FIN.ACCT-TOOLS F/DECI.MAKERS-TEXT+WILEY+
9th Edition
ISBN: 9781119598312
Author: Kimmel
Publisher: WILEY C
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Chapter 12, Problem 1Q
(a)
To determine
Financial statement
A financial statement is the complete record of financial transactions that take place in a company at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are:
Balance Sheet - Income statement
- Statement of
retained earnings - Statement of
cash flows
To define:
The statement of cash flows.
(a)
Expert Solution
Explanation of Solution
Statement of cash flow is a financial statement that shows the cash and cash equivalents of a company for a particular period of time. It shows the net changes in cash, by reporting the sources and uses of cash as a result of operating, investing, and financing activities of a company.
(b)
To determine
To ascertain:
Whether cash flow statement is an optional financial statement.
(b)
Expert Solution
Answer to Problem 1Q
No, Cash flow statement is not an optional financial statement.
Explanation of Solution
As per Generally Accepted Accounting Principles (GAAP) it is mandatory that a company must prepare statement of cash flows, when preparing financial statement for a company. It is the one of the basic financial statement which is required to be prepared by the company.
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Chapter 19 Homework
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Exercise 19-20 (Algo) Contribution margin ratio by sales territory LO A1
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Big Bikes manufactures and sells mountain bikes in two sales territories, West Coast and East Coast. Information for the year
follows. The company sold 550 bikes in each territory.
Per unit
Sales price
Variable cost of goods sold
West Coast
$ 1,500
East Coast
$ 1,440
830
70
830
Variable selling and administrative expenses
160
Ask
a. Compute contribution margin (in dollars) for each sales territory.
b. Compute contribution margin ratio for each sales territory. Which sales territory has the better contribution margin ratio?
Print
Complete this question by entering your answers in the tabs below.
References
Required A Required B
Compute contribution margin (in dollars) for each sales territory.
Sales
Variable expenses
Variable cost of goods sold
Variable selling and administrative expenses
Contribution margin
West Coast
East Coast…
Chapter 19 Homework
15
0.87
points
eBook
Saved
Exercise 19-20 (Algo) Contribution margin ratio by sales territory LO A1
Help Save & Exit
Submit
Check my work
Big Bikes manufactures and sells mountain bikes in two sales territories, West Coast and East Coast. Information for the year
follows. The company sold 550 bikes in each territory.
Per unit
Sales price
Variable cost of goods sold
West Coast
$ 1,500
East Coast
$ 1,440
830
70
830
Variable selling and administrative expenses
160
Ask
a. Compute contribution margin (in dollars) for each sales territory.
b. Compute contribution margin ratio for each sales territory. Which sales territory has the better contribution margin ratio?
Print
Complete this question by entering your answers in the tabs below.
References
Required A Required B
Compute contribution margin (in dollars) for each sales territory.
Sales
Variable expenses
Variable cost of goods sold
Variable selling and administrative expenses
Contribution margin
West Coast
East Coast…
Determine the gross margin of this financial accounting question
Chapter 12 Solutions
FIN.ACCT-TOOLS F/DECI.MAKERS-TEXT+WILEY+
Ch. 12 - Prob. 1QCh. 12 - Prob. 2QCh. 12 - Prob. 3QCh. 12 - Prob. 4QCh. 12 - Prob. 5QCh. 12 - Prob. 6QCh. 12 - Why is it necessary to use comparative balance...Ch. 12 - Prob. 8QCh. 12 - Prob. 9QCh. 12 - Prob. 10Q
Ch. 12 - Prob. 11QCh. 12 - Prob. 12QCh. 12 - Prob. 13QCh. 12 - Prob. 14QCh. 12 - Prob. 15QCh. 12 - Prob. 17QCh. 12 - Prob. 18QCh. 12 - Prob. 19QCh. 12 - Prob. 20QCh. 12 - Prob. 21QCh. 12 - Prob. 22QCh. 12 - Prob. 12.2BECh. 12 - Prob. 12.3BECh. 12 - Prob. 12.8BECh. 12 - Prob. 12.10BECh. 12 - The management of Uhuru Inc. is trying to decide...Ch. 12 - Prob. 12.13BECh. 12 - Prob. 12.1DIECh. 12 - Prob. 12.11ECh. 12 - Prob. 12.13ECh. 12 - Prob. 12.12APCh. 12 - Prob. 12.2EYCTCh. 12 - Prob. 12.3EYCTCh. 12 - Prob. 12.8EYCTCh. 12 - Prob. 12.9EYCTCh. 12 - Prob. 12.1IECh. 12 - Prob. 12.2IECh. 12 - Prob. 12.3IE
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