Answer:
The correct answer is 10.9 times.
Explanation:
According to the scenario, computation of the given data are as follow:-
Average account receivable = (Opening account receivable + Closing accounts receivable) ÷ 2
= ($92,000 + $26,000) ÷ 2
= $118,000 ÷ 2
= $59,000
We can calculate the account receivable turnover by using following formula :-
Accounts receivable turnover = Net sales ÷ Average Account receivable
= $643,100 ÷ $59,000
= 10.9 times
Answer:
Change in Assets is $127,500
Explanation:
The accounting equation for a corporation is:
Assets = Liabilities + Stockholders' Equity
⇒ Liabilities = Assets - Stockholders' Equity
= $285,000 - $130,500
= $154,500
At the end of years,
- Liabilities amount = Liabilities in the beginning + Change in liabilities = $154,500+ $90,000 = $244,500
- Stockholder's equity amount = Stockholder's equity + Change in stockholder's equity = $130,500 + $37,500 = $168,000
The assets at the end of year = $168,000 + $244,500 = $412,500
Change in Assets = $412,500 - $285,000 = $127,500
Shorter answer:
Change in Assets = Change in Liabilities + Change in Stockholders' Equity
= $90,000 + $37,500 = $127,500
Answer:
Instructions are lsited below
Explanation:
We don't have enough information to resolve with numbers. But I will leave the formulas necessary to resolve.
The general structure of an income statement proceeds as follow:
Revenue/Sales (+)
Cost of Goods Sold (COGS) (-)
=Gross Profit
Marketing, Advertising, and Promotion Expenses (-)
General and Administrative (G&A) Expenses (-)
=EBITDA
Depreciation & Amortization Expense (-)
=Operating Income or EBIT
Interest (-)
Other Expenses (-)
=EBT (Pre-Tax Income)
Income Taxes (-)
=Net Income
A Contribution Margin Income Statement is a special format of the income statement that segregates the variable and fixed expenses involved in running a business. It shows the revenue generated after deducting all variable and fixed expenses separately.
Sales=
Variable costs:
Cost of good sold=
Sales commissions=
Shipping expense=
Total variable cost=
Contribution margin=
Fixed costs:
Advertising expense=
Shipping expense=
Administrative salaries=
Insurance expense=
Depreciation expense=
Total fixed cost=
Net profit=
Answer:
in the past we did not have much reshcearch to help figure out what is wrong
now we have the tech to help and we also have vacanation
Explanation:
Answer:
As follows:
Explanation:
For acquisition of Westmont Company.
Inventory dr. 600,000
Land dr. 990,000
Buildings dr. 2,000,000
Customer Relationships dr. 800,000
Goodwill dr. 690,000
Accounts Payable cr. 80,000
Common Stock cr. 40,000
Additional paid-up capital cr. 960,000
Cash cr. 4,000,000
For legal fees
Services Expense dr 42,000
Cash cr 42,000
For stock issuance
Additional Paid-In Capital dr 25,000
Cash cr 25,000
