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Andru [333]
3 years ago
7

On August 5, 2021, Blossom Furniture shipped 50 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set

was $220 each. The cost of shipping the dining sets amounted to $1850 and was paid for by Blossom Furniture. On December 30, 2021, the consignee reported the sale of 40 dining sets at $720 each. The consignee remitted payment for the amount due after deducting a 5% commission, advertising expense of $470, and installation and setup costs of $650. The total profit on units sold for the consignor is
Business
1 answer:
Gennadij [26K]3 years ago
5 0

Answer:

$15,960

Explanation:

The total profit on units sold for the consignor:

= Sales Value - Cost of Goods Sold - Shipping Expenses - Commission - Advertising Expenses - Installation and setup costs

= (40 × $720) - (40 × $220) - [$1,850 × (40/50)] - ($28,800 × 5%) - $470 - $650

= $28,800 - $8,800 - $1,480 - $1,440 - $470 - $650

= $15,960

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You are saving for retirement. To live​ comfortably, you decide you will need to save $ 2 million by the time you are 65. Today
djyliett [7]

Answer:

Annual deposit= $12,473.70

Explanation:

Giving the following information:

Final value= $2,000,000

Number of years= 37

Interest rate= 7%

To calculate the annual deposit required to reach the final value. We need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= {2,000,000*0.07)/ [(1.07^37) - 1]

A= $12,473.70

5 0
3 years ago
The W.C. Pruett Corp. has $800,000 of interest-bearing debt outstanding, and it pays an annual interest rate of 8%. In addition,
statuscvo [17]

Answer:

1. TIE ratio = EBIT / Interest expense

EBIT = [ (Annual sales x profit margin) / (1 - tax rate) ] + Amount of debt x interest rate

= [ ($2,880,000 x 3%) / (1 - 0.30) ] + $800,000 x 8%

= 187428.57143

= $187,428.57

TIE ratio = $187,428.57 / ($800,000 x 8%)

TIE ratio = $187,428.57 / $64,000

TIE ratio = 2.92857

TIE ratio = 2.93

2. ROIC = [ EBIT x (1 - tax rate) ] / (Amount of debt + common stock)

= [$187428.57  x (1 - 0.30) ] / ($800,000 + $600,000)

= 0.093714285

= 9.37%

3 0
3 years ago
"when you buy a piece of equipment for a company, what is the impact on the three financial statements?"
Dvinal [7]

There are three main financial statements that can be affected by buying a piece of equipment for a company.

They are: (1) balance sheets; (2) income statements; and  (3) cash flow statements

Balance sheets show what a company owns and what it owes at a fixed point in time so buying a piece of equipment will show an increase in the  company’s assets and decrease in cash  Income statements which shows how much money a company made and spent over a period of time will report an increase in the expenses resulting to a lower net income.  

Cash flow statements which show a decrease in net cash due to buying of the equipment.

5 0
3 years ago
Sales of denim shorts and denim jeans for may totaled $1,955. the shorts sold for $15 each, and the jeans sold for $28 per pair.
Vesnalui [34]
Number of shorts sold=xnumber of Jeans sold =y 100 items were sold x +y=100         eq 1x=100-y  The shorts sold for $15 each, and the jeans sold for $28 per pair.Sales of denim shorts and denim jeans for May totaled $1,955.  15x+28y=1955    eq 2

 substitute the value of x in second equation 15(100-y) +28y=1955 1500-15y+28y=1955 13y=455 y=35 x=100-35=65 Number of shorts sold=x=65
number of Jeans sold =y=35
7 0
3 years ago
Todd has accumulated assets of $550,000 that he wishes to dedicate to his retirement. Inflation is anticipated to average 2% ove
Mama L [17]

Answer:

Explanation:

Present Value (P) =550,000

Future Value (S) = ?

Interest rate (i)=5%

Period (n)=15years

S=P(1+i)^n

S=550,000(1+.05)^15

S=1,143,410

8 0
2 years ago
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