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Travka [436]
3 years ago
11

The comparative balance sheet of ConnieJo Company, for December 31, Years 1 and 2 ended December 31 appears below in condensed f

orm: Year 2 Year 1 Assets Cash $45,000 $53,500 Accounts receivable (net) 51,300 58,000 Inventories 147,200 135,000 Investments 0 60,000 Equipment 493,000 375,000 Accumulated depreciation—equipment (113,700) (128,000) Total Assets $622,800 $553,500 Liabilities and Stockholders' Equity Accounts payable $61,500 $42,600 Bonds payable, due Year 4 0 100,000 Common stock, $10 par 250,000 200,000 Paid-in capital in excess of par—common stock 75,000 50,000 Retained earnings 236,300 160,900 Total liabilities and stockholders' equity $622,800 $553,500 The income statement for the current year is as follows: Sales $629,700 Cost of goods sold 341,800 Gross profit $287,900 Operating expenses: Depreciation expense $24,700 Other operating expenses 75,300 Total operating expenses 100,000 Income from operations $187,900 Other income: Gain on sale of investment $5,000 Other expense: Interest expense 12,000 (7,000) Income before income tax $180,900 Income tax 64,100 Net income $116,800 Additional data for the current year are as follows: a. Fully depreciated equipment costing $39,000 was scrapped, no salvage, and equipment was purchased for $157,000. b. Bonds payable for $100,000 were retired by payment at their face amount. c. 5,000 shares of common stock were issued at $15 for cash. d. Cash dividends declared were paid $41,400.

Business
1 answer:
Sophie [7]3 years ago
8 0

Answer:

Kindly check attached picture

Explanation:

Kindly check attached picture for detailed statement using the direct method

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On December 31, 2017, Coolwear, Inc. had a balance in its prepaid insurance account of $48,400. During 2018, $86,000 was paid fo
Liula [17]

Answer:

$92,400

Explanation:

Coolwear incorporation has a balance in its prepaid insurance account of $48,400

In 2018, $86,000 was paid for insurance

At the end of 2018, the balance was $42,000 after adjusting entries were recorded

Therefore the insurance expense for 2018 can be calculated as follows

= $48,400 + $86,000-$42,000

= $134,400-$42,000

= $92,400

Hence the insurance expense for 2018 is $92,400

4 0
3 years ago
Prometheus Corp. is a large-scale manufacturer of consumer electronic gadgets. As part of its performance management system, Pro
myrzilka [38]

Answer: Critical success factors (CSFs)

 

Explanation:

 The critical success factor is one of the management element that helps in achieving the organizational main goals and their mission in an organization.

The main aim of the critical success factor is that it helps in evaluating all the key factor in the company for increase the performance and also helps in accomplishing the given task.

 According to the given scenario, the Prometheus corporation is one of the large electronic manufacturing firm and each employee of this company contributing in the profits as it is categorized as critical success factor.

 Therefore, Critical success factors (CSFs) is the correct answer.  

6 0
3 years ago
Walker Company prepares monthly budgets. The current budget plans for a September ending merchandise inventory of 27,000 units.
Irina-Kira [14]

Answer:

------- JULY AUGUST. SEPTEMBER

Sales 210,000. 300,000 270,000

Ending. 45,000. 40,500. 27,000

total

required. 255,000. 340,500. 297,000

Beginning (31,500) (45,000) (40,500)

purchase 223,500. 295,500. 256,500

Explanation:

the ending would be next month sales times 15%

July ending

August sales x 15%

300,000 x 15% = 45,000

August Ending

September sales x 15%

270,000 x 15% = 40,500

September Ending

October sales x 15%

180,000 x 15% = 27,000

we will add the sales and the desired ending to get the total required for each month

last step we subtract the beginning inventory for each month, as those units are already there and don't need to purchased.

the ending of one month will be the beginning of the next month.

July ending is August beginning

August ending is September beginning

6 0
3 years ago
Change Corporation expects an EBIT of $57,000 every year forever. The company currently has no debt, and its cost of equity is 1
Deffense [45]

Answer:

a) $337,615.38

b-1) $360,910.85

b-2) $415,266.92

c-1) $362,637.36

c-2) $438,461.54

Explanation:

a) To find the current value of the company, we have:

\frac{57,000*(1 - 0.23)}{0.13}

= \frac{57,000*0.77}{0.13}

= $337,615.38

b-1) If the company takes on debt equal to 30 percent of its unlevered value.

337,615.38 + (0.23 * 337,615.38 * 0.30)

= $360,910.85

b-2) When the company can borrow at 10 percent. The value of the firm if the company takes on debt equal to 100 percent of its unlevered value will be:

337,615.38 + (0.23 * 337,615.38 * 1)

= $415,266.92

c-1) The value of the firm if the company takes on debt equal to 30 percent of its levered value:

\frac{337,615.38} {(1 - 0.23) * 0.30}

= $362,637.36

c-2) The value of the firm if the company takes on debt equal to 100 percent of its levered value:

\frac{337,615.38} {(1 - 0.23) * 0.1}

= $438,461.54

5 0
3 years ago
If a salesperson sells 34 pairs of jeans, 126 t-shirts, and 40 jackets, what fraction of the total number of items sold do the j
tino4ka555 [31]

Answer:

1/5

Explanation:

34 + 126 + 40 = 200

40 jackets so 40/200

40/200 = 1/5 or one fifth

8 0
2 years ago
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