State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

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Answer 1

Question

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

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Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,000, direct labor of $3,400, and applied overhead of $2,890. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on credit) for $26,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 Direct materials used Direct labor used $ 2,300 3,400 Job 121 $ 7,100 4,700 Job 122 $ 2,600 3,700 1. Prepare journal entries for the following July transactions and events a through e. a. Direct materials used. b. Direct labor used. c. Overhead applied. d. Sale of Job 120. e. Cost of goods sold for Job 120. Hint. Job 120 has costs from June and July. 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June…

Answer 2

Question

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

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Answer 3

Question

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

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Answer 4

Question

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

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Answer 5

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

Answer 6

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.

Answer 7

Chapter 16, Problem 1Q

To determine

State whether the given statement is acceptable and also provide the reason for the statement to be acceptable or not acceptable.

Answer 8

Expert Solution & Answer

Explanation of Solution

Financial accounting standards board (FASB): This is the organization which creates, develops, and approves accounting principles and standards for state and local governments and for not-for-profit organizations.

The not-for-profit health care entities and investor-owned entities use different method of financial reporting. Even though the FASB acts as an authoritative source for establishing accounting and financial reporting standards for investor-owned and not- for- profit health care organization, there are certain difference in the reporting standards.

The FASB makes necessary changes in the standards of cash flow, deposits with financial institutions, investment and leases. Some of the reasons for the difference in financial reporting requirements are given below:

Not for profit organization will not segregates its investment like investor-owned organization executes its investment into trading, available –for-sale, and held- to maturity.
Not for Profit (NFP) organization are guided by FASB while reporting non-exchange resource received in operating statement and statement of cash flows.