Accounting articles

How to Record a Cost of Goods Sold Journal Entry Steps & Examples

The ending WIP, on the other hand, comprises the remaining manufacturing costs after deducting the value of goods finished within the period. The cost of goods manufactured is an important KPI to track for a number of reasons. It’s not just a... Read more

What’s a Fair Consignment Percentage? How To Negotiate an Increase

A consignment shop can sell a variety of products or specialize in selling a particular product. For example, a consignment shop may be focused on selling a variety of second-hand goods or selling only second-hand clothing. Store 'profit' is far fro... Read more

Conventional Cash Flow Overview, Formula, Example

For example, if a project promises two different rates of return and managers are uncertain about which one of them might prevail, they would lose their confidence to go ahead with the proposal. Capital budgeting refers to the method that is used fo... Read more

Accounting for Consignment

Similarly, he is also not responsible for any loss incurred by the consignment business. The consignor only records the sale when the consignee sells the goods to a 3rd party. As mentioned, the consignor must use two double entries to record the tra... Read more

SOLVED: Consider the following T-account for cash Cash 13,000 4,400 3,5 8,200 1,900 5,5001.Compute the balance of the cash account.Cash account2. Specify which of the following cash transactions would have resulted in the 4,400 posting to the account. You may select more than one answer. Single cllck the box wlth a check mark for correct answers and double cllck to empty the box for the wrong answers.Recelving cash from customersIssuing stockBorrowng moneySelling assets Repayment of debt?Paying cash for rent3. Specify which of the following cash transactions would have resulted in the1,900 posting to the account. You may select more than one answer. Single cllck the box wlth a check mark for correct answers and double cllck to empty the box for the wrong answers.Paying cash for suppllesPayng cash for utilities?Repayment of debt?Paying cash for rentPaying cash for equlpment?Paying cash for employee salarlesPayment of dividendsSelling assets

How will this entry be posted in the ledger accounts? The $30,000 will be posted to the credit side of the Common Stock account. The closing balance of cash is $19,200, the closing balance of office supplies is $3,400 and the closing balance of acco... Read more

FIFO vs LIFO Inventory Valuation

When sales are recorded using the FIFO method, the oldest inventory–that was acquired first–is used up first. FIFO leaves the newer, more expensive inventory in a rising-price environment, on the balance sheet. As a result, FIFO can increase net in... Read more

How to Create a Flawless Filing System on Your Computer

Some systems also include a hidden flag to make certain files invisible; this flag is used by the computer system to hide essential system files that users should not alter. Many computer systems use extensions in file names to help identify what th... Read more

Compute the cost assigned to ending inventory using a FIFO, b LIFO, c weighted average, and dspecific identification For specific identification, the March 9 sale consisted of 60 units from b

When your goods for sale are distinct, like fine art, antiques or hand-tailored suits, the specific identification method for valuing inventory costs may be effective. Companies have a choice of inventory valuation methods under generally accepted a... Read more

(3) Under unadjusted trial balance, total debits and credits equals $40,550. Prepare the August budgeted income statement, including selling expenses. Enter all amounts as positive numbers. Make the August direct labor cost budget. For hours requir... Read more

Answered: Compute conversion costs given the

$384,200. $384,200.$384,200.$384,200.... Read more