Montem - Fitness Pole Division Balance Sheet 6/30/2021 Inventory $ 500,000 Packaging $ 75,000 Brand $ Accounts Payable $ 40,000 Additional Information: WalkStix Inc. believes that the brand value of Montem's "Pro Walker - Nordic Fitness Poles" has a present value of $ 1,000,000

Q: An accounting approach to rel ect the needs of each stakeholder is called this.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: if a firms expense equal or exceed it's revenue what actio might management take

A: Explanation is given below,

Q: Explain a) Business Entity Principle b) Going Concern Principle c) Historical Cost Principle

A: Business entity principle is an accounting principle that signifies the person who owns the…

Q: Distinguish between internally generated goodwill and purchased goodwill and explain how each of…

A: Solution- Goodwill Meaning in Accounting Goodwill arises when a company acquires another entire…

Q: Sources of business ownership.

A: Introduction:- Funds play vital role in every business for running operations. Companies cannot run…

Q: What is owner Capital listed as a debit or credit

A: Solution: Owner capital is the amount of capital invested in business by owner. This is shown as…

Q: What are the functions of the financial balance sheet in assisting in management's decision-making…

A: The question is based on the usage of balance sheet in financial decision making  by managers.

Q: Describe the Management’s Responsibility for Financial Statements.

A: The financial statements of the company are the responsibility of management. The financial…

Q: accounting is used by internal decision makers and accounting is used for external

A: Management accounting & Financial accounting are both branches of accounting, while the former…

Q: How are organization expenses reported?

A: Expense: It can be defined as the cost of running a company's operations to generate or earn…

Q: Financial report gives information which helps the users to make decisions about. a. Providing…

A: The financial statements of the business includes the income statement and balance sheet of the…

Q: All of the following items are classified as accounting assumptions and coventions except for a.…

A: Accounting assumptions and conventions are basically the guidelines which are used in providing the…

Q: Define goodwill for accounting purposes

A: When one firm is acquired by another, an intangible asset known as goodwill is transferred together…

Q: What information is provided in a Balance Sheet and how and to whom can be useful

A: A balance sheet is a statement of assets, liability, and equity.It is prepared after the income…

Q: What is the purpose of preparing trading and profit and loss account?

A: Trading Account The majority of the trading account is made up of credit and debit. Direct expenses…

Q: What does it mean that FIFO has a balance-sheet focus and LIFO has an income-statement focus?

A:

Q: Describe how debits and credits impact assets, liabilities , owner,s equity

A: The books of accounts are prepared as per the double accounting system. All the debits shall be…

Q: Management accounting is used by  A. Internal managers B. Shareholders  C. External users D.…

A: Accounting is the process of recording and reporting the monetary transactions in the books of…

Q: ow the external will use the accounting information to do decisions

A: Accounting information can be defined as the financial reports and data produced by way of…

Q: How can financial statement users assess the quality of accounting Information?

A: A financial statement is a report that presents the financial performance and position of a company…

Q: How do the income statement and the balance sheet help management make good decisions?

A: Financial statements are include those statements which are important and essential for every…

Q: 1 2 3 4 5 6 7 8 9 Annual outlays for operating cycle investments: Average collection period: Average…

A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: Explain what makes information in financial statements relevant to use

A: Solution- I think Cash flow statement is the most important for investor to look at although he gets…

Q: What effect does recording a sale have on a balance sheet?

A: Balance sheet: It shows the assets, liabilities, and stockholder's equity of the organization. Sale…

Q: Define strategy in accounting?

A: Strategic management accounting refers to the managing and analyzing finances of company which help…

Q: Which of the following is related to conditions of credit? a. Competition b. Integrity c. Management…

A: Meaning of Credit -It is a term used in the contract that states a person provides a loan or advance…

Q: As part of the fundamental characteristic of relevance, an important component of relevance is…

A: Accounting concepts, usually referred to as accounting assumptions or accounting principles, are the…

Q: Distinguish between statement of affairs and balance sheet.

A: Difference between Statement of Affairs and Balance Sheet: Objective of balance sheet is show…

Q: What does financial statements provides?

A: Financial accounting: Financial accounting is the process of evaluating the business activities of…

Q: When an organization considers its work-in-process, how should it be classified on a balance sheet?…

A: Work in process is a part of the inventory component of balance sheets, Inventory is categorized…

Q: Discuss, using practical example how to the presence of double entry principles affect the…

A: Double entry principle says that for recording of every transaction in business, at least one…

Q: How do REA and ER diagrams support financial statements?

A: REA diagram: REA diagram is a method utilized to implement the association among events, agents and…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.