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1 year ago

Use the data given in P13-5 for Prince Company.

1 answer:

3 0

Compute component percentages for year to find the net income component percentage, the company divides net income by total sales so that $15,000 / $50,000 = 0.30. The company must then change the decimal into a fraction by multiplying it by 100. So, 100 x 0.30 = 30. The net income component percentage is 30 percent.

Prince Company

Income Statement

Year Year1

Sales Revenue 190000 167000

Cost of goods sold 1112000 100000

Gross Profit "72000 67000

Operating expenses and interest expense __56000__ 53000,

Pretax Income 2200014000

Income Tax 3000 4000

Net Income 14000 10000

Balance sheet Year? Year

cash 4000 7000

Accounts Receive 114000 18000

Property & Equipment 45000 _ 36000

Total Assets 302000 97000

Current Liabilities ‘i6000 4.7000

Long term Liabilities 5000 45000

Common stock 30000 30000

Retained Earnings 1120005000

Total Liabilities & Stock holders equity ___ 10300037000,

L. Current Ratio = Current Assets / Current Liabilities

Year? Year

Current Ratio 36347

Current Assets - Inventory / Current liabilities

Year? Year

Quick Ratio un 147

2.Profit Margin = Net profit /Sales

Year? Year

Profit Margin 737% 5.99%

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There are only four legal structures to form and operate a business.TrueFalse

coldgirl [10]

Answer:

The above statement is false.

Explanation:

The most common legal structure of business are as follows:

Sole proprietor : It is a form of business in which a business is fully controlled by only one person. He takes all the decision himself . He has unlimited liability. His personal assets are used by the creditors to recover their money

Partnership: It is a form of business in which minimum 2 person come together to form a partnership firm. They share profit and loss as agreed between them. They have a partnership deed . Every partner have unlimited liability .

Limited liability Partnership : This form is recently introduced. This form come under the limited liability 2008. It has separate legal entity.

Corporation: A corporation has a independent legal entity, separate from its owners and has different tax calculation than other structure. The owner of the corporation has limited liability upto their share in corporation

S-Corporation: This business structure is more simple than corporation. It is more beneficial for small owners and also have some tax benefits. S Corporation can also cash accounting system rather than accural method of accounting.

Thus, the statement is false that the legal structure of business is only four.

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3 years ago

An Iowa state statute requires amusement parks to maintain equipment in specific condition for the protection of patrons. Jack’s

abruzzese [7]

Answer:

The correct answer is letter "C": negligence per se.

Explanation:

Negligence per se is a concept of the United States law that finds an act to be reckless because it violates a statute. To prove negligence per se, the victim will usually show that the defendant violated the law, the act caused the kind of damage that the statute was intended to prevent, and he was a member of the protected class of the statute.

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3 years ago

Use the following data to calculate the cost of goods sold for the period:

PtichkaEL [24]

Answer:

The cost of goods sold for the period is:

= $250,600.

Explanation:

a) Data and Calculations:

Beginning Raw Materials Inventory $30,600

Ending Raw Materials Inventory 70,600

Beginning Work in Process Inventory 40,600

Ending Work in Process Inventory 46,600

Beginning Finished Goods Inventory 72,600

Ending Finished Goods Inventory 68,600

Cost of Goods Manufactured for the period 246,600

To determine the cost of goods sold:

Beginning Finished Goods Inventory $ 72,600

Cost of Goods Manufactured for the period 246,600

Cost of goods available for sale $319,200

Ending Finished Goods Inventory (68,600)

Cost of goods sold $250,600

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2 years ago

A. True

Usimov [2.4K]

The correct answer is false

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3 years ago

The conversion price of CRX’s convertible ($1,000 par) subordinated debentures is $40 and the present market price of CRX common

Tom [10]

Answer:

$1,200

Explanation:

For this question, we use the unitary method that is shown below:

Given that

Conversion price = $1,000 par

And, the subordinated debentures is $40

And the present market price is $48

So, the present conversion value is

= Conversion price × the present market price ÷ the subordinated debentures

= $1,000 × $48 ÷ $40

= $1,200

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3 years ago