If you invest $9200 in a savings account with a yearly interest rate of 3% for 7 years, how much simple return did you earn....

Ace Electric's income statement reports Sales of $100,000; Cost of goods sold of $46,000, Operating expenses of $34,000, Interes

FromTheMoon [43]

The correct answer is b) $100,000.

Vertical analysis is a type of financial statement analysis that shows each item on a statement as a percentage of a base figure. The vertical analysis involves presenting each line item on an income statement as a percentage of net sales and each line item on the balance sheet as a percentage of total assets.

To perform a vertical analysis of this income statement, you would divide each of these income statement line items by $100,000.

Sales = $100,000 / $100,000 = 100%

Cost of goods sold = $46,000 / $100,000 = 46%

Operating expenses = $34,000 / $100,000 = 34%

Interest expense = $15,000 / $100,000 = 15%

Income tax expense = $2,000 / $100,000 = 2%

Net income = $3,000 / $100,000 = 3%

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4 0

1 year ago

Sweet Company borrowed $34,800 on November 1, 2020, by signing a $34,800, 9%, 3-month note. Prepare Sweet’s November 1, 2020, en

nikitadnepr [17]

Answer:

Explanation:

The journal entries are shown below:

On November 1

Cash A/c Dr $34,800

To Notes payable A/c $34,800

(Being issuance of the note payable is recorded)

On December 31

Interest expense A/c Dr $522

To Interest payable A/c $522

(Being accrued interest adjusted)

The computation is shown below:

Principal × rate of interest × number of months ÷ (total number of months in a year)

= $34,800 × 9% × (2 months ÷ 12 months)

= $522

The two month is calculated from the November 1 to December 31

On February 1

Interest Expense A/c Dr $261

Interest payable A/c Dr $522

Note Payable A/c Dr $34,800

To Cash A/c $35583

(Being payment is recorded)

The computation is shown below:

Principal × rate of interest × number of months ÷ (total number of months in a year)

= $34,800 × 9% × (1 months ÷ 12 months)

= $261

The one month is calculated from the January 1 to February 1

5 0

3 years ago

Sid files a suit against tina. before going to trial, the parties, with their attorneys, meet to try to resolve their dispute. a

Maurinko [17]

A third party help them to reach an agreement and this is meditation. Meditation is a practice where individuals train or operates their mind or induces a mode of consciousness. When the person meditate, this person wants more time to think and to make her mind calmer and be more focused.

8 0

3 years ago

Select all that apply On December 1, Christy Co. accepted a 60-day, 6%, $1,000 note due January 30. On December 31, the appropri

kykrilka [37]

Answer:

Notes Receivable for $1,000. Cash for $1,010. Interest Revenue for $5. Interest Receivable for $5.

Explanation:

The journal entry to record the receipt of the payment is shown below:

Cash Dr $1,010

To Interest receivable $5 ($1,000 ×6% × 30 days ÷ 360 days)

To Interest revenue $5

To Note receivable $1,000

(being the receipts is recorded)

here cash is debited as it increased the assets and credited the interest receivable, interest revenue and note receivable as it increased the assets and revenue accounts

6 0

3 years ago

During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing o

grigory [225]

Answer:

Raw Materials transferred to production during 2017 $1,466,000

Explanation:

The computation of the raw material transferred to production is given below:

Opening raw material 2016 $80,000

Add : Purchase of Raw material $1,450,000

Less Closing Stock raw material 2017 $64,000

Raw Materials transferred to production during 2017 $1,466,000

Hence, the same should be relevant

8 0

2 years ago