Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 4.4 exercise task i: prepare income statement for

4.4 Exercise Task I: Prepare income statement for 20X1 using classification of expenses by (i)...

50.1K

Verified Solution

Question

Accounting

image

4.4 Exercise Task I: Prepare income statement for 20X1 using classification of expenses by (i) nature and (ii) function Task II: How much is the gross profit from sale of goods (finished products) and in which type of income statement is this information presented? Task III: How much is change in finished goods and in which type of income statement is this information presented? Task IV: How much are costs of goods manufactured and costs of goods sold and explain the difference between them? For 20X1, Good-Year, Inc. that manufactures primarily tires for cars recognised total sales of CZK 2 000 thousands and following expenses: Depreciation Salaries and wages Raw materials used Production 400 000 120 000 800 000 Administrative 80 000 60 000 5 000 Selling 100 000 90 000 200 000 Opening balance of work in process (WIP) was CZK 80 000. There were no finished products on hand at the beginning of the period. Closing balances of work in process and finished products were CZK 100 000 and CZK 200 000, respectively

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students