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3 years ago

P12-6A. The following data, presented in alphabetical order, are taken from the records of Nieto Corporation.

Business

1 answer:

vagabundo [1.1K]3 years ago

6 0

Answer and Explanation:

Nieto Corporation

Balance Sheet

December 31, 2015

Current Assets:

Cash $62,000

Account Receivable $140,000

Less: Allowance for

doubtful accounts $6,000 $134,000

Prepaid Insurance 16,000

Short-term investments 180,000

Inventory 170,000

Total Current Assets $562,000

Fixed Assets

Equipment 275,000

Less: Acc. Dep. 52,000 223,000

Building 950,000

Less: Dep. 180,000 770,000

Land 390,000

Investments

(Mara + Sasse) 658,000

Goodwill 200,000 $2,241,000

Total Assets $2,803,000

Current Liabilities

Accounts payable $260,000

Income taxes payable 120,000

Dividend payable $80,000

Notes payable 70,000

Premium on bonds payable 40,000

Total Current liabilities $570,000

Long-term liabilities

Bonds payable $500,000 500,000

Total liabilities $1,070,000

Equity

Capital stock $1,500,000

Paid-in capital in

excess of par common stock 130,000

Retained earnings $103,000 1,733,000

Total liability and stockholders' equity $2,803,000

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In its first year of operations Best Corp. had income before tax of $540,000. Best made income tax payments totaling $177,000 du

hodyreva [135]

Answer:

$378,000

Explanation:

Best Corp. has income before tax of $540,000.

The tax rate is 30%. the amount of tax will be 30% of $540,000.

= 30/100 x $540,000

=0.3 x 540,000

=$162,000

Tax amount = $162,000.

Net income = Income before tax - tax amount

=$540,000 - $162,000

=$378,000

8 0

3 years ago

True or false: Many companies are discontinuing defined-benefit plans and moving toward defined-contribution plans, which shifts

julsineya [31]

Answer:

False

Explanation:

A defined benefit pension plan is a type of pension plan where the employer gives a promise with respect to the particular pension payment that could be lumpsum for the retirement basis

Since in the question it is mentioned that the companies would not continue with the defined benefit plan and they move to the defined-contribution plans that save for the retirement so that it would create the more responsibility over the company due to this they would provide the retirement benefit but this statement is false as it is better to received the lumpsum amount

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3 years ago

A manufacturer shipped units of a certain product to two locations. The equation above shows the total shipping cost TTT, in dol

andriy [413]

Answer: 2,200 units.

Explanation:

The complete exercise is:

$T = 5c + 12 f$

A manufacturer shipped units of a certain product to two locations. The equation above shows the total shipping cost T, in dollars, for shipping c units to the closer location and shipping f units to the farther location. If the total shipping cost was $47,000 and 3,000 units were shipped to the farther location, how many units were shipped to the closer location?

Given the following equation:

$T = 5c + 12 f$

You know that "T" is the total shipping cost (in dollars), "c" is the number of units shipped to the closer location and "f" is the number of units shipped to the farther location.

Based on the information given in the exercise, you can identify that, in this case:

$T=47,000\\\\f=3,000$

Then, knowing those values, you need to substitute them into the given equation:

$47,000 = 5c + 12(3,000)$

And finally, you must solve for "c" in order to calculate the number of units that were shipped to the closer location.

You get that this is:

$47,000 = 5c + 12(3,000)\\\\47,000-36,000 = 5c\\\\11,000=5c\\\\\frac{11,000}{5}\\\\c=2,200$

3 0

3 years ago

Read 2 more answers

Company had 200 units of inventory on hand at the end of the year. These were recorded at a cost of $12 each using the last-in,

Georgia [21]

Answer:

Debited by $400

Explanation:

Calculation for the Cost of Goods Sold

Using this formula

Cost of Goods Sold= Inventory on hand*(Cost-Current replacement cost)

Let plug in the formula

Cost of Goods Sold=200 units * ($12 - $10)

Cost of Goods Sold= 200 units*2

Cost of Goods Sold = $400 Debited

Therefore the Cost of Goods Sold will be:$400 Debited

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4 years ago

A leader, such as Bill Gates of Microsoft, who can inspire followers above their own self-interests and can have a profound effe

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Answer:

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3 years ago