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Zinaida [17]
3 years ago
8

You are compiling Bertram Boat’s balance sheet. According to your calculations, Bertram has current assets of $85,000 and proper

ty, plant, and equipment of $235,000. Your supervisor reminds you, however, that your figures fail to account for the fact that Bertram anticipates it will collect only $48,000 of its $50,000 accounts receivable in cash. With this information in mind, what are Bertram’s total assets?
Business
1 answer:
iragen [17]3 years ago
3 0

Answer:

$318,000

Explanation:

The computation of the total assets is shown below:

= Current assets +  property, plant, and equipment - difference in amount

= $85,000 + $235,000 - $2,000

= $318,000

The difference of amount is

= Account receivable - collected amount

= $50,000 - $48,000

= $2,000

Since the current asset is already given so we considered the difference in amount to find out the total asset.

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All of the following are tests for determining qualifying child status except the ______.A. gross income testB. age testC. suppo
Viktor [21]

Answer:

a. gross income test

Explanation:

because quailfying children must pass the relationship, age support, residence tests.However,there is no requirement relating to gross income for purposes of the qualifying child test.

4 0
3 years ago
Rey Company’s single product sells at a price of $216 per unit. Data for its single product for its first year of operations fol
erastovalidia [21]

Answer:

1. Using Absorption Costing

Income Statement

Sales    20,000 X $216                             = $4,320,000

Less: Cost of Goods Sold (Note 1)            =($1,240,000)

Gross Margin                                             = $3,080,000

Less: Operating Expenses

Selling and Administrative Expense         = ($560,000)

(Note 2)                                                        

Net Income                                                  = $2,520,000

Note:

  1. Cost of goods Sold = All the direct variable cost + direct fixed cost = Direct materials + Direct Labor + Direct Overhead = $20 +$28 + $6 = $54 per unit, Total = $54 X 20,000 units = $1,080,000 + Fixed cost = $160,000 = $1,240,000
  2. Selling And Administrative Expense = Variable + Fixed, Variable = $18 X 20,000 units = $360,000, Fixed Expenses = $200,000, Total = $560,000

2. Using Variable Statement

Sales    20,000 X $216                             = $4,320,000

Less: Variable Costs

Direct Material $20 X 20,000                    = ($400,000)

Direct Labor  $28 X 20,000                       = ($560,000)

Variable Overhead $6 X 20,000               = ($120,000)

Variable Selling Expense $18 X 20,000    = ($360,000)

Contribution Margin                                     = $2,880,000

Less: Fixed Costs

Fixed Overhead                                            = ($160,000)

Fixed Selling & Administrative                     = ($200,000)

Net Income                                                    = $2,520,000

Note: Under Variable Statement first variable expenses are deducted to get the value of contribution, and then fixed expenses are deducted to get net income, whereas in absorption costing firstly manufacturing expenses are deducted to get gross margin and then operating expenses like selling and administrative expenses are deducted to get the net income.

But Net income is same in both cases.

5 0
3 years ago
Halka Company is a no-growth firm. Its sales fluctuate seasonally, causing total assets to vary from $345,000 to $410,000, but f
mihalych1998 [28]

Answer:

$345,000

Explanation:

Since Halka Company uses a maturity matching approach, it must match its short term working capital with its short term debts, and its long term working capital with its long term debts. Halka's assets should be compensated with a corresponding debt instrument of similar maturity.

Since Halka's assets vary form $345,000 to $410,000, its long term debt plus equity should match at least $345,000.

3 0
3 years ago
Jim is in the market for a car that will last for the next 10 years and has saved up some money for the purpose of a car. What’s
Bad White [126]
I'd say B, by leasing the car he'd save more money if it broke down or stopped functioning properly and if that happened he could lease a different car instead of paying multiple times to fix things that would most likely break down again because he owned it.
8 0
3 years ago
What are the roles of agriculture is to maximize the production in the agricultural sector ? ​
Serhud [2]

Answer:

introduction of modern machines for harvesting

7 0
3 years ago
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