Assessment

Skysong Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, th

qwelly [4]

Answer:

a. Income Statement for the month of October 2022

Revenue:

Service revenue $19,540

Expenses:

Salaries and Wages $2,800

Supplies Expenses $360

Depreciation Expenses $260

Interest Expenses $350

Total Expenses $3,770

Net Income $15,770

b. Retained earnings statement for the month of October 2022

Retained Earnings, October 1, 2020 $0

Add: Net Income $15,770

Retained Earnings, October 31, 2020 $15,770

3 0

3 years ago

Deitz Corporation is projecting a cash balance of $33,300 in its December 31, 2019, balance sheet. Deitz’s schedule of expected

Kisachek [45]

Answer:

Deitz Corporation

Cash Budget

For the Quarter ended March 31, 2020:

Beginning balance $33,300

Cash Collections From Customers 205,350

Sale of Equipment 3,330

Total available cash $241,980

Cash Payments:

Direct materials $47,730

Direct labor 77,700

Manufacturing overhead 38,850

Selling & Administrative 49,950

Purchase of Securities 15,540 $(229,770)

Ending Balance $12,210

Minimum Balance 27,750

Shortfall $15,540

Explanation:

Deitz Corporation uses this Cash Budget which it has prepared to understand its financial needs for the next quarter. For example, with the minimum balance of $27,750 most likely based on past experience the corporation will start making arrangements for some outside funds to the tune of $15,540 or more to meet its cash needs for the first quarter.

7 0

3 years ago

A firm has a profit margin of 12 percent; total asset turnover of 0.55 and an equity multiplier of 2.2. What is the firm's ROA a

lutik1710 [3]

Answer:

ROA = 6.6%

ROE 14.52%

Explanation:

profit margin = net income / sale = 12%

assets turn over = sales / assets = 0.55

equity mutiplier = assets / equity = 2.2

ROE = return on equity = net income / equity

ROA = return on equity = net income / assets

we use the fraction properties to get ROE and ROA

$\frac{income}{sales} \times \frac{sales}{Assets} =\frac{income}{Assets} \\ 0.12 \times 0.55 = 0.066\\$

ROA = 6.6%

We apply the same property to get ROE

$\frac{income}{assets} \times \frac{assets}{equity} =\frac{income}{equity} \\ 0.066 \times 2.2 = 0.14252\\$

ROE = 14.52%

6 0

3 years ago

Marketing cannot be successful if the product is not what the customer wants or if the quality is low.

makvit [3.9K]

The answer it true.

8 0

3 years ago

Amounts withheld from employee's earnings for employee income tax is considered a _____ by the employer until the government is

Komok [63]

Amounts withheld from employee's earnings for the employee income tax is considered a liability by the employer until the government is paid

What is liability?

Liability means the obligation that one party owes another, whose settlement requires the indebted party to transfer cash or equivalent value of other benefits commensurate to the liability to the other party.

In this case, the employees owe the government income taxes, whereby the employees have discharged the obligation by having the employers deduct them from their earnings.

The onus is now on the employers to make payments in respect of the income taxes withheld to the tax authority, prior to which the taxes are treated as the employer's liability.

Find out more about liability on:brainly.com/question/17090843

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Missing options:

(A) assets. (B) liabilities. (C) salary expense. (D) revenue.

7 0

2 years ago