Answer:
The acquired cost of the equipment on July 1 is $85,132
Explanation:
The computation of the acquired cost is shown below:
= Cash + Net note payable amount
= $10,000 + $75,132
= $85,132
where,
Notes payable amount equals to
= Non-interest-bearing note payable - discounts on notes payable
= $100,000 - $24,868
= $75,132
For computing the accurate answer we have to deduct the discount from the note payable amount and then added to thee cash amount
Answer:
a. Contribution Margin = $21,200
Explanation:
Contribution margin = Sales Value - Variable Expenses
Here it is provided that
Sales for Jones = $40,000
Less: Variable Expenses
Cost of goods sols = ($4,800)
Variable Promotion costs = ($8,000)
Variable Sales Commission = ($6,000)
Net Variable Expenses = ($18,800)
Contribution Margin = $40,000 - $18,800 = $21,200
Answer:
The income statement, statement of stockholders' equity, and balance sheet for Longhorn Corporation is given below.
<u><em>The income statement</em></u>
Sales Revenue $ 67,700
COGS ($ 53,400)
Delivery expenses ($ 2,600)
Salary expenses ($ 5,500)
Net profit $ 6,200
<u><em></em></u>
<u><em>Balance Sheet</em></u>
Asset
Cash $ 1,200
Equipment $ 29,000
Building $ 40,000
Supplies $ 3,400
Total Assets $ 73,600
Equity
Common Stock $ 44,000
Retain earning $ 24,400
(18,200 + 6,200)
Liability
Account Payable $ 4,400
Salaries payable $ 8,00
Total Liabilities $ 73,600
<u><em>Statement of Stockholders</em></u>
Opening common Stock $ 40,000
Addition $ 4,000
Closing common Stock $ 44,000
Retain earning Opening $ 18,200
Net profit $ 6,200
Retain profit Closing $ 24,400
Total Equity $ 68,400
Answer:
$3,150
Explanation:
Data provided in the question
Number of shares owned = 15,000 shares
Dividend per share = $0.21
So, the total dividend received is
= Number of shares owned × Dividend per share
= 15,000 shares × $0.21 per share
= $3,150
We simply multiplied the number of shares owed with the dividend per share so that the total dividend could come