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maw [93]
3 years ago
15

Marci Luner is going over the finances of her clothing boutique firm. If her firm has a net income of​ $131,000 and net sales of

​ $586,000, its profit margin is​ _______ percent.
Business
1 answer:
MaRussiya [10]3 years ago
6 0

Answer: The profit margin is 22.35 %

Explanation: The formula for profit margin is net profit/ income ÷ net sales.

As such, the profit margin is (131000 ÷ 586000) x 100 = 0.2235 * 100 = 22.35 %

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As manager of Kids Skids, Meghan wants to develop her relationship management skills. In order to do this, she learns how to
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3 0
3 years ago
In January 2020, the management of Sheridan Company concludes that it has sufficient cash to permit some short-term investments
monitta

Answer:

Sheridan Company

Adjusting Entries for reporting fair values of investments:

December 31, 2020:

Debit Investment in Muninger $333

Credit Unrealized Gains on Investment $333

To record the fair value of common stock investment.

Debit Unrealized Loss on Investment $700

Credit Investment in Tatman $700

To record the fair value of common stock investment.

Explanation:

a) Feb. 1, Muniger Common Stock  500 shares at $55  for $27,500

August 1, Sold                                  167 shares at $65 for  $10,855

December 31 Remaining at fair value, 333 shares at $56 for $18,648

Fair Value Gain = $1 x 333 shares = $333

b) Tatman Common Stock  700 shares for $17,500

March 1, Common Stock 700 shares at $25 for $17,500

December 31, Remaining at fair value, 700 shares at $24 for $16,800

Fair Value Loss = $1 x 700 = $700

c) Trading Investments are held for short-term purposes to take advantage of dividends and changes in the market price of the investments.  These securities are accounted for at fair value.  The requirement is that at the end of the accounting period, the fair value is determined and used to value the investment.  Unrealized Gains or Losses are recorded, depending on their fair values.  The gains or losses become realized when the investments are sold.

7 0
3 years ago
Eddie Zambrano Corporation began operations on January 1, 2017. During its first 3 years of operations, Zambrano reported net in
Oksanka [162]

Answer:

Eddie Zambrano Corporation

a. Retained Earnings Statement for the year ended December 31, 2020

Retained earnings, January 1, 2020 = $225,000

2020 Income after tax =                        $192,000

Prior period adjustment: understatement of 2018 depreciation expense (before taxes)                                        ($ 25,000)

Cumulative decrease in income from change in inventory methods (before taxes)                                        ($ 35,000)

Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2021)

                                                             ($100,000)

Total deductions =                                $160,000

Retained earnings, December 31       $257,000

b. With the restricted retained earnings in the amount of $70,000, dividends declared cannot exceed $62,000 ($100,000 - $38,000), therefore the Retained earnings in its December 31, 2020 balance sheet would be $295,000.

Explanation:

a) Data and Calculations:

        Net Income   Dividends Declared  Cumulative Retained Earnings

2017    $ 40,000         $ –0–                       $40,000 ($40,000)

2018     125,000            50,000                    115,000 ($40,000 + 75,000)

2019     160,000           50,000                   225,000 ($115,000 + 110,000)

2020 Income before tax = $240,000

Tax for 2020 (20%)                 48,000

2020 Income after tax =     $192,000

Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $ 25,000

Cumulative decrease in income from change in inventory methods (before taxes) $ 35,000

Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2021) $100,000

Total deductions = $160,000 ($25,000+35,000+100,000)

Retained earnings for 2020 = $32,000 ($192,000 - $160,000)

a. Retained Earnings Statement for the year ended December 31, 2020

Retained earnings, January 1, 2020 = $225,000

2020 Income after tax =                        $192,000

Prior period adjustment: understatement of 2018 depreciation expense (before taxes)                                        ($ 25,000)

Cumulative decrease in income from change in inventory methods (before taxes)                                        ($ 35,000)

Dividends declared (of this amount, $25,000 will be paid on Jan. 15, 2021)

                                                             ($100,000)

Total deductions =                                $160,000

Retained earnings, December 31       $257,000

b. With the restricted retained earnings in the amount of $70,000, dividends declared cannot exceed $62,000 ($100,000 - $38,000), therefore the Retained earnings in its December 31, 2020 balance sheet would be $295,000 ($257,000 + $38,000).

8 0
3 years ago
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