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3 years ago

Skidmore Music Company had the following transactions in March:

Business

1 answer:

SVEN [57.7K]3 years ago

8 0

Answer:

Please sew below

Explanation:

Skidmore Music Company.

1. Cash basis income statement

Sales

$13,800

Less: cost of goods sold

$1,700

Gross income

$12,100

Wages expense

$720

Operating income

$11,380

2. Accrual basis income statement

Sales.

$16,700

Less: cost of goods sold

$4,900

Gross income

$11,800

Wages expense

($720)

Utility expense

($280)

Operating income

$10,800

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Assume the firm has a tax rate of 22 percent. c-1.Calculate return on equity (ROE) under each of the three economic scenarios be

MakcuM [25]

Answer:

From the attached excel file, we have:

a-1. We have:

ROE under recession = 10.43%

ROE under normal = 13.21%

ROE under expansion = 14.92%

a-2. We have:

Percentage changes in ROE when the economy enters a recession = -21.00%

Percentage changes in ROE when the economy expands = 13.00%

b-1. We have:

ROE under recession = 15.63%

ROE under normal = 21.06%

ROE under expansion = 24.42%

b-2. We have:

Percentage changes in ROE when the economy enters a recession = -25.77%

Percentage changes in ROE when the economy expands = 15.95%

c-1. We have:

ROE under recession = 8.14%

ROE under normal = 10.30%

ROE under expansion = 11.64%

c-2. We have:

Percentage changes in ROE when the economy enters a recession = -21.00%

Percentage changes in ROE when the economy expands = 13.00%

c-3. We have:

ROE under recession = 12.19%

ROE under normal = 16.43%

ROE under expansion = 19.05%

c-4. We have:

Percentage changes in ROE when the economy enters a recession = -25.77%

Percentage changes in ROE when the economy expands = 15.95%

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question. Kindly see the attached pdf file for the complete question.

Also note: See the attached excel file for all the calculations required.

In the attached excel file, the following formula is used:

Percentage in ROE = ((ROE of Recession or Expansion - ROE of Normal) / ROE of Normal) * 100

Download xlsx

xlsx

pdf

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3 years ago

?alan used to follow a libertarian leadership style. he recently decided to become stricter toward productivity targets as a res

mote1985 [20]

This is an example of situations shaping how leaders behave.
Alan used to follow a libertarian leadership style, however, the circumstances have made him change his view and behavior towards his employees. Given that there are many fluctuations in the market, he wants his team to be more productive, which is why he needs to change the way he treats them.

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4 years ago

On its December 31, 2017, balance sheet, Calgary Industries reports equipment of $470,000 and accumulated depreciation of $94,00

Nadya [2.5K]

Answer:

The cost balance on 31 December 2018 is $518,000 while that of accumulated depreciation is $126,400

Explanation:

The balance of fixed assets is computed as

Opening balance - accumulated depreciation - depreciation + Addition - Disposal

Hence given that on December 31, 2017, Calgary Industries reports equipment of $470,000 and accumulated depreciation of $94,000. During 2018, the company plans to purchase additional equipment costing $100,000 and expects depreciation expense of $40,000, Additionally, it plans to dispose of equipment that originally cost $52,000 and had accumulated depreciation of $7,600 the balance then

= $470,000 + $100,000 - $52,000

= $518,000

The accumulated depreciation

= $94,000 + $40,000 - $7,600

= $126,400

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3 years ago

The force that leads to zero economic profits for monopolistically competitive firms in the long run is:_________

KonstantinChe [14]

For monopolistically competitive businesses, the factor that ultimately causes zero economic profitability is: newly added

What Exactly Is Economic Gain (or Loss)?

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Opportunity costs are a kind of implicit cost that management determines and that vary depending on various events and viewpoints.

Analysis of accounting profit and economic profit frequently goes hand in hand. The profit that a corporation reports as accounting profit appears on its income statement. Accounting profit is a measure of actual inflows and outflows that is necessary for a company to have financial transparency.

To know more about economic profitability

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1 year ago

Explain Bank reconciliation and bank statement.

tresset_1 [31]

Answer:

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Explanation:

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3 years ago