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3 years ago

Why is it important to select the right project before you begin working?

1 answer:

3 0

Because otherwise you could've wasted all of your time working on something you didn't even need to work on which could cause late or overdue assignments, bad grades, and falling behind.

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We are given the following information for the Pettit Corporation.

lilavasa [31]

Answer:

See below

Explanation:

a. Accounts receivables

= Sales / Receivables turnover

= $3,549,000 / 7x

= $507,000

b. Marketable securities

= Current assets - (Cash + Accounts receivable + Inventory)

Where;

Current asset = Current ratio × Current liabilities

Current asset = 2.95 × $788,000

Current asset = $2,348,240

Hence,

Marketable securities

= $2,348,240 - ($179,000 + $507,000 + $911,000)

= $2,348,240 - $1,597,000

= $751,240

c. Fixed assets

Total assets = Current assets + Fixed assets

$2,535,000 = $2,348,240 + Fixed assets

Fixed assets = $2,535,000 - $2,348,240

Fixed assets = $186,760

d. Long term debt

= Total debt - Current liabilities

Where,

Total debt = Debt to assets × Total assets

= 40% × ($3,549,000 / 1.40)

= 40% × $2,535,000

= $1,014,000

Hence,

Long term debt

= $1,014,000 - $788,000

= $226,000

3 0

3 years ago

Sheridan Company originally issued 4800 shares of $10 par value common stock for $144000 ($30 per share). Sheridan subsequently

Monica [59]

Answer:

Following journal entries would be recorded:

Cash A/C Dr. $144000

To Common Stock (4800 shares × 10) 48000

To Paid in capital A/C (4800 shares × 20) 96000

(Being issue of common stock recorded)

Treasury Stock A/C (470 × 25) Dr. 11750

To Cash A/C 11750

(Being purchase of 470 shares recorded)

Cash A/c (470 shares × 30) Dr 14100

To Treasury Stock A/C (470 × 25) 11750

To Paid in capital from treasury stock 2350

(Being sale of treasury stock being recorded)

6 0

4 years ago

The company had 1,600 shares of 3.0%, $100 par value preferred stock outstanding that paid a cumulative dividend. The amount of

daser333 [38]

Answer:

C. $2600

Explanation:

First, the complete question is as follows:

Curtain Co. paid dividends of $4,000; $5,000; and $8,000 during Year 1, Year 2, and Year 3, respectively. The company had 1,600 shares of 3.0%, $100 par value preferred stock outstanding that paid a cumulative dividend. The amount of dividends received by the common shareholders during Year 3 would be:

A. $4800

B. $1000

C. $2600

D. $800

Solution

First, what is the yearly dividend for the preferred stock

= (The Number of shares x Par value) x 3%

= (1600 shares x $100) x 0.03

= $4,800

Use this value to determine the schedule of Preferrence dividend as follows:

Year 1: Preferred dividend = $4,000,

Preferred dividend in arrears for year 1 = Yearly dividend - paid dividend in year 1

= $4,800 - $4,000 = $800

Year 2: Preferred dividend = $5000

Preferred dividend in arrears for year 2= $4,400 + $800 -$5,000 = $600

year 3: Preferred Dividend = Yearly dividend + dividend in arrears from year 2

= $600 + $4,800 = $5,400

Therefore, the dividends available to common stockholders = $8,000- $5,400 = $2,600

4 0

3 years ago

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Learned Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 5.30 Direct labor $

Sonja [21]

Answer:

$119,200

Explanation:

The Absorption Costing method is recommended by GAAP or IFRS for financial reporting instead of Variable Costing method.

Thus to calculate product costs under absorption costing, we add the total of all manufacturing costs (Variable and Fixed),

Non - Manufacturing costs are treated as Period Costs which are expensed in the Income Statement.

Direct materials ($ 5.30 x 8,000 units) $42,400

Direct labor ($ 3.75 x 8,000 units) $30,000

Variable manufacturing overhead ($ 1.35 x 8,000 units) $10,800

Fixed manufacturing overhead $ 36,000

Total Product Cost $119,200

therefore,

The total amount of product costs incurred to make 8,000 units is $119,200.

5 0

3 years ago

Perfect competition has _____ sellers. no one many

Maru [420]

A perfect competition is a type of market, in which there are many sellers and buyers who has fuul knowledge of the market. All element of monopoly (one man seller or buyer) is eliminated and the market price of a commodity is not controled by any individual buyer or seller.

5 0

4 years ago

Read 2 more answers