What are aquatic habitat

Sinclair Manufacturing Company experienced the following accounting events during its first year of operation. With the exceptio

matrenka [14]

Answer:

Please see the attached image for the Horizontal Financial Statements of Sinclair Manufacturing Company.

Explanation:

5. FURNITURE - Straight Line Method

Book Value of Furniture = Cost of Acquisition - Residual Value

Cost of Acquisition = $9,600

Residual Value = $1,600

Book Value of Furniture = $9,600 - $1,600

Book Value of Furniture = $8,000

Useful Life = 4 years

Depreciation Expense = $8,000 / 4 years

Depreciation Expense = $2,000 per year

6. EQUIPMENT - Straight Line Method

Book Value of Equipment = Cost of Acquisition - Residual Value

Cost of Acquisition = $16,000

Residual Value = $1,000

Book Value of Furniture = $16,000 - $1,000

Book Value of Furniture = $15,000

Useful Life = 5 years

Depreciation Expense = $15,000 / 5 years

Depreciation Expense = $3,000 per year

6 0

4 years ago

What do banks usually offer in order to encourage you to put money in a savings account

olya-2409 [2.1K]

They want you to use their banks and save money

6 0

4 years ago

Read 2 more answers

Exercise 23-4 Turney Company produces and sells automobile batteries, the heavy-duty HD-240. The 2017 sales forecast is as follo

mrs_skeptik [129]

Answer:

$\left[\begin{array}{cccccc}&Q1&Q2&Q3&Q4&Total\\$Sales&5,100&7,100&8,100&10,100&30,400\\$Ending Inventory&2,840&3,240&4,040&2,550&-\\$Producction Needs&7,940&10,340&12,140&12,650&43,070\\$Beginning&(2,040)&(2,840)&(3,240)&(4,040)&-\\$Punits to be produced&5,900&7,500&8,900&8,610&30,910\\\end{array}\right]$

Explanation:

$\left[\begin{array}{cccccc}&Q1&Q2&Q3&Q4&Total\\$Sales&5,100&7,100&8,100&10,100&30,400\\$Ending Inventory&2,840&3,240&4,040&2,550&-\\$Producction Needs&7,940&10,340&12,140&12,650&43,070\\$Beginning&(2,040)&(2,840)&(3,240)&(4,040)&-\\$Punits to be produced&5,900&7,500&8,900&8,610&30,910\\\end{array}\right]$

ending inventory

Q1 = q2 sales x 40% = 7,100 x 40% = 2,840

Q2 = q3 sales x 40% = 8,100 x 40% = 3,240

Q3 = q4 sales x 40% = 10,100 x 40% = 4,040

Q4 = q1 next year x 40%

next year will be 25% than q1 of current year

Q4 = Q1 sales x 1.25 x 40% = 2,550

beginning of Q1 is a given 2,040. Then:

ending of Q1 = beginning of Q2 (when a quarter ends, another begins)

ending of Q2 = beginning of Q3

ending of Q3 = beginning of Q4

The sales plus the desired ending inventory will be all the units needed for the period.

Our beginning inventory subtract out productions needs, as those units are already in stock, we don't need to produce them.

6 0

3 years ago

CHEGG At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash $ 6,900 Inventory 15,000 Lan

Maru [420]

Answer:

a) I used an excel spreadsheet to record the T-accounts

the closing entries would be:

Dr Sales revenue 12,100

Dr Purchase discounts 48

Dr Interest revenue 600

Dr Gain on sale of land 1,500

Cr Income summary 14,248

Dr Income summary 8,512

Cr Cost of goods sold 6,450

Cr Sales returns 1,680

Cr Sales discounts 242

Cr Distribution costs 140

Dr Income summary 5,736

Cr Retained earnings 5,736

b) Redd Company

Income Statement

For the year ended December 31, Year 2

Revenues:

Sales revenues $12,100
Sales returns ($1,680)
Sales discounts ($242) $10,178

Cost of goods sold ($6,450)

Gross profit $3,728

Expenses:

Distribution costs ($140) ($140)

Operating income $3,588

Other sources of income:

Gain on sale of land $1,500
Interest revenue $600 $2,100

Net income before taxes $5,688

Explanation:

Download pdf

5 0

4 years ago

Suppose a college economics department decides to use a single economics text for all sections of principles of economics. Also

loris [4]

Answer:

idk

Explanation:

4 0

3 years ago

What are aquatic habitat​

What are aquatic habitat