = 546,000
<em>Credit sales for April </em>
<em>546,000 x 90% = 491,400</em>
Answer:
C. $15,000
Explanation:
Given that
Finished goods inventory, January 1 $ 3,200
Finished goods inventory, December 31 4,000
Total cost of goods sold 14,200
So the cost of goods manufactured is
As we know that
Cost of goods sold = Opening balance of finished goods + Cost of goods manufactured - ending balance of finished goods
$14,200 = $3,200 + Cost of goods manufactured - $4,000
So, the cost of goods manufactured is $15,000
Answer:
B) Land costs; air and rail systems
and
D) Labor cost; proximity to customers
Explanation:
Answer:
The amount of cash Carmen’s Dress Delivery expects to collect from accounts receivable during January is $299,000
Explanation:
The computation of the cash collection is shown below:
= Sales × remaining percentage + opening balance of accounts receivable - ending balance of accounts receivable
= $400,000 × 0.70 + $60,000 - $41,000
= $280,000 + $60,000 - $41,000
= $299,000
The remaining percentage equal to
= Percentage - drop percentage
= 100% - 30%
= 70%
