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Margaret [11]
3 years ago
13

The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the cur

rent year:
Advertising expense $1,374
Interest expense $1,360
Commissions expense 2,271
Interest revenue 1,464
Cost of goods sold 29,214
Rent revenue 6,957
Depreciation expense - office building 2,724
Salaries and wages expense—office 11,582
Income tax expense 1,586
Sales revenue 48,243
Insurance expense - salesperson’s auto 2,141
Supplies expense—office 921


Assume that Shaw Corporation classifies all operating expenses into two categories: (1) selling and (2) general and administrative.

Required:
Prepare a multiple-step income statement for the current year.
Business
1 answer:
Alenkinab [10]3 years ago
8 0

Answer:

so sry idk

Explanation:

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Use the following information to answer this... Use the following information to answer this question. Windswept, Inc. 2010 Inco
prisoha [69]

Answer:

The Quick ratio: 0.86:1

Explanation:

The question is completed first as follows:

Windswept, Inc. 2009 and 2010 Balance Sheets ($ in millions) 2009 2010 2009 2010 Cash $ 270 $ 300 Accounts payable $ 1,530 $ 1,485 Accounts rec. 1,080 980 Long-term debt 1,140 1,340 Inventory 1,930 1,755 Common stock $ 3,420 $ 3,370 Total $ 3,280 $ 3,035 Retained earnings 680 930 Net fixed assets 3,490 4,090 Total assets $ 6,770 $ 7,125 Total liab. & equity $ 6,770 $ 7,125 What is the quick ratio for 2010?

Solution:

The requirement is to use the given information to calculate Windswept Inc's Quick ratio for 2010.

Quick ratio: this represents the ability of an organisation's short term liquidity to cover and cater for its short term obligation. Basically, it looks at the ratio of the current assets of an organisation (those that can be quickly converted to cash) to meet the current liabilities.

The formula for quick ratio= Current Assets - Inventory / Current Liabilities

Windswept's quick ration = Cash + Accounts receivable / Accounts Payable (all for 2010)

= $300 + 980 / $1, 485

= $1,280/$1,485

= 0.86:1

This means that the current asset of the company can only cover its current obligations up to about 86%. This is the quick ratio.

5 0
3 years ago
Marriott Hotels has a customer-relationship management system whereby the preferences of regularcustomers are tracked and used t
motikmotik

Answer:

e. Responsiveness

Explanation:

Having in mind the building blocks of service quality, this example shows the responsiveness block.

It represents the eagerness of the company to proactively improve service according to customers' needs. In other words, it relates to how much the company is willing to help its customers or react to their potential inquiries for improvement.

Besides offering the basic service, Marriott Hotels carefully analyses the data that would help the company better cater to their customer base in the future.

8 0
3 years ago
Any point inside a production possibilities curve is:_____.
Anika [276]

Answer:

c

Explanation:

4 0
2 years ago
Huron Investments issues $1 million in 13.250% bonds maturing August 11, 2028. The bond is callable August 11, 2023 at a call pr
Whitepunk [10]

Answer:

Huron Investments issues $1 million in 13.250% bonds maturing August 11, 2028. The bond is callable August 11, 2023 at a call premium of 2.500%. August 11, 2023 the prevailing yield is 5.250%. If Huron Investments calls the entire issue and replaces it with 5.250% bonds also maturing August 11, 2028 then each semi-annual coupon payment will decrease by <u>$125,000</u>

Explanation:

Change in semi-annual coupon = (13% - 6.75%) x 4m / 2 = $125,000

6 0
3 years ago
Ralph Chase plans to sell a piece of property for ​$170000. He wants the money to be paid off in two ways monica ​short-term not
Crazy boy [7]

Answer:

amount paid at a rate of 9% = 90000

amount paid at a rate of 7% = 170000-90000=80000

Explanation:

We have given total amount = $170000

Let amount paid at rate of 9% is x

Then amount paid at a rate of 7% = 170000-x

We know that sum of individual interest will be equal to total interest

So 0.09\times x+(170000-x)0.07=13700

9x+1190000-7x=1370000

2x=180000

x=90000

So amount paid at a rate of 9% = 90000

And amount paid at a rate of 7% = 170000-90000=80000

3 0
2 years ago
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