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maxonik [38]
3 years ago
15

Assume that Verizon Communications, Inc. reports the following selected balance sheet and income statement information for 2012

through 2014 ($ millions).
Total Current Assets Total Current Liabilites Pretax Income Interest Expense Total Liabilities Stockholders' Equity
2012 $18,293 $26,570 $6,344 $2,797 $108,154 $57,814
2013 19,479 23,159 12,521 2,384 103,345 62,613
2014 16,448 25,063 13,652 2,180 74,942 66,434
Compute times interest earned for 2014. Select one: A. 5.26 B. 6.26 C. 7.26 D. 4.26
Business
1 answer:
GalinKa [24]3 years ago
4 0

Answer:

TIE 6.26238

Explanation:

Times Interest Earned:

\frac{EBIT}{Interest \: Expense} = 6.26238

EBIT = earnings before Interest and Taxes

\frac{13,652}{2,180} = 6.26238

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Wilma’s Vegetable Market had the following transactions during 2017:
babymother [125]

Answer:

Journal Entries are as follows.

Explanation:

1.   Cash               $25,000 (Debit)

          Common Stock                              $ 25,000 (credit)

2.   Wages             $10,000  (debit)

               Cash                             $10,000 (credit)

3.  Land                         $ 50,000 (debit)

           Common Stock                        $50,000  (credit)

4.    Dividend Declared    $ 1000  (debit)

                    Dividend Payable            $ 1000 ( credit)

And

   Dividend Payable            $ 1000 ( debit)

                 Cash                           $ 1000 (credit)

5.        Cash               $ 3000  (debit)

              Long Term  Investment            $ 3000 (credit)

6.     Cash                    $ 20,000  (debit)

                Sales                        $ 20,000        ( credit)

7.       Inventory           $2000 (debit)

            Cash                      $ 2000  (credit)

8.      Investment                 $ 6000 ( debit)

               Cash                                             $ 6000 (credit)

9.  Bonds Payable                   $ 10,000  (debit)

                 Discount                             $ 1000 (credit) ( if there's any)

                  Common Stock               $ 9,000 ( credit ) ( in case of discount)

10.    Notes Payable                             $ 10,000  (debit)

Interest on Notes Payable                    $ 1,000 (debit) ( suppose there's interest of $ 1000 on $ 10,000 Notes Payable)

                         Cash                                                    $ 11,000 (credit)

4 0
3 years ago
Echo Sound Company just began business and made the following four inventory purchases in June: June 1 150 units $ 780 June 10 2
blsea [12.9K]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

June 1: $780/150 units= $5.2 per unit

June 10: $1,170/200 units= $5.85 per unit

June 15: $1,260/200= $6.3 per unit

June 28: $990/150= $6.6 per units

A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand.

Units sold= total units - ending inventory

Units sold= (150 + 200 + 200 + 150) - 210= 490 units

<u>The method with the lowest cost of goods sold will have the highest income:</u>

FIFO (first-in, first-out):

COGS= 150*5.2 + 200*5.85 + 140*6.3= $2,832

LIFO /last-in, first-out)

COGS= 150*6.6 + 200*6.3 + 140*5.85= $3,069

Weighted-average:

Weighted-average price= (5.2 + 5.85 + 6.3 + 6.6)/4= 5.99

COGS= 490*5.99= $2,935.1

The inventory method that will provide the highest gross profit is FIFO.

4 0
3 years ago
Which of the following best describes a trial balance?
Lubov Fominskaja [6]

Answer:

A

Explanation:

In the accounting process extracting a trial balance is the final step.

8 0
2 years ago
MCQ
yulyashka [42]

Answer:

none of the above

Explanation:

because the organization must know how much they own

8 0
2 years ago
Livingston Fabrication has created the following aggregate plan for the next 5 months (see PDF): Assume that Livingston will hav
Andreyy89

Answer:

Explanation:

worker's production rate = 60/3 = 20units per hour

monthly capacity 160 x 20 = 3200 units.

capacity needed to produce 2000000 units

= 2000000/3200

= 625

therefore, since they already have 500 workers, they need to hire 125 more workers.

b) At the end of October they will have 2 million inventory.

c) Average inventory in each of the months has been listed in the attachment below.

3 0
3 years ago
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