1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
german
3 years ago
6

Jack Corporation uses horizontal analysis to compare its income statement from year to year. Jack Corporation reported the follo

wing data last year as well as the percent change when compared to the current year:
Total Last Year % Change in Current Year
Sales Revenue $600,000 7.00%
Cost of Goods Sold $180,000 1.00%
Gross Profit $420,000

What is the Cost of Goods Sold in the current year?

A. $657,600
B. $560,748
C. $642,000
D. $42,000
Business
1 answer:
fredd [130]3 years ago
6 0

Answer:

Current year cost of goods sold is $181,800.

Explanation:

The current year cost of goods sold is calculated as follows:

Current year cost of goods sold = Last year cost of goods sold + Current year change

= $180,000 + ($180,000 * 1%)

= $180,000 + $1,800

= $181,800

Therefore, current year cost of goods sold is $181,800.

You might be interested in
2. Explain the strengths of a sole proprietorship and wn
adoni [48]

Explanation:

strengths:

1. He or she enjoys all the profit

2. easy to start up

3. decision making is quick

4.he or she can vary the hours of work

weakness:

1.there is lack of finance

2. lack of specialised staff

3.the owner bears all the risk

4.there is unlimited liability

who might start a sole proprietor business

1. a person that wants to be their own boss.

2.extra income.

3.the entrepreneur might think he will make more money working for his self than others.

6 0
3 years ago
sharp screen films, inc., is developing its annual financial statements at december 31, current year. the statements are complet
gavmur [86]

Financial statements are written records that outline a company's operations as well as its financial success. Government organizations, accounting firms, and other entities frequently audit financial statements to assure their accuracy and for reasons related to taxes, financing, or investment. The balance sheet, income statement, cash flow statement, and statement of changes in equity are the four basic financial statements used by for-profit organizations. Nonprofit organizations employ a comparable but distinct set of financial statements.

                                                              SHARP SCREEN FILMS, INC.    

                                                                Statement of Cash Flows    

                                    For the Year Ended December 31, Current year

Cash flows from operating activities:          

Net income                                                                 46050      

Adjustments to reconcile net income to net cash provided by operating activities:          

Depreciation expense                                 13650        

Decrease in accounts receivable                  7200        

Increase in merchandise inventory         -4850        

Decrease in accounts payable               -10200        

Decrease in wages payable                            -400            5400      

                                                                                     51450      

Net cash provided by operating activities          

Cash flows from investing activities:          

Cash payments to purchase fixed assets -58950        

Net cash used in investing activities                              -58950      

Cash flows from financing activities:          

Cash payments on long-term note          -10900        

Cash payments for dividends                 -13950        

Cash receipts from issuing stock                  33400        

Net cash provided by financing activities                         8550      

Net increase in cash during the year                                 1050      

Cash balance, January 1, current year                                 63900      

Cash balance, December 31, 2015 current year                64950      

Financial information is used by analysts and investors to assess a company's performance and forecast the course of its stock price in the future. The company's annual report, which includes its financial statements, is among the most significant sources of trustworthy and audited financial data.

Investors, market analysts, and creditors analyze the financial statements to assess the strength of a company's finances and future profits potential. The statement of cash flows, income statement, and balance sheet are the three main financial statement reports.

Learn more about financial statements here

brainly.com/question/24296949

#SPJ4

4 0
2 years ago
Setterstrom Company established a petty cash fund on May 1, cashing a check for $100. The company reimbursed the fund on June 1
topjm [15]

Answer:

Following are the journal entries for Setterstrom Company;

<u>May 01</u>

Debit: Petty cash  = $100.00

Credit: Cash = $100.00

<u>Jun 01 </u>

Debit: Delivery Expense  = $31.25

Debit: Postage Expense  = $39.00

Debit: Miscellaneous Expense  = $25.00

Debit: Cash over/short (Balance amount)  = $3.00

Credit: Petty Cash ($100 - $1.75)  = $98.25

<u>Jul 01</u>

Debit: Delivery expense  = $21.00

Debit: Entertainment expense = $51.00

Debit: Miscellaneous expense = $24.75

Credit: Petty Cash ($100 - $3.25) =  $96.75

<u>Jul 10 </u>

Debit: Petty cash  = $30.00

Credit: Cash = $30.00

8 0
3 years ago
Which of the following is a true statement about a marketing plan?
4vir4ik [10]
The right answer for the question that is being asked and shown above is that: " Changes to the marketing plan are acceptable, but only in the earliest stage." Marketing plans <span>are business activities involved in accomplishing specific </span>marketing<span> objectives within a set time frame.</span>
8 0
3 years ago
Pretty Lady Cosmetic Products has an average production process time of 40 days. Finished goods are kept on hand for an average
Yuki888 [10]

Based on the production process time, the days finished goods are kept on hand and others, the operating cycle would be 50 days.  

<h3>What is the operating cycle?
</h3>

The operating cycle can be found as:

= Average production time + Finished goods holding period + Accounts receivable outstanding period - Days of credit

Solving gives:

= 40 + 15 + 35 - 40

= 50 days

Find out more on operating cycle at brainly.com/question/26482515.

6 0
2 years ago
Other questions:
  • Learning curve theory states that as the quantity of a product produced________ , the man-hours per unit expended producing the
    11·1 answer
  • Maria Gomez owns and manages a consulting firm called Accel, which began operations on December 1. She asks us to assist her wit
    8·1 answer
  • There are three consumers of a public good. The demands for the consumers are as follows: Consumer 1: P1 = 60 – Q Consumer 2: P2
    11·1 answer
  • "formalization refers to the extent to which procedures and rules determine the jobs and activities of employees"
    12·1 answer
  • Wilfred Nadeau owns 300 shares of Consolidated Glue. The​ company's board of directors recently declared a cash dividend of 45 c
    8·1 answer
  • Each Cutco knife goes through 30 steps to ensure that it meets the firm's standards and provides a good value for a premium prod
    7·1 answer
  • Watauga Office Supply paid state unemployment taxes of $168.00. What is the entry to journalize the payment of the unemployment
    10·1 answer
  • Suppose that you want to construct a 2-year maturity forward loan commencing in 3 years. The face value of each bond is $1,000.
    14·1 answer
  • a firm installs 1500 air conditioners which need to be serviced every six months. the firm can hire a team from its logistics de
    5·1 answer
  • ICS Fullscreen GC BMC KNOWLEDGE CHECK Outline Trans Below is a chart illustrating global trade patterns in 2018. Which of the fo
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!