Answer:
Financial accounting is more highly regulated than managerial accounting.
Explanation:
Financial accounting is highly regulated and follows laid down principles that must be followed. International Financial Reporting Standard (IFRS) and Generally Accepted Accounting Principles (GAAP) are two examples of regulatory guidelines for financial accounting.
On the other hand managerial accounting is flexible and tailored to the manager's needs.
It must not follow the strict guidelines of financial accounting. This is because managerial accounting is used internally by a company and is not subject to public scrutiny.
Answer:
$35,000
Explanation:
Data provided in the question:
Accounts Receivable at the start of the year = $6,000
Accounts Receivable at the end of the year = $9,000
Revenues for the period = $38,000
Now,
cash collected from the customers
= Beginning balance + Revenue for the year - Ending balance of account receivable
= $6,000 + $38,000 - $9,000
= $35,000
Net Income flows from the income statement to the statement of retained earnings.
The balance sheet is balanced when net income from the income statement, less any dividends paid, is transferred to the retained earnings column. Additional connections- Long-term debt on the balance sheet is used to determine interest expenditure on the income statement.
Net income: In commerce, Net Income is the amount of cash left over on balance costs, like salaries and wages, the value of commodities or raw materials, and taxes, are paid. Net Profit is the amount that an individual keeps after paying taxes, insurance premiums, and retirement contributions.
Net Income.
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Answer:
The depreciation expense for 2015 is $2,000
Explanation:
The computation of the depreciation expense is shown below:
= (Original cost - residual value) ÷ useful life
= ($35,500 - $4,000) ÷ 7 years
= 4,500
The depreciation for three years would be
= 4,500 × 3 years
= $13,500
The remaining amount would be
= $35,500 - $13,500
= $22,000
So, the depreciation expense for 2015 would be
= ($22,000 - $4,000) ÷ 9 years
= 2,000
Answer: $10,000 increase in Treasury Stock
Explanation:
Treasury stock, is also known refered to as the treasury shares and it occurs when stock is bought buy the issuing company back from the stockholders.
This results in the reduction in the total number of outstanding shares that can be found on the open market. In the above scenario, since Dilution Solutions, Inc. repurchased 500 shares of its $2 par value common stock for $10,000, this will bring about a $10,000 increase in the treasury stock.