1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
____ [38]
3 years ago
15

Required information

Business
1 answer:
Kobotan [32]3 years ago
8 0

Question Requirement:

Use the information adjusted trial balance to prepare Sierra Company's classified balance sheet as of December 31. SIERRA COMPANY Balance Sheet December 31:

Answer:

SIERRA COMPANY Balance Sheet December 31:

Current Assets:

Cash                                                 $35,000

Prepaid insurance                                <u>2,000 </u>              $37,000

Long-Term Assets:

Notes receivable (due in 5 years)       7,000

Buildings                              95,000

Accumulated depreciation <u>27,000 </u>   <u>68,000</u>             <u>$75,000</u>

Total Assets                                                               <u>$112,000</u>

Current Liabilities:

Accounts payable                             10,000

Long-term Liabilities:

Notes payable (due in 3 years)       <u>10,500</u>               $20,500

H. Sierra, Capital             $33,000

H. Sierra, Withdrawals        <u>8,500</u>  24,500

Retained Earnings                          <u>67,000</u>               <u>$91,500</u>

Total Liabilities + Equity                                        <u> $112,000</u>

Explanation:

a) Sierra Company's Income Statement:

Consulting revenue                      $84,500

Wages expense                               -5,000

Depreciation expense–Buildings   -9,500

Insurance expense                          -3,000

Net Income                                  $67,000

b) Here, the Net Income is equal to the Retained Earnings, which is carried forward.

c) To prepare a balance sheet, which contains permanent accounts, the temporary accounts or periodic accounts must be eliminated in the Income Statement summary.  The resulting figure is then carried forward to the balance sheet.  Permanent accounts are the accounts that are carried forward to the next accounting period.  They are stated in the balance sheet according to their various assets, liabilities, and equity classifications.

You might be interested in
Teal Motors Inc., an automobile company, outsources the manufacturing of most of the automobile parts to several other companies
il63 [147K]

Answer:

The question is missing the below options:

A. loss of identity

B. loss of frequency

C. loss of facility

D. loss of focus

The correct option is D,loss of focus.

Explanation:

Loss of identity does not arise in this case, as Teal Motors Inc. is still responsible for coupling these parts into complete and brands it in own brand name.

Since it is not clear cut that Teal Motors Inc. has in-house facilities to produce the outsourced parts,letting the available production facilities rot away without being put to proper use does not arise.

The focus here is that the company specializes in the critical components that are most important in its automobiles and would prefer to outsource non-critical parts to others,hence a modular approach to manufacturing is favored.

6 0
3 years ago
Spartan Systems reported total sales of $374,400, at a price of $24 and per unit variable expenses of $13, for the sales of thei
V125BC [204]

Answer:

$214,500

Explanation:

For the computation of the amount of contribution margin first we need to follow some steps which are shown below:

No of units sold = Total sales ÷ selling price per unit

= $374,400 ÷ $24

= $156,00

Variable cost = No of units sold × Variable cost per unit

Variable cost = $15,600 × $13

=$202,800

Contribution margin = Sales - Variable cost

= $374,400 - $202,800

= $171,600

CM ratio = Contribution margin ÷ Sales

= $171,600 ÷ $374,400

= 0.46

Contribution margin = CM ratio × Sales Contribution margin

= 0.46 × (1.25 × $374,400)

= $214,500

3 0
3 years ago
Zanny Moldings has the following estimated costs for the upcoming year:
Sloan [31]

Answer:

D) $31.

Explanation:

The computation of the predetermined overhead rate is shown below:  

Predetermined overhead rate = Estimated manufacturing overhead ÷ estimated direct labor hours

where,

Estimated manufacturing overhead is

= Salary of factory supervisor + Heating and lighting costs for factory + Depreciation on factory equipment

= $37,600 + $22,000 + $5,600

= $65,200

And, the direct labor hours is 2,100

So, the predetermined overhead rate is

= $65,200 ÷ 2,100

= $31

5 0
3 years ago
Cragmont has beginning equity of $277,000, net income of $63,000, withdrawals of $25,000 and no additional investments by owners
MatroZZZ [7]
The ending equity is $315,000 This is just a matter of adding income and subtracting withdraws. So let's do it. "Cragmont has beginning equity of $277,000," x = $277000 "net income of $63,000" x = $277000 + $63000 = $340000 "withdrawals of $25,000" x = $340000 - $25000 = $315000
3 0
3 years ago
A righteous moralist claims that a while operating in a host country, a multinational company should follow the ethical standard
forsale [732]
Answer is b. false indeed
5 0
3 years ago
Other questions:
  • If Congress and the president want to keep real GDP at its potential level in​ 2021, they should use an expansionary fiscal poli
    9·1 answer
  • Dwayne worked for a 500-employee manufacturer in the rust belt. the company closed his plant with no advance notice to employees
    9·1 answer
  • Radial Autos currently sources components such as airbags, upholstery, and brake pads from various suppliers in the industry val
    8·2 answers
  • Amy is purchasing a new car whose MSRP is $21,450. She is trading in her
    14·2 answers
  • For the cash flow series below, calculate the external rate of return, using the return on invested capital approach with an inv
    15·1 answer
  • BUSINESS LAW
    11·1 answer
  • Net income $ 209,600 Preferred stock outstanding, 12% cumulative $ 80,000 Market price per share of common stock $ 24.00 Total S
    8·1 answer
  • Your product has been suffering from steadily eroding sales. You have tried a number of options to revitalize the product's sale
    8·1 answer
  • Say the marginal tax rate is 20 percent and that government expenditures do not also that the economy is at potential output and
    5·1 answer
  • Your company is considering two investments: buying 10% of the sharesin a publicly traded American company that owns five power
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!