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quester [9]
2 years ago
5

Philip Morris expects the sales for his clothing company to be $670,000 next year. Philip notes that net assets (Assets − Liabil

ities) will remain unchanged. His clothing firm will enjoy a 9 percent return on total sales. He will start the year with $270,000 in the bank. What will Philip's ending cash balance be?
Business
1 answer:
shutvik [7]2 years ago
7 0

Answer:

the ending cash balance is $330,300

Explanation:

The computation of the ending cash balance is shown below:

Ending cash balance = Opening cash balance + Profit

= $270,000 + (9% × $670,000)

= $270,000 + $60,300

= $330,300

We simply added the opening cash balance and the profit so that the ending cash balance could come

Hence, the ending cash balance is $330,300

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Classify each of the following financial statement items based upon the major balance sheet classifications. select a major bala
seropon [69]

Answer:

Prepaid Advertising - Current Asset

Equipment - Property, Plant, and Equipment

Trademarks - Intangible Assets

Salaries and Wages payable - Current Liabilities

Income Tax payable - Current Liabilities

Retained Earnings - Stockholder's Equity

Account Receivable - Current Assets

Land (Held for future use) - Long term Investment

Patents - Intangible Asset

Bonds Payable - Long term Liability

Common Stock - Stockholder's Equity

Accumulated Depreciation -  Property, Plant, and Equipment

Unearned sales revenue - Current Liability

Explanation:

Balance Sheet of a company has different heads under which items are classified according to their nature. The major account heads for classification are Assets, Liabilities and Equity.

Prepaid Advertising and Account receivable are classified as current asset because this is expected to be used within a year.

Equipment is classified as Long term asset under the head, Property, Plant and Equipment. The equipment has estimated useful life more than a year then it is classified as Long term asset.

Trademarks and patents are classified as intangible assets, because they are not physical in nature.

Salaries and Wages payable, Income Tax payable and Unearned sales revenue are classified as Current liabilities. These expenses are due to pay within a year.

Retained Earnings and Common Stock are classified as Stockholders equity. The amount after subtracting all liabilities from total assets is referred to as Stockholder equity.

Accumulated depreciation is deducted from Property, Plant and Assets. This has negative sign and is a contra asset account.

5 0
3 years ago
In which business stage do you decide wether a business opportunity is a god fit for you personally
Kaylis [27]

Identify.

In the identify stage, you will determine if the opportunity fits your skills, interests, and goals.

4 0
3 years ago
On January 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what would be the amount of the
worty [1.4K]

Answer:

b. $1750

Explanation:

Provided that

Sale of the company = $87,500

Credit terms = 2% if payment is received within 10 days and the prescribed time limit is 30 days

The amount of the sales discount would be

= Sale of the company × discount percentage

= $87,500 × 2%

= $1,750

We simply multiplied the sale of the company with the discount percentage so that the sales discount could come

6 0
3 years ago
What does this article say about being on time ?
meriva

Answer:

About being on time, this article reveals:

1. Endeavour to take a practice trip the same time you leave for work in order to know what time you will arrive at work.

2. In order not be in a hurry and anxious, endeavour to arrive 15 minutes earlier. Also, don't arrive too early in order not to affect others.

Explanation:

The article gives advice and caution on how to get to work on time. The article seem to center on some work ethics tips for the newly employed. It reveals how to get to work on time, preparing your clothes, checking your hygiene and preparing quality questions for your boss.

5 0
3 years ago
Zortek Corp. budgets production of 380 units in January and 270 units in February. Each finished unit requires four pounds of ra
SOVA2 [1]

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Zortek Corp. budgets production of 380 units in January and 270 units in February. Each finished unit requires four pounds of raw material Z, which costs $3 per pound. Each month’s ending inventory of raw materials should be 50% of the following month’s budgeted production. The January 1 raw materials inventory has 190 pounds of Z.

Prouction January= 380 units*4 pounds= 1520 punds

Production Febreaury= (270*4pounds)/2= 540 pounds

Initial inventory= 190 pounds (-)

Purchase= 1870 pounds

3 0
3 years ago
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