B. Between damp paper towels in an open plastic bag in the refrigerator
C. In water in a clean vase on your countertop
D. In a tightly sealed paper bag, without washing them
Answer:
Whippet Bus lines should depreciate the bus $0.50 for every mile driven.
Explanation:
To determine the amount of money that Whippet Bus should depreciate for every mile driven, we first must find the total depreciable value of the bus:
depreciable value = purchase cost - salvage value = $101,000 - $8,000 = $93,000
Now we divide the depreciable value by the expected useful life of the bus measured in miles:
cost per unit of activity = $93,000 / 186,000 miles = $0.50 per mile
b) B, I, RES
c) RES, I, B
d) B, RES, I
Answer:
a) I, RES, B
Explanation:
Mainly there are four types of financial statements i.e Income statement, statement of retained earning, balance sheet and the cash flow statement
In the income statement, the total revenues and the total expenses are recorded.
If the total revenues are more than the total expenditure then the company earns net income.And, If the total revenues are less than the total expenditure then the company have a net loss
This net income or net loss would reflect in the statement of the retained earning account.
The statement of retained earning represent the beginning balance, net income or net loss and dividend amount. These items are used to calculate the ending balance of the retained earning account.
In the balance sheet, the assets, liabilities, and stockholder equity is recorded. In this the accounting equation is used which is shown below:
Total assets = Total liabilities + stockholder equity
The debit and credit side of the balance sheet should always be equal and balanced.
Moreover, it always is prepared on the specified date.
The cash flow statement involves three activities i.e operating, investing and the financing activities
1. Operating activities: It includes those transactions which affect the working capital, and it records transactions of cash receipts and cash payments.
2. Investing activities: It records those activities which include purchase and sale of the fixed assets
3. Financing activities: It records those activities which affect the long term liability and shareholder equity balance.
Hence, option a is correct
The financial statements for a business—Income Statement, Retained Earnings Statement, and Balance Sheet—are generally prepared in this order due to the dependency of each statement on the previous one's information. The process begins with the Income Statement, moves on to the Retained Earnings Statement, and concludes with the Balance Sheet.
The three financial statements—Income Statement (I), Retained Earnings Statement (RES), and Balance Sheet (B)—are typically prepared in the following order: first, the Income Statement; second, the Retained Earnings Statement; and lastly, the Balance Sheet. The reason for this order is that each statement builds upon the previous one.
Income Statement (I) is prepared first because it summarizes the company's revenues, expenses, and net income for a specific period. Reflecting the firm's operating performance over that period, it provides the necessary figures to prepare the Retained Earnings Statement (RES).
The Retained Earnings Statement (RES) illustrates changes in retained earnings for the same period as the income statement. It takes the net income from the Income Statement and applies it to the formula Beginning Retained Earnings + Net Income – Dividends = Ending Retained Earnings. The RES then provides the ending retained earnings needed for the Balance Sheet (B).
Finally, the Balance Sheet (B) is prepared. It relies on information from the previous two statements, providing an overview of the company's financial position at a specific point in time. The Balance Sheet lists the company’s assets, liabilities, and shareholders' equity, which includes the ending retained earnings from the Retained Earnings Statement.
As such, the order for preparing these statements would be option (a) I, RES, B.
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Answer:
The correct answer is B. Marketing