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3 years ago

Jones Company has the following liabilities at the end of the current year:

Business

1 answer:

makkiz [27]3 years ago

5 0

Answer:

The amount of long-term liabilities to be reported on the Balance Sheet at the end of the current year is $70.000

Explanation:

Concepts / definitions:

Long-term liabilities or noncurrent liabilities are knowns as obligations that companies have to pay in more than 1 year (12 months) or for some companies, after the company’s operating cycle (it is the time that the company takes to convert their inventory into cash).

Examples: Long term leases and bonds (that are generally are designed to be paid in more than one year).

Classification

Notes Payable (current) $ 10,000

Accounts Payable $ 5,000

Salaries Payable $ 2,000

Sales Tax Payable $ 2,000

Current liabilities $ 19,000

Bonds Payable $ 50,000

Notes Payable (long-term) $ 20,000

Long-term liabilities $ 70,000

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3 years ago

Ajax Corp.'s sales last year were $435,000; its operating costs were $362,500; and its interest charges were $12,500. What was t

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its operating costs were $362,500

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1 year ago

Hanson Corp. produces three products, and is currently facing a labor shortage – only 5,000 hours are available this month. The

klio [65]

Answer:

A,B,C

1,100 units of Product A and 1,079 units of Product B

Total Contribution Margin $37,106

Explanation:

Product A B C

Selling price $68.00 $35.00 $52.00

Variable cost per unit $48.00 $21.00 $44.00

Contribution Margin $20.00 $14.00 $8.00

Direct labor hours per unit 1.8 2.8 1.9

Contribution per labor Hour $11.11 $5.00 $4.21

Demand 1,100 1,900 2,100

Numbers of Hours Required 1,980 5,320 3,990

Production should be prioritize based on contribution margin per labour hour, because labor hours is a scarce resource and decision should be made considering the benefit on each hour.

The order Should be A,B,C

We should Sale the 1,100 unit of Product A because it has maximum per labor hour contribution and 1,079 units of Product B.

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All of these will be used for Product B

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Total Contribution Margin = (1,100 x 20) + (1,079 x 14) = $22,000 + $15,106 = $37,106

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3 years ago