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Q. Inventories and revenue recognition?
Management make a decision which inventory costing method or methods (LIFO, FIFO, and so on.) to use. As well, management should determine which method is the most meaningful and useful in representing economic results. Then it should use the selected method consistently.
The principal business of Kellwood Company is the merchandising, marketing and manufacturing of apparel primarily for women. Note in the following annotation from Kellwood's financial statements that it like other companies uses several costing methods within the same enterprise.
Inventories are stated at the lower of cost or else market. The first-in first-out (FIFO) method is utilized to determine the value of 46 per cent of the domestic inventories as well as the last-in first-out (LIFO) method is used to value the remaining domestic inventories. Inventories of foreign subsidiaries are valued utilizing the specific identification method. Sales are acknowledged when goods are shipped." In general companies use the inventory method that best fits their individual circumstances.
Q. Explain Vertical analysis? Vertical analysis demonstrates the percentage that each item in a financial statement is of some significant total such as total assets or sales.
AL MASA a sole trader,decided to install a new machine to use
How would I do this make it and adjustment account revenue 300.00 of supplies on hand 100.00 of unearned revenue is still unearned at the end of the month Accured salaries are 280
Q. What do you mean by unearned revenue? A liability/revenue adjustment concerning unearned revenues covers situations in which a customer has transferred assets typically cash
You received an email from Carl the operations manager from the California Container division. They produce packaging for cell phones. Carl understands that his product is an imp
A machine valued on the books at $8500 was sold on credit to $8000.
Teague Company purchased a latest machine on January 1, 2012, at a cost of $150,000. The machine is expected to have an 8-year life and a $15,000 salvage value. The machine is expe
Q. Describe about Assets? Assets are things of worth owned by the business. They are as well called the resources of the business. Illustration includes machines, cash and buil
Q. What do you mean by Equities? Assets were described earlier as the things of value owned by the business or the economic resources of the business. Equities are every claims
Q. What do you mean by Breakeven point? Breakeven point -- the amount of revenue from sales that exactly equals the amount ofexpense. Breakeven point is generally expressed as
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