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4 years ago

The account type and normal balance of unearned revenue would be

1 answer:

4 0

An unearned revenue is defined as a liability account that reports amounts received in advance of providing goods or services. The account balance is decreased, and revenue account is increased when goods or services are provided. Therefore, by its definition, the account type of unearned revenue is Liability and its normal balance is Credit (Letter D.)

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Property, plant, and equipment (net) $3,200,000 Liabilities: Current liabilities $1,000,000 Note payable, 6%, due in 15 years 2,

nadya68 [22]

Answer:

a. Ratio of fixed assets to long-term liabilities

= Fixed assets x 100

Long-term liabilities

= $3,200,000 x 100

$2,000,000

= 160%

b. Ratio of liabilities to shareholders' equity

= Total liabilities x 100

Shareholders' equity

= $3,000,000 x 100

$5,000,000

= 60%

c. Asset turnover

= Sales

Total assets

= $18,750,000

$7,000,000

= 3 times

d. Return on total assets

= Net income x 100

Total assets

= $930,000 x 100

$7,000,000

= 13.29%

Explanation:

The ratio of fixed assets to long term liabilities equals fixed assets divided by long-term liabilities multiplied by 100.

Ratio of liabilities to stockholders' equity equals total liabilities divided by total stockholders' equity multiplied by 100. The total liability is equal to current liabilities plus long-term liabilities.

Asset turnover equals sales divided by total assets.

Return on total assets equals net income divided by total assets multiplied by 100.

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3 years ago

P12-1 (Algo) Preparing a Statement of Cash Flows (Indirect Method) LO12-1, 12-2, 12-4, 12-6 Sharp Screen Films, Inc., is develop

love history [14]

Answer:

Explanation:

Sharp Screen Films, Inc.

Statement of Cash Flows

For the Year Ended December 31, Current year

Cash flows from operating activities:

Net income $ 44,550.00

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense $ 14,450.00

Decease in accounts receivables $ 6,500.00

Increase in Inventory $ (5,350.00)

Decrease in accounts payable $ (10,200.00)

Decrease in wages payable $ (500.00)

$ 4,900.00

Net cash from Operating Activities $ 49,450.00

Cash flows from investing activities:

Purchase of Equipment $ (58,450.00)

Net cash from Investing Activities $ (58,450.00)

Cash flows from financing activities:

Repayment of notes payable $ (12,000.00)

Issue of Common stock $ 34,900.00

Dividends paid $ (12,050.00)

Net cash from Financing Activities $ 10,850.00

Net change in cash during the year $ 1,850.00

Add: Beginning cash balance $ 65,400.00

Ending cash balance $ 66,650.00

5 0

3 years ago

Item 15 write a function that represents the situation. find the balance a in the account after the given time period t. $2000 d

slega [8]

$fv=pv*(1+r)n^{2}$

pv = previous value =2,000

r =rate= .05/4

n= number of periods = 5*4=20

This is the formula.

4 0

3 years ago

A retail store has three departments, S, T, and U, and does general advertising that benefits all departments. Advertising expen

Andrew [12]

Answer: $22,500

Explanation:

First calculate the rate of allocation based on sales to determine how much of Department T's sales should be attributed to Advertising.

The Rate of Allocation based on Sales = Advertising Expense/Total sales

= 50,000/475,000

= 0.105263

= 10.5263%

This 10.5% can then be used to find out how much of Advertising to apportion to Department T based on department sales,

= Department sales * Allocation rate

= 213,750 * 10.5263%

= $22,500

$22,500 should be allocated to Department T.

8 0

4 years ago

On January 1, JC Co. accepted a 60-day, 6%, note in the amount of $10,000 from a customer. On March 2, the due date of the note,

sammy [17]

Answer:

Cash account in the amount of $10,100

Explanation:

The journal entry to be recorded for the receipt of payment is as:

Cash A/c.............................................Dr $10,100

Note receivable A/c...................Cr $10,000

Interest Revenue A/c..................Cr $100

Being recoded the receipt of payment

As payment is received so asset is increasing and any increase in asset is debited. Therefore, cash account is debited. And the note receivable got decrease will be credited and the interest revenue is also credited.

Computation of interest revenue is as:

Interest revenue = Amount × % of note × Days / Number of days in a year

= $10,000 × 6% × 60 / 360

= $100

Note: Assume 360 days in a year

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4 years ago