The date of record for cash dividends is

Higado Confectionery Corporation has a number of store locations throughout North America. In income statements segmented by sto

lubasha [3.4K]

Answer:

c. the cost of corporate advertising aired during the Super Bowl.

Explanation:

Financial statements show the financial position of a business for a given period, and the income statement compares revenue and expenses to get profitability of a business at a particular time.

Higado Confectionery Corporation has a number of store locations throughout North America. Since there is segmented income statement per store items like store manager salaries, store building depreciation expense and cost of goods sold at each store will appear in individual statements.

However when there is a corporate advertisement at the Superbowl all of the stores jointly benefit, so there will be a representation of this cost on all their income statements.

5 0

3 years ago

An invoice, with payment terms of 6/10, n/30, was issued on april 28 for $230.00. if the payment was made on may 12, the amount

meriva

The amount of the payment on May 12 will be the full amount of $230.00

6/10 n/30 means a 6% discount <em>if </em>paid within 10 days and the net amount is due within 30 days. Since the payment was made after 10 days there would be no discount, just the full amount due.

6 0

3 years ago

Land was acquired in 2021 for a future building site at a cost of $41,500. The assessed valuation for tax purposes is $28,200, a

alexira [117]

Answer:

The land should be reported in the financial statements at $41,500

Explanation:

The company will report the asset value in the financial statements as their original purchase price of $40,300. Under Historical cost principle, the price of an asset on the balance sheet is always based on the original cost when the company purchased the asset. It follows the Generally Accepted Accounting Principles (GAAP) which is widely accepted. Therefore the land is reported in the financial statements at its purchase value of $41,500

8 0

3 years ago

Cash Acme Company Balance Sheet As of January 5, 2021 (amounts in thousands) 13,700 Accounts Payable 3,200 Debt 5,100 Other Liab

IgorC [24]

Answer:

Acme Company

1. Acme Company

Balance Sheet

As of January 6, 2021 (amounts in thousands)

Cash 13,819

Accounts Receivable 3,188

Inventory 5,100

Property Plant & Equipment 15,445

Other Assets 800

Total Assets 38,352

Liabilities and Equity:

Accounts Payable 2,000

Bank Payable 67

Debt 3,600

Other Liabilities 900

Total Liabilities 6,567

Equity:

Paid-In Capital 7,285

Retained Earnings 24,500

Total Equity 31,785

Total Liabilities & Equity 38,352

2. The final amount in Accounts Payable remains $2,000,000, but the Bank Payable increased from zero to $67,000.

Explanation:

a) Data and Calculations:

Acme Company

Balance Sheet

As of January 5, 2021 (amounts in thousands)

Cash 13,700

Accounts Receivable 3,200

Inventory 5,100

Property Plant & Equipment 15,400

Other Assets 800

Total Assets 38,200

Liabilities and Equity:

Accounts Payable 2,000

Debt 3,600

Other Liabilities 900

Total Liabilities 6,500

Equity:

Paid-In Capital 7,200

Retained Earnings 24,500

Total Equity 31,700

Total Liabilities & Equity 38,200

Transaction Analysis:

1. Cash $12 Accounts receivable $12

2. Equipment $45 Cash $45

3. Cash $85 Paid-in Capital $85

4. Cash $67 Bank payable $67

Cash

Beginning balance 13,700

Accounts receivable 12

2. Equipment (45)

3. Paid-in Capital 85

4. Bank payable 67

Ending balance 13,819

4 0

3 years ago

Sadar Company operates a store with two departments: videos and music. Information about those departments follows. Videos Depar

worty [1.4K]

Answer:

Sadar Company

1. Departmental Contribution and Net Income:

Videos Department Music Department

Sales $370,500 279,500

Cost of goods sold 320,000 175,000

Contribution $ 50,500 104,500

Direct expenses:

Salaries 35,000 25,000

Maintenance 12,000 10,000

Utilities 5,000 4,500

Insurance 4,200 3,700

Indirect expenses:

Advertising 8,550 6,450

Salaries 16,200 10,400

Office expenses 2,000 1,200

Total expenses: $82,950 61,250

Net Income (Loss) $(133,450) 43,250

2. Video Department should be eliminated from the profit point of view. Its indirect costs of $26,750 can be absorbed by the Music Department.

Explanation:

a) Data and Calculations:

Videos Department Music Department

Sales $370,500 279500

Cost of goods sold 320000 175000

Direct expenses:

Salaries 35,000 25000

Maintenance 12000 10000

Utilities 5000 4500

Insurance 4200 3700

Indirect expenses:

Advertising 8,550 6,450

Salaries 16,200 10,400

Office expenses 2,000 1,200

Indirect Costs:

Advertising 15000 Sales

Salaries 27000 Number of employees

Office expenses 3,200 Square footage

Department Square footage Number of employees

Videos 5,000 3

Music 3,000 2

Indirect Costs Allocation:

Videos Department Music Department

Sales $370,500 279,500

Advertising 15000 8,550 6,450

Sales

Salaries 27000 16,200 10,400

Number of employees

Office expenses 3,200 2,000 1,200

Square footage

4 0

3 years ago