Sunland Manufacturing Inc. had sales of $2.80 million for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses: Cost of goods sold Selling expenses Variable $913,000 67,000 Administrative expenses 87,500 Fixed $442,500 44,000 96,000 Prepare a CVP income statement for the quarter ended March 31, 2022.

Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…

A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …

Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…

Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…