Answer:
60%
Explanation:
To calculate the percentage assigned to cost of goods sold
, we should use the formula:
= 60%
Therefore, the percentage assigned to Cost of goods sold is 60%
Answer:
False
Explanation:
' Once a business has sold a service, it no longer needs to be concerned with customer satisfaction' is a False statement.
Customers are the pillars on which every business stands & their satisfaction should be a supreme priority for a business.
There is need of 'After Sale Services' after selling a service. This is important to ensure customer's expectations from the product are met, & they are satisfied with the business' services.
After sale services make customers feel valued. This generates customer retention, customers' loyalty towards business. Such customers are also likely to do word marketing & build a business' reputation in front of other customers.
Answer:
Please see answers below
Explanation:
1. Prepare an income statement for the year ended, December 31, 2021
Fightin' Blue Hems Corporation, Income statement for the year ended, December 31, 2021.
Details
$
Service revenue
500,000
Salaries expense
400,000)
Rent expense
20,000)
Depreciation expense
40,000)
Interest expense
5,000)
Earnings for the year
35,000
2. Prepare a statement of stockholder's equity for the year ended, 31, December, 2021
Fightin' Blue Hens Corporation statement of stockholder equity for the year ended , December 31, 2021.
Details
$
Common stock
300,000
Retained earnings
60,000
Earnings for the year
35,000
Stockholder equity
395,000
3. Prepare a classified balance sheet as at 31, December
Fightin' Blue Hens Corporation, classified balance sheet for the hear ends, December 31, 2021.
Details
$
Fixed assets
Equipment
400,000
Accumulated depreciation
135,000
Net fixed assets
265,000
Current assets
Cash
12,000
Accounts receivables
150,000
Prepaid rent
6,000
Supplies
30,000
Total current assets
198,000
Current liabilities
Accounts payable
($12,000)
Salaries payable
(11,000)
Interest payable
(5,000)
Working capital
170,000
Long term liabilities
Notes payable (due in two years)
(40,000)
Net total assets
395,000
Financed by;
Common stock
300,000
Retained earnings
60,000
Earnings for the year
35,000
Stockholder equity
395,000
Answer:
$300
Explanation:
Data provided in the question
Assets reported = $500
Liabilities = $200
So, Stockholder equity is
= Total assets - total liabilities
= $500 - $200
= $300
By applying the accounting equation, that equal to
Total assets = Total liabilities + owners equity
We can find out the stockholder equity by deducting the total liabilities from the total assets
