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
a. Based on the information given the revised depreciation is:
Building $1,250
Warehouse $5,993
b. Debit Depreciation expense $13,375
Credit Accumulated depreciation-Building $13,375
a. Victor Mineli Revised depreciation
Revised depreciation for Building
Building= ($700,000-$129,900-$35,100)/40
Building= $535,000/40
Building=$13,375
Revised depreciation for Warehouse
Warehouse=($115,000-$22,100-$3,000)/15
Warehouse =$89,900/15
Warehouse=$5,993
b. Journal entry
Debit Depreciation expense $13,375
Credit Accumulated depreciation-Building $13,375
Learn more here:
brainly.com/question/14278419?referrer=searchResults
Answer:
Effect on income= $4,800 increase
Explanation:
Giving the following information:
Unitary variable cost= $18
A foreign wholesaler offers to purchase 4800 units at $21 each. Vaughn would incur special shipping costs of $2 per unit if the order were accepted.
Because it is a special order and there is unused capacity, we will not take into account the fixed costs.
Effect on income= 4,800*21 - 4,800*(18 + 2)= $4,800 increase
Answer:
Equivalent units for conversion cost is 10,790 units
Explanation:
Completed and Transferred (1,030 + 10,000 - 400) x 100 % = 10,630
Ending Work In Process 400 x 40% = 160
Total equivalent units for conversion cost = 10,790
