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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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A scientist needs 80 liters of a 30% solution of alcohol. She has a 20% solution and a 60% solution available. How many liters o
lana [24]
80 times .30= .20x +.60(80-x)
24=.20x+48-.60x
Subtract 48 from both sides
-24=-.40x
Divide both sides by-.40
X= 60
60 liters of 20%
8 0
2 years ago
Hubert lives in San Diego and runs a business that sells guitars. In an average year, he receives $701,000 from selling guitars.
erica [24]

Answer:

Explicit costs are the monetary costs that a business incurs when it makes a payment, either in the form of wages, or taxes, or to manufacturers, etc.

Implicit costs are the opportunity costs that arise when businesses give up on other options when making a choice. They are not represented by any actual payments.

In this case, we have the following explicit costs:

$420,000 paid to the manufacturer

$247,000 paid in wages and utility bills

And we have the following implicit costs:

$9,000 in rent per year if Hubert rented out the local

$32,000 per year if Hubert worked as a financial advisor

5 0
3 years ago
On May 1, Soriano Co. reported the following account balances along with their estimated fair values:
s2008m [1.1K]

Answer:

Receivables (Dr.) $143,600

Inventory (Dr.) $76,400

Copyrights (Dr.) $577,000

Patented Technology (Dr.) $913,000

Goodwill (Dr.) $32,800

Current Liability (Cr.) $197,000

Long term liability (Cr.) $658,300

Cash (Cr.) $845,000

Contingent Consideration (Cr.) $42,500

Professional Fee Expense (Dr.) $141,000

Cash (Cr.) $141,000

Paid of Investment banking firm

Explanation:

Total of Assets 1,710,000

Total of Liabilities 855,300

Net Assets 854,700

Total Fair value of identifiable Assets 854,700

Fair value of contingent Liability 42,500

Consideration Paid as Cash 845,000

Good will $32,800

6 0
2 years ago
Darren has borrowed $100$ clams from ethan at a $10\%$ simple daily interest. meanwhile, fergie has borrowed $150$ clams from ge
Oxana [17]

Answer:

20

Explanation:

start doing math

7 0
2 years ago
A reduction in U.S net exports would shift U.S. aggregate demand a. leftward. In an attempt to stabilize the economy, the govern
dimulka [17.4K]

Answer:

A reduction in U.S net exports would shift U.S. aggregate demand goes d. leftward. In an attempt to stabilize the economy, the government could decrease expenditures.

Explanation:

Decrease in net exports shifts the AD curve leftward and to stabilize the economy government should cut taxes.

8 0
3 years ago
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