Answer:
The income statement, statement of stockholders' equity, and balance sheet for Longhorn Corporation is given below.
<u><em>The income statement</em></u>
Sales Revenue $ 67,700
COGS ($ 53,400)
Delivery expenses ($ 2,600)
Salary expenses ($ 5,500)
Net profit $ 6,200
<u><em></em></u>
<u><em>Balance Sheet</em></u>
Asset
Cash $ 1,200
Equipment $ 29,000
Building $ 40,000
Supplies $ 3,400
Total Assets $ 73,600
Equity
Common Stock $ 44,000
Retain earning $ 24,400
(18,200 + 6,200)
Liability
Account Payable $ 4,400
Salaries payable $ 8,00
Total Liabilities $ 73,600
<u><em>Statement of Stockholders</em></u>
Opening common Stock $ 40,000
Addition $ 4,000
Closing common Stock $ 44,000
Retain earning Opening $ 18,200
Net profit $ 6,200
Retain profit Closing $ 24,400
Total Equity $ 68,400
Answer:
The correct answer is hot site.
Explanation:
A hot site is a site where a company's operation can take place after a disaster. it is a duplicate of the original site and is situated at an off-premises location. It is a backup site which has all the equipment that is required to continue operations. it is always online and immediately available.
A warm site has lesser equipment than a hot site and requires more time to be operational. A cold site has the least equipment and takes a few days to be operational but is the cheapest alternative.
Since the company here wants the business to resume in the least time it should go for a hot site.
Answer:
Huprey Co.
Identifying the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statements:
1. Huprey (defendant) estimates that a pending lawsuit could result in damages of $1,550,000; it is unlikely that the plaintiff will win the case.a. A liability that is recorded.
b. An item described in notes to its financial statements.
2. Huprey faces a loss on a pending lawsuit that it is unlikely to lose; the amount is reasonably estimable.
a. An item described in notes to its financial statements. b. A liability that is recorded.
3. Huprey faces a probable loss on a pending lawsuit; the amount is reasonably estimable.a. An item described in notes to its financial statements.
b. A liability that is recorded.
Explanation:
Huprey Co. will recognize and record contingent liabilities in its accounts when it can be reasonably established that the future event will occur and the amount of the liability can be reasonably estimated. The implication is that Huprey Co. must establish two things before a contingent liability is recognized and recorded. One is that the probability or the likelihood or the chance that the event will happen exists and can be estimated. With the probability estimate, it becomes possible for Huprey Co. to also estimate the amount that the happening of the event will cost it.
Given:
D = 40 pcs /hour
T = 36/60 = 0.60 hours
X = 0.20
C = 10
Find the value of N.
N = DT (1 + X) / C
N = [40/hr * 0.60 hr (1 + 0.20)] / 10
N = [24 (1.20)] / 10
N = 28.8 / 10
N = 2.88 or 3
3 containers should be used to support the operation.
Answer:
Depreciation expense = $4,400
Accumulated depreciation = $13,200
Explanation:
Depreciation: The depreciation is the amount which decreases the value of the asset. It can be by obsolescence, usage, tear and wear, etc.
The annual depreciation is given i.e. $4,400 which will be charged in depreciation expense whereas the accumulated depreciation would be equal to
= Annual Depreciation × useful life
= $4,400 × 3
= $13,200
