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NARA [144]
2 years ago
9

Lay Perfect Pillow Company sells specialty pillows and accessories to customers. Its fiscal year ends on December 31. The follow

ing transactions occurred in the current year:
Purchased $250,000 of new pillow inventory; paid $90,000 in cash and owed the rest on account.
Paid employees $180,300 in wages for work during the year; an additional $3,700 for the current year's wages will be paid in January of the next year.
Sold pillows to customers for $750,000; received $500,000 in cash and customers owed the rest on account. The cost of the pillow inventory to Lay Perfect Pillow was $485,000.
Paid $17,200 cash for utilities for the year.
Received $70,000 from customers as deposits on orders of new pillows to be sold to the customers in January of the next year.
Received a $19,130 utilities bill for December of the current year that will be paid in January of the next year.
Complete the following statements
Cash Basis Income Statement Accrual Basis Income Statement
Statement Statement
Revenues Revenues
Cash Sales Sales to Customers
Customer Deposits
Expenses Expenses
Inventory Purchase Cost of Sales
Wages Paid Wages expense
Utilities paid Utilities expense
Net Income Net Income
Business
1 answer:
Annette [7]2 years ago
3 0

Answer and Explanation:

The preparation of the following statement is

<u>Cash Basis            Statement     Accrual Basis               Statement</u>

<u>Income Statement        Income Statement </u>

Revenues                                         Revenues

Cash Sales             $500,000      Sales to Customers     $750,000

Customer Deposits $70,000  

Total                        $570,000       Total                             $750,000

Expenses                                           Expenses  

Inventory Purchase $90,000         Cost of Sales               $485,000

Wages Paid             $180,300         Wages expense         $184,000

Utilities paid             $17,200            Utilities expense         $19,130

Total                         $287,500         Total                             $688,130

Net Income               $282,500        Net Income                  $61,870

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It is usually used by the HR department for the purpose of keeping the environment within the workplace positive and effective.

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Answer:

The options for this question are the following:

A. Companies do not want to eliminate all jobs at once.

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D. Machines are only useful in manufacturing duties.

The correct answer is C. There is a level of reasoning and strategy that only humans have the ability to do.

Explanation:

There are two variables that limit machines. One is the excessive consumption of energy that some devices require to carry out their activities.

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The second has to do with the costs of incorporating high-end computers that allow robots to recognize spaces and make decisions on the go.

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7 0
2 years ago
A company had beginning inventory of 5 units that cost $10 each. During the month, 15 units were purchased for $11 each. The com
zysi [14]

Answer:

True

Explanation:

Using FIFO,

Under First in First out method, items that were purchased first will be availed for sale first.  In this case, the opening stock of 5 at $10 items will be sold first.  An additional 7 units will be required from the next batch of purchases at $11.

The costs of the first 12 units will be

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=50 +77

=$127

With LIFO, the items acquired last will be sold first. In this case, the 12 items sold will come the batch of 15 purchased at $11 in the months

Using LIFO, the cost of goods available for sale.

=12 X $11

=132

The difference is the costs of goods available for sale is $ 5, with FIFO having a lower cost. It means FIFO profits will be $5 more.

3 0
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Answer:

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