Answer:
See below
Explanation:
Given the information above,
Total asset = Current asset + Net fixed assets + Other non current assets
= Current asset + $25m + $2m
= Current asset + $27m
= Long term debt + equity
= 10m + $3m + $25m
= $38m
Current liabilities = $2m
Since current liabilities = Total asset - (long-term debt + equity)
$2m = (current asset + $27m) - $38m
$2m = current asset + $27m - $38m
Current asset = $2m - $27m + $38m
Current asset = $13m
Bobby bought 550 shares of stock at $61.25 per share. His broker charges 4% commission for round lots and 5% for odd lots. Calculate the total cost of the stock purchase.
Answer:
The total cost of the stock purchase was $ 35,371.87.
Explanation:
Since Bobby bought 550 shares of stock at $ 61.25 per share, and his broker charges 4% commission for round lots and 5% for odd lots, to calculate the total cost of the stock purchase the following calculation must be performed:
Odd lot = less than 100 shares, or sum not divisible by 100
550 = odd lot
(550 x 61.25) x 0.05 = X
33,687.5 x 0.05 = X
1,684.375 = X
33,687.5 + 1,684,375 = 35,371,875
Therefore, the total cost of the stock purchase was $ 35,371.87.
You are told that standing up during the Cowboys football game will give you a better view of the field. However, if everyone stands up at the same time, then your view is obscured. This example best describes:
a. inclusion of an irrelevant variable.
b. a violation of ceteris paribus .
c. a fallacy of composition.
d. a post hoc ergo propter hoc fallacy.
e. an omission of a relevant variable.
Answer:
I think the answer is e. Because you the variable that if everyone stands up you cant see is omitted.
Research the different types of body language the people use in different cultures.
Answer:
Explanation:
Body language is an extremely important form of communication in every single culture, yet every culture has differences. For example...
Korean's tend to greet individuals with a bow. This is a form of showing respect as well as saying hello. Other cultures such as the Swiss tend to greet others with three cheek kisses.
Body language can be for many occasions such as Americans using the middle finger to show their dislike of someone. There's also Italian's closing their fingers together in form of a pinecone to show their distraught over something.
Body language has always been a way of expressing oneself and their emotions.
Managers in international businesses will need to evaluate the attractiveness of a country as a market or location for a facility or investment.
a. True
b. False
Answer:
a. True
Explanation:
A manager can be defined as an individual who is saddled with the responsibility of providing guidance, support, supervision, administrative control, as well as acting as a role model or example to the employees working in an organization by being morally upright. Thus, he or she supervises and ensures his subordinates (employees) are working effectively and efficiently with the organization's goals and objectives.
Generally, managers working in international businesses are expected to evaluate the attractiveness of a country as a market or location for a facility or investment before going ahead to the endorse and approve it for any business having long-term plan, goals and objectives in mind.
Some examples of the factors a manager should look out for in determining the attractiveness of a country includes freedom of expression, government policies, power supply, taxation, ease of doing business, climate, etc.
April 30 May 31
Inventories
Raw materials $37,000 $42,000
Work in process 9,800 18,600
Finished goods 58,000 34,900
Activities and information for May
Raw materials purchases (paid with cash) 189,000
Factory payroll (paid with cash) 150,000
Factory overhead
Indirect materials 7,000
Indirect labor 34,500
Other overhead costs 101,000
Sales (received in cash) 1,200,000
Pre-determined overhead rate based on direct labor cost 55%
Compute the following amounts for the month of May using T-accounts
1. Cost of direct materials used.
2. Cost of direct labor used.
3. Cost of goods manufactured.
4. Cost of goods sold.
5. Gross profit.
6. Overapplied or underapplied overhead.
Answer:
1. Cost of direct materials used
= $177,000
2. Cost of direct labor used
= $150,000
3. Cost of goods manufactured
= $400,700
4. Cost of goods sold
= $423,800
5. Gross profit
= $776,200
6. Overapplied or underapplied overhead
= $60,000 Underapplied
Explanation:
a) Data and Calculations:
Inventories
Raw materials $37,000 $42,000
Work in process 9,800 18,600
Finished goods 58,000 34,900
Activities and information for May
Raw materials purchases (paid with cash) 189,000
Factory payroll (paid with cash) 150,000
Factory overhead
Indirect materials 7,000
Indirect labor 34,500
Other overhead costs 101,000
Sales (received in cash) 1,200,000
Predetermined overhead rate based on direct labor cost = 55%
T-accounts:
Raw materials
Account Titles Debit Credit
Beginning balance $37,000
Cash 189,000
Factory overhead $7,000
Work in process 177,000
Ending balance $42,000
Totals $226,000 $226,000
Work in process
Account Titles Debit Credit
Beginning balance $9,800
Direct materials 177,000
Direct labor 150,000
Applied overhead 82,500
Finished goods $400,700
Ending balance $18,600
Totals $419,300 $419,300
Finished goods
Account Titles Debit Credit
Beginning balance $58,000
Work in process 400,700
Cost of goods sold $423,800
Ending balance $34,900
Totals $458,700 $458,700
Factory overhead
Account Titles Debit Credit
Indirect materials $7,000
Indirect labor 34,500
Other costs 101,000
Work in process $82,500 (55% of direct labor)
Under-applied overhead 60,000
Total $142,500 $142,500
Sales (received in cash) 1,200,000
Cost of goods sold 423,800
Gross profit = 776,200
Lowden Company has a predetermined overhead rate of and allocates overhead based on direct material cost During the current period direct labor cost is 58,000 and direct materials cost is $ 88,000 . How much overhead cost should Lowden Company should apply in the current period
Answer:
$138,160
Explanation:
Calculation to determine How much overhead cost should Lowden Company should apply in the current period
Using this formula
Overhead =157%*Direct material cost
Let plug in the formula
Overhead=157%*88,000
Overhead=$138,160
Therefore the amount of overhead cost that Lowden Company should apply in the current period is $138,160
Jeniffer, a supervisor of a customer service team, is concerned about Mark's performance. She decides to talk to Mark
and schedules a meeting with him. If Jeniffer is using the directive counseling approach, which of the following should
be Jeniffer's first step?
Answer: She should first make a good conversation with Mark because you can solve this situation easier than just going straight to the point.
Explanation:
Term Answer Description Discounting A. A series of equal (constant) cash flows (receipts or payments) that are expected to continue forever. Time value of money B. One of the four major time value of money terms; the amount to which an individual cash flow or series of cash payments or receipts will grow over a period of time when earning interest at a given rate of interest. Amortized loan C. A value that represents the interest paid by borrowers or earned by lenders, expressed as a percentage of the amount borrowed or invested ove
Answer:
1. Perpetuity.
2. Opportunity cost of funds.
3. Annual Percentage rate.
Explanation:
1. Perpetuity: a series of equal (constant) cash flows (receipts or payments) that are expected to continue forever. It's typically a cash flow stream generated through a share of preferred stock and is often expected to pay dividends to the holders every quarter for an indefinite period of time.
2. Opportunity cost of funds: one of the four major time value of money terms; the amount to which an individual cash flow or series of cash payments or receipts will grow over a period of time when earning interest at a given rate of interest. Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.
3. Annual Percentage rate: value that represents the interest paid by borrowers or earned by lenders, expressed as a percentage of the amount borrowed or invested over a 12-month period. An interest rate can be defined as an amount of money that is charged as a percentage of the total amount borrowed from an individual or a financial institution.
What do we call interest on interest?
Answer:
Interest-on-interest, also referred to as 'compound interest', is the interest that is earned when interest payments are reinvested.
A firm that purchases electricity from the local utility for $300,000 per year is considering installing a steam generator at a cost of $260,000. The cost of operating this generator would be $210,000 per year, and the generator will last for five years. If the firm buys the generator, it does not need to purchase any electricity from the local utility. The cost of capital is 11%. For the local utility option, consider five years of electricity purchases. For the generator option, assume immediate installation, with purchase and operating costs in the current year and operating costs continuing for the next four years. Assume payments under both options at the start of each year (i.e., immediate, one year from now,..., four years from now). What is the net present value of the more attractive choice?
Answer:
The net present value of the more attractive choice is:
= $1,108,800 (paying for local utility)
Explanation:
a) Data and Calculations:
Project period = 5 years
Cost of capital = 11%
Local Utility Steam Generator
Operating cost per year $300,000 $210,000
Cost of steam generator $260,000
PV (annuity factor
at 11% for 5 years) 3.696
PV (annuity factor
at 11% for 4 years) 3.102
Present value $1,108,800 ($300,000 * 3.696)
Present value of steam generator/
operating cost for the 1st year $470,000
Present value of operating cost for 4 years 651,420 ($210,000 * 3.102)
Net present value $1,108,800 $1,121,420
Paying for the local utility is more attractive with a net present value savings of $12,620 ($1,121,420 - $1,108,800)
Suppose First Main Street Bank, Second Republic Bank, and Third Fidelity Bank all have zero excess reserves. The required reserve ratio is 25%. Manuel, a client of First Main Street Bank, deposits $1,800,000 into his checking account at First Main Street Bank.
Required:
Write down the table to show the effect of a new deposit on excess and required reserves
Answer:
Change in Excess Reserves $1,350,000
Change in Required Reserves $450,000
Explanation:
Preparation of the table to show the effect of a new deposit on excess and required reserves
Based on the information given since the REQUIRED RESERVE RATIO is 25%, which means that First Main Street Bank will hold 25% of its initial deposit leading to INCREASE in the REQUIRED RESERVE by the amount of $450,000 (25%*$1,800,000) while the remaining 75% (100%-25%) will be the EXCESS RESERVES of the amount of $1,350,000 (75%*$1,800,000).
Hence:
Amount Deposited: $1,800,000
Change in Excess Reserves=$1,350,000
Change in Required Reserves= $450,000
Therefore the effect of a new deposit on excess and required reserves will be:
Change in Excess Reserves $1,350,000
Change in Required Reserves $450,000
You’ve borrowed $21,518 on margin to buy shares in Ixnay, which is now selling at $40.6 per share. You invest 1,060 shares. Your account starts at the initial margin requirement of 50%. The maintenance margin is 35%. Two days later, the stock price changes to $38 per share. a. Will you receive a margin call?
Answer:
a. No, you will NOT receive a margin call.
b. The price at which you will receive the margin call is $31.23 per share.
Explanation:
Note: This question is not complete as the part b of the requirement is omitted. To complete the question, the omitted part b is therefore provided before answering the question as follows:
b. At what price will you receive the margin call?
The explanation of the answer is now provided as follows:
a. Will you receive a margin call?
Margin loan = $21,518
Total amount invested = Number shares purchased * Selling price per share when purchased = 1,060 * $40.60 = $43,036
Initial equity = Total amount invested - Margin loan = $43,036 - $21,518 = $21,518
Market value of the stock two days later = Number shares purchased * Selling price per share two days later = 1,060 * $38 = $40,280
New equity = Market value of the stock two days later - Margin loan = $40,280 - $21,518 = $18,762
Percentage margin = New equity / Market value of the stock two days later = $18,762 / $40,280 = 0.4658, or 46.58%
Since your percentage margin of 46.58% is lower than the new required maintenance margin of 35%, you will NOT receive a margin call.
b. At what price will you receive the margin call?
Price to receive the margin call = (Margin loan / (100% - Maintenance margin after two days)) / Number of shares purchased = ($21,518 / (100% - 35%)) / 1,060 = $31.23
Therefore, the price at which you will receive the margin call is $31.23 per share.
Consider the following time series data. Week 1 2 3 4 5 6 Value 19 13 15 12 17 15 Using the average of all the historical data as a forecast for the next period, compute the following. (Round your answers to two decimal places.)
measures of forecast accuracy:Mean absolute error (MAE)Mean squared error (MSE)Mean absolute percentage error (MAPE)Round your answers to two decimal places.MAE =MSE =MAPE =Using the average of all the historical data as a forecast for the next period, compute the same three values. Round your answers to two decimal places.MAE =MSE =MAPE =Which method appears to provide the more accurate forecasts for the historical data?
Answer:
1. We have:
MAE = 3.60
MSE = 15.60
MAPE = 25.45
2. We have:
MAE = 2.62
MSE = 11.11
MAPE = 19.59
3. The average of all the historical data provides the more accurate forecasts for the historical data.
Explanation:
Note: This question is not correct as the average of all the historical data is asked to be used as a forecast for the next period in requirements 1 and 2 instead of the naïve method (most recent value) for the first requirement. The correct question is therefore presented before answering the question as follows:
Consider the following time series data.
Week 1 2 3 4 5 6
Value 19 13 15 12 17 15
1. Using the naïve method (most recent value) as the forecast for the next period, compute the following (Round your answers to two decimal places.) measures of forecast accuracy:
a. Mean absolute error (MAE)
b. Mean squared error (MSE)
c. Mean absolute percentage error (MAPE).
2. Using the average of all the historical data as a forecast for the next period, compute the same three values. Round your answers to two decimal places.
3. Which method appears to provide the more accurate forecasts for the historical data?
The explanation of the answer is now provided as follows:
The following formulae are to be used:
MAE = Total of Error / Number of observations
MSE = Total of Error^2 / Number of observations
MAPE = Total of Error % / Number of observations
1. Using the naïve method (most recent value) as the forecast for the next period, compute the following (Round your answers to two decimal places.) measures of forecast accuracy:
Note: See part 1 of the attached excel file for the determination of Naïve and Calculations of Error, Error^2 and Error % using the naïve method as the forecast for the next period.
From the attached excel file, we have:
MAE = 18.00 / 5 = 3.60
MSE = 78.00 / 5 = 15.60
MAPE = 127.23 / 5 = 25.45
2. Using the average of all the historical data as a forecast for the next period, compute the same three values. Round your answers to two decimal places.
Note: See part 2 of the attached excel file for the determination of Naïve and Calculations of Error, Error^2 and Error % using the average of all the historical data as a forecast for the next period.
From the attached excel file, we have:
MAE = 13.12 / 5 = 2.62
MSE = 55.55 / 5 = 11.11
MAPE = 97.94 / 5 = 19.59
3. Which method appears to provide the more accurate forecasts for the historical data?
The average of all the historical data provides the more accurate forecasts for the historical data comparing the values of its MAE, MSE and MAPE to the values of MAE, MSE and MAPE of Naive method. This is because the error values of the average of all the historical data are much lowest and more closest to the actual data.
Assuming you have to pay $6.00 to play the game, explain what happens in the long run. (Is it a good idea to play the game
Answer:
Kindly check explanation
Explanation:
We create a probability distribution for the play and winning :
Possible winning, X = 0, 7, 20
Probability of winning :
Sum of 2 die rolls ; sample space = 6² = 36
P(winning 0) = (sum ≠ 2,3,5 or 6)/ sample space = 24 / 36 = 2/3
P(winning 20) = (sum = (2 or 3) / Sample space) = 9 / 36 = 1/4
P(winning 7) = (sum = (5or6) / sample space) = 3 / 36 = 1/12
Distribution table :
X _____ 0 _______ 7 _____ 20
P(x) ___ 2/3 _____ 1/4 ____ 1/12
Expected value of the game ; E(X) ;
E(X) = Σx*p(x)
E(X) = (0*2/3) + (7*1/4) + (20*1/12)
E(X) = 0 + 1.75 + 1.6667
E(X) = 3.417
E(X) = 3.42
This means the mean winning after a long play is expected to be $3.42
To know if the game should be paku in the long run : we calculate the payoff
Expected Value - cost of paly
Cost of play = $6
Payoff = 3.42 - 6 = - 2.58
Since, payoff is negative, the game should not be played.
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $10,000. Required:
Answer:
Uncollectible amounts $12,000 debit
_____ Allowance for uncollectible amounts $12,000 credit
(Being the record of uncollectible)
Allowance for uncollectible amounts $10,000 debit
______ Accounts receivables $100,000 credit
(To record write off 2021)
Balance of the Allowance accounts:
$12,500 - 10,000 = 2,500
Allowance uncollectible amounts $15,000 debit
_____ Accounts receivables $15,000 credit
(To record write off 2022)
Explanation:
•The concluding part of the above question is record the adjusting entry for uncollectible accounts on December 31 2021
• Record write off of accounts receivables in 2022
Sales $160,000
Collection $110,000
AR $50,000
The above is multiplied by 25% unexpected uncontrollable amount : $12,500
The Allowance method will not recognize the additional uncollectible amount expense when doing a writer off. It will only do it when the company does the adjusting entry considering their rates and ageing of their accounts
David works for a cookie company downtown. He earns $7 per hour. In a typical week, he works 22 hours. His employer provides overtime pay equal to 3 times his normal wage if he works past 40 hours. The company also provides a 8% commission on all cookies sold. How much can David make this week if he works 30 hours and sells $1100 worth of cookies
Answer:
$242
Explanation:
Calculation to determine How much can David make this week
Earnings for David =( 22*$7) + (1100*8%)
Earnings for David=$154*$88
Earnings for David= $242
Therefore How much can David make this week is $242
a 17-year annuity pays $1,100 per month, and payments are made at the end of each month. The interest rate is 16 percent compounded monthly for the first 6 years and 13 percent compounded monthly thereafter. What is the present value of the annuity
Answer:
The present value of the annuity is $73,091.50
Explanation:
Use the following formula to calculate the present value of the annuity
Present value of annuity = ( Annuity Payment x Annuity factor for first 6 years ) + [ ( Annuity Payment x Annuity factor for after 6 years ) x Present value factor for 6 years ]
Where
Annuity Payment = $1,000
Annuity factor for first 6 years = 1 - ( 1 + 16%/12 )^-(6x12) / 16%/12 = 46.10028344
Annuity factor for after 6 years = 1 - ( 1 + 13%/12 )^-((17-6)x12) / 13%/12 = 70.0471029820
Present value factor for 6 years = ( 1 + 16%/12)^-(6x12) = 0.385329554163
Placing values in the formula
Present value of annuity = ( $1,000 x 46.10028344 ) + [ ( $1,000 x 70.0471029820 ) x 0.385329554163 ]
Present value of annuity = $46,100.28 + $26,991.22
Present value of annuity = $73,091.50
The time required to collect information about the current state of the economy is known as A. the effect lag. B. the recognition lag. C. the fiscal lag. D. the action lag.
Answer:
B. the recognition lag.
Explanation:
Recognition lag means the delay that lies between the economic shock arise and when it should be seen by the economist, government etc. Here the delays could be arise as the data that documented the economy state should not be available on the instant basis and after this it takes the time to analyze it correctly
Therefore as per the given situation, the option b is correct
Bono was kicked out of the band U2 for failing to attend rehearsals on time and constantly cutting the strings of Adam Clayton bass guitar. For the purposes of this question Bono was an employee of U2 which is an American company. Bono applies for unemployment insurance. Provided that he is actively attending auditions to display his willingness and ability to seek future employment he will receive state administered unemployment benefits.
A. True
B. False
Answer:
B
Explanation:
He was fired for constantly missing rehearsals which is a duty of his role as an employee of U2
He was fired for constantly missing rehearsals which is a duty of his role as an employee of U2. As the Bono is fired because of his continuous mistakes, and he is not liable to get the unemployment insurance.
What is unemployment insurance?Unemployment insurance benefits are offered by the U.S. Federal Government to enrollees who become jobless absolutely no fault of their own and fulfill some other rules.
Unemployment insurance is a state-federal program that pays financial compensation to workers who are unemployed.
Thus, option B is correct.
For more details about unemployment insurance, click here:
https://brainly.com/question/20397924
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g Which of the following statements is true of clustering? A. It uses different suppliers and distribution channels for interdependent companies within an industry. B. It seldom uses specialized labor. C. It helps a firm gain an increase in efficiencies. D. It typically increases the costs of production and distribution.
Answer: C. It helps a firm gain an increase in efficiencies.
Explanation:
Clustering refers to the geographic concentration of the businesses and the suppliers that are interconnected in a particular field.
The aim of clusters is to help increase efficiencies as well as being about an increase the productivity through which companies can compete.
Therefore, the correct option is C.
You own a portfolio that has a total value of $185,000 and it is invested in Stock D with a beta of .91 and Stock E with a beta of 1.33. The beta of your portfolio is equal to the market beta. What is the dollar amount of your investment in Stock D
Answer:
$145,357.14
Explanation:
The computation of the dollar amount of your investment in Stock D is shown below:
Let us assume the investment in D be $x
So,
The investment in E is ($185,000 - x)
As we know that
Portfolio beta= Respective beta × Respective investment weight
1 = (x ÷ 185,000 × 0.91 ) +(185,000 - x) ÷ 185,000 × 1.33
Here
Beta of market = 1
And, the Beta of risk-free assets=0
(1 × 185000) = 0.91x + 246050 - 1.33x
185,000 = 0.91x + 246050 - 1.33x
x = (246050 - 185,000) ÷ (1.33 - 0.91)
= $145,357.14
Calvin works in the accounting department for a textbook publishing firm preparing budgets and reporting production costs. What job does Calvin hold
Answer:
The answer is "managerial accountant".
Explanation:
The economic circumstances collect and earned value collection of data, evaluating and presenting financial information for the organization or the management team of the company. These statistics will then be used to make sensible financial decisions that really can benefit the overall growth of the organization.
Managers were employing company and organizational accounts to monitor internal financial processes, revenue, spending, and budget, submit reports, determine past trends and forecast future needs, and aid economic decisions.
Capital market securities have short-term maturities with less than one year and therefore can be sold for cash quickly and easily.
a) true
b) false
Answer:
b) false
Explanation:
The capital market securities may be defined as a financial market where long term debts or the equity-backed securities can be bought and then sold.
The capital market securities are long term maturities where cash can be bought and sold easily.
The money market securities are a short term maturity financial securities such as stocks, bonds, etc.
Therefore, the answer is false.
Each year Capital Two retains 75 percent of its customers, and the annual discount rate is 5 percent. What annual retention rate doubles the value of a customer?
Answer: 87.5%
Explanation:
Value of a Customer = Margin * Retention rate / (1 + Annual discount rate - Retention rate)
We shall assume a margin of 1 so no need to include it:
= 75% / ( 1 + 5% - 75%)
= 2.5
This value needs to double so assume the retention rate to double this is x and use the formula above to find it:
5 = x / (1 + 5% - x)
5 * (1 + 5% - x) = x
5 + 0.25 - 5x = x
5.25 = 5x+ x
6x = 5.25
x = 5.25 / 6
x = 87.5%
Calculate the net present value in US$ of an investment in the health spa only, assuming that the 1,500-square-foot unit is purchased and then resold at the end of 12 years. (Hint: Before making your present value calculations, multiply all amounts expressed in CI$ by $1.25 to convert into US$.)
Answer: Hello I was able to find the Major part of the question online as attached below
answer :
Net present value ( NPV ) = $153353.91
Explanation:
NPV = ( Present value of Cash Inflow) - ( Present value of Cash outflow) -- ( 1 )
present value of cash inflow
i) cosmetic products = ( 5500 * 1.25 * 12) * ( 6.8137) (cost of capital )) = 562130.25
ii) land sale = ( 1500 * 300 * 1.25 ) * ( 0.8186 ) ( cost of capital )) = 179212.5
∑ present value of cash inflow = 741342.75
Present value of cash outflow ( other expenses )
∑ present value of cash outflow = 587,988.84
NPV = 741,342.75 - 587,988.84 = $153,353.91
During August, the receipts and distributions of Material No. B4G9 are as follows: Received Aug. 31,100 units at $15 161,700 units at $17 29 900 units at $18 Issued Aug. 11 700 units for Job 116 181,900 units for Job 117 30 800 units for Job 118 a. Determine the cost of each of the three issues under a perpetual system, using the first-in, first-out method.
Answer:
The total cost will be "$56,200". A further explanation is provided below.
Explanation:
According to the question,
The cost of issue of Aug 11 will be:
= [tex]700\times 15[/tex]
= [tex]10,500[/tex] ($)
The cost of issue of Aug 18 will be:
= [tex]400\times 15+1500\times 17[/tex]
= [tex]6000 +25500[/tex]
= [tex]31,500[/tex] ($)
The cost of issue of Aug 30 will be:
= [tex]200\times 17+600\times 18[/tex]
= [tex]3400+10800[/tex]
= [tex]14,200[/tex] ($)
Now,
The total cost will be:
= [tex]10,500+31,500+14,200[/tex]
= [tex]56,200[/tex] ($)
In its income statement for the year ended December 31, 2022, Sheffield Corp. reported the following condensed data.
Operating expenses $725,000
Interest revenue $38,000
Cost of goods sold 1,261,000
Loss on disposal of plant assets 22,000
Interest expense 76,000
Net sales 2,204,000
Income tax expense 50,000
Other comprehensive income (net of $1,200 tax) 8,800
Required:
Prepare a multiple-step income statement.
Answer:
Sheffield Corp.
Multiple-step income statement for the year ended December 31, 2022
Net sales $2,204,000
Less Cost of goods sold ($1,261,000)
Gross Profit $943,000
Less Operating Expenses :
Operating expenses $725,000 ($725,000)
Operating Profit $218,000
Less Non Operating Expenses :
Interest revenue ($38,000)
Loss on disposal of plant assets $22,000
Interest expense $76,000
Income tax expense $50,000 ($110,000)
Net Profit $108,000
Other Comprehensive Income
Other comprehensive income (net of $1,200 tax) $8,800
Total Profit and loss and comprehensive income $116,800
Explanation:
A multiple-step income statement shows separately profit derived from primary activities and that derived from secondary activities as shown above.
Boswell Company reported the following information for the current year: Sales(50,000 units) £1,000,000, direct materials and direct labor £500,000, other variable costs £50,000, and fixed costs £360,000. What is Boswell’contribution margin ratio?
lol btw u play ml? or growtopia?
Dogs R US uses the perpetual inventory system to account for its merchandise. A customer returned merchandise. Assuming that the purchase was originally bought on credit for $400 with a cost to Dogs R US of $100, demonstrate required journal entry of Dogs R US to record the return by selecting all of the correct actions below. (Check all that apply.) Multiple select question. Credit Accounts Receivable $400. Credit Sales Returns and Allowances $400. Debit Accounts Payable $400. Credit Merchandise Inventory $100. Credit Cash $400. Debit Sales Returns and Allowances $400. Credit Cost of Goods Sold $100. Debit Cost of Goods Sold $100. Debit Merchandise Inventory $100.
Answer:
Credit cost of goods sold $100.
Debit merchandise inventory $100.
Credit accounts receivable $400.
Debit sales returns and allowances $400.
Explanation:
These are the demonstrate required journal entries of Dogs R US to record the return.
Credit cost of goods sold $100.
Debit merchandise inventory $100.
Credit accounts receivable $400.
Debit sales returns and allowances $400.
mention one product you are selling on your sole proprietorship
Answer: Examples of sole proprietors include small businesses such as, a local grocery store, a local clothes store, an artist, freelance writer, IT consultant, freelance graphic designer, etc.
Explanation:
