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2 years ago

Cheese Factory Incorporated reported the following information for the fiscal year ended August 31, 2015.

Business

1 answer:

Slav-nsk [51]2 years ago

6 0

Answer:

CHEESE FACTORY INCORPORATED

Income Statement

For the Year Ended August 31, 2015

Revenues:

Sales revenue $1,738,000

Total revenue $1,738,000

Expenses

Salaries and wages expense $975,000

Office expenses $115,000

Utilities expense $550,000

Total expenses $1,640,000

Net income $98,000

CHEESE FACTORY INCORPORATED

Statement of Retained Earnings

For the Year Ended August 31, 2015

Retained earnings, beginning $414,000

Add: Net income $98,000

Less: Dividends $14,000

Retained earnings, ending $498,000

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True or false: Accumulated Depreciation is a contra-account to a long-lived asset account, such as Equipment. This means that it

GrogVix [38]

Answer:FALSE

Explanation: Accumulated depreciation is a negative account (contra-account) which Describes the total depreciation amount allotted to an asset since it is put into use. Accumulated depreciation is not added to the balance of the long lived asset in the balance sheet.

When an organization prepares it's balance sheet,it ensures that the depreciation schedule is recorded for all it's assets ensuring that both the cost of the equipment and it's depreciation is documented accordingly. Accumulated depreciation reduces the value of the assets in the balance sheet when added.

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3 years ago

Bob got a 30 year Fully Amortizing FRM for $1,500,000 at 4%, except with non-constant payments. For the first 2 years Bob will p

ikadub [295]

Answer:

$1,593,535.83

Explanation:

Future Value of mortgage determines the future value of a mortgage after payments have been made, at a regular frequency, charged a regular rate of interest, compounded at payment dates.

DATA

PV = $1,500,000

N = 24

r = 0.04/12

PMT = $1250

FV =?

Solution

PV = (PMT/r)*[1 – 1/(1 + r)^N] + FV/(1 + r)^N

1,500,000 = (1250/(0.04/12)) * (1 – 1/(1 + 0.04/12)^24) + FV/(1 + 0.04/12)^24

1,500,000 = 28785.31353687 + 0.92323916 FV

FV = (1,500,000 - 28785.31353687)/ 0.92323916

FV = $1,593,535.83

5 0

3 years ago

Windsor, the owner of Windsor's Sandwiches contacts a new supplier Gary. He tells Gary that he will pay him $375 if Gary deliver

adelina 88 [10]

Answer:

Bilateral Contract

Explanation:

A bilateral contract is an agreement between two parties in which each side agrees to fulfill his or her side of the bargain.

The bilateral contract is the most common kind of binding agreement. Each party is both an obligor (a person who is bound to another) to its own promise, and an obligee (a person to whom another is obligated or bound) on the other party's promise. A contract is signed so that the agreement is clear and legally enforceable.

In this case Windsor promises to pay $375 and Gary promises to deliver 20 pounds of cheese.

4 0

3 years ago

Que es la macroeconomia

ipn [44]

Answer:

La macroeconomía es una rama de la economía que se ocupa del desempeño, la estructura, el comportamiento y la toma de decisiones de una economía en su conjunto. Esto incluye economías regionales, nacionales y globales.

En palabras sencillas;

La macroeconomía es la rama de la economía que estudia el comportamiento y el desempeño de una economía en su conjunto.

Explanation:

4 0

3 years ago

Daniels Transport has operating income of $68,200, interest expense of $210, dividends paid of $320, depreciation of $12,400, ot

Kisachek [45]

Answer:

Option (a) is correct.

Explanation:

Given that,

Operating income = $68,200

Interest expense = $210

Dividends paid = $320

Depreciation = $12,400

Other income = $2,100

common stock = $48,500 with a par value of $1 per share

Retained earnings = $29,700

Income before taxes:

= Operating income - Interest expense + Other income

= $68,200 - $210 + $2,100

= $70,090

Net income:

= Income before taxes - Taxes at 21%

= $70,090 - ($70,090 × 21%)

= $70,090 - $14,719

= $55,371

Shares of common stock outstanding:

= Common stock ÷ Par value per share

= $48,500 ÷ $1

= 48,500 shares

Earnings per share:

= (Net income - Preferred dividend) ÷ Shares of common stock outstanding = ($55,371 - 0) ÷ 48,500

= $1.14 per share

Therefore, the earnings per share if the tax rate is 21 percent is $1.14.

3 0

3 years ago