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mash [69]
3 years ago
13

Y3K, Inc., has sales of $7,475, total assets of $3,525, and a debt−equity ratio of .34. Assume the return on equity is 20 percen

t. What is its net income?
Business
1 answer:
azamat3 years ago
4 0

Answer:

Net Income is $485.4

Explanation:

According to the accounting equation

Assets = Equity + Liabilities

So putting value of assets = 3,525, and assuming equity = x, then:

3252 = Liabilities + x

Liabilities = 3252 - x

Now putting this value in the debt to equity formula,

Debt / Equity = 0.34

(3252 - x) / x = 0.34

3252 - x = 0.34x

1.34x = 3252

x = 3252 / 1.34 = $2427 This is the value of equity.

Now

Return on Equity = Net Income / Equity

and return on equity is $2427, so by putting values in the equation, we have:

0.20 = Net Income / 2427

Net Income = $485.4

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Answer:

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5 0
3 years ago
Based on the following information, calculate the variable overhead rate variance. Actual variable overhead cost $15,500 Actual
Nesterboy [21]

Answer:

Rate variance = $250 favorable

Explanation:

<em>The variable overhead rate variance is the difference between the actual variable cost and the standard variable overhead  cost the actual actual hours used.</em>

<em>We would compare the actual cost to the standard cost of the actual hours used . This is done below as follows:</em>

                                                                                               $

4,200 hours should have cost (4200 × 3.75 )               15,750

but did cost                                                                       <u>15,500</u>

Rate variance                                                                 <u>      250</u>  Favorable

Note the actual hours of 4,200 cost $250 less than it should be have cost . Hence the variance is favorable

Rate variance = $250

7 0
3 years ago
Outose Concept manufactures small tables in its Processing Department. Direct materials are added at the initiation of the produ
True [87]

Answer:

C) $25,177

Explanation:

Spoiled units = (22,300 units + 76,400) - (72,900 units + 19,000)

=$98,700units -$91,900 units

= 6800 units

Normal spoilage = 5% × 72,900 units

= 3,645 spoiled units

Abnormal spoilage = 6800 units - 3645 units

= 3,155 units

Direct Materials ,Conversion Costs

WIP, beginning inventory$156,000$77,200

Costs added

during period 224,400 299,000

Total cost to account for 380,400 376,200

Divide by equivalent units*98,700 91,100

Equivalent-unit costs $3.85 $4.13

Equivalent unit

Direct Materials: 22,300 + 76,400 = 98,700 units

Conversion Costs: 72,900 + (19,000 x 60%) + 6800 = 91,100 units

Total cost per equivalent unit = $3.85 + $4.13 = $7.98

3155 units × $7.98 = $25,177

Therefore the cost allocated to abnormal spoilage using the weighted-average process-costing method will be $25,177

4 0
3 years ago
Benjamin jackson bought 100 shares of xyz two years ago at $10 per share. the stock paid a $0.50 dividend each year and he sold
GREYUIT [131]

Answer: 20%

Explanation:

7 0
1 year ago
The purpose of a budget is to track your income and your spending. true or false?
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False we use it to save money
3 0
3 years ago
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