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Goryan [66]
1 year ago
9

The Bombay Company, Inc., sold a line of home furnishings that included furniture, wall decor, and decorative accessories. Bomba

y operated through a network of retail locations throughout the United States and Canada, as well as through its direct-to-customer operations and international licensing arrangements. The company was forced to file fur bankruptcy. In its last financial statement prior to bankruptcy, Bombay reported current assets of $ 161,604,000 and current liabilities of $ 113,909,000 .
Required:
Determine the impact of the following independent transactions on the current ratio for Bombay:
(c) Wrote down the carrying value of certain inventory items that were deemed to be obsolete.
Business
1 answer:
tatyana61 [14]1 year ago
8 0

The guidance of the income assertion for the 12 months ended December 31 is $22,000.

income $94,000

value of products bought

Beginning end items inventory $20,000

add: a fee of goods synthetic $ forty-one,000

a fee of goods available for sale $ sixty-one,000

less: ending end goods inventory -$17,000

price of goods sold $ forty-four,000

Gross margin $50,000

much less: running expenses

popular and advertising expenses $15,000

general running fees $28,000

working earnings of $22,000

extra approximately the earnings statement right.

Monetary statement assertions are an employer's reputable announcement that the figures the agency is reporting are accurate. Assertions are made to attest to the authenticity of facts on balance sheets, profits statements, and cash flow statements.

Learn more about income assertion here:

brainly.com/question/14727142

#SPJ4

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mart [117]

Answer:

Globalization has led to the influx of multinationals in many developing and under developed countries. With the advancement of technology this process has increased and influenced many industries.

Uber is providing convenience to its users to fill the gap between the service provider and service user through a platform

This platform has led to bridge the gap between the user and seller of service.

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It is being used in freelancing industry as well. To provide a platform for provider of service and consumer.

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5 0
3 years ago
The board of directors declared cash dividends totaling $585,000 during the current year. The comparative balance sheet indicate
Lelechka [254]

Answer:

$606,375

Explanation:

The computation of the amount of cash payments to stockholders is shown below:

= Beginning dividend payable  + cash dividend declared - ending dividend payable

= $167,625 + $585,000 - $146,250

= $606,375

We simply added the dividend declared amount and deducted the ending dividend payable to the beginning dividend payable so that the accurate amount can come.

5 0
3 years ago
Red Blossom Corporation transferred its 40 percent interest to Tea Company as part of a complete liquidation of the company. In
kogti [31]

Answer:

The amount of gain that Red Blossom recognize in the exchange is $322500 and its basis in the land it receives is $635000.

Explanation:

Red Blossom recognize the gain

= Fair market value of land – corporation basis

= $635000 - $312500

= $322500

Basis of Land = Fair market value  

                       = $635000

$322500 gain recognized and a basis in the land of $635000

Therefore, The amount of gain that Red Blossom recognize in the exchange is $322500 and its basis in the land it receives is $635000.

8 0
3 years ago
Differential treatment of consumers in the marketplace based on race/ethnicity that constitutes denial of or degradation in the
tatiyna
I think the answer is true
3 0
3 years ago
Brooks Co. purchases debt investments as trading securities at a cost of $66,000 on December 27. This is its first and only purc
Thepotemich [5.8K]

Answer:

                                                  Dr.               Cr.

December 31

*Securities FV adjustment      $6,000

Unrealized Gain                                       $6,000

January 3

Cash                                         $4,000

Securities FV adjustment                        $1,000

Trading Securities                                    $3,000

* Securities FV adjustment is a sub asset account of trading securities.

Explanation:

Trading security are reported on its fair market value at each period end. The gain or loss should be recorded.

Dec 27, Purchase price = $66,000

Dec 31, Fair value = $72,000

Unrealized gain = $72,000 - $66,000 = $6,000

3 0
3 years ago
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