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slava [35]
3 years ago
12

To support herself while attending school, Daun Deloch sold stereo systems to other students. During the first year of operation

s, Deloch purchased the stereo systems for $140,000 and sold them for $250,000 cash. She provided her customers with a one-year warranty against defects in parts and labor. Based on industry standards, she estimated that warranty claims would amount to 2 percent of sales. During the year, she paid $2,820 cash to replace a defective tuner.
Prepare an income statement and statement of cash flows for Daun’s first year of operation. (Statement of Cash Flows only, items to be deducted must be indicated with a negative amount.)
Business
1 answer:
vfiekz [6]3 years ago
4 0

Answer:

Daun’s first year of operation

Income statement

Sales Revenues                       $250,000

Less  

Cost Of Sales                           $ 140,000

Less

Expenses                                   $ 2820

Warranty Claims                          5000

Net Income                                   102,180

 

Daun’s first year of operation

Cash Flows statement

Net Earnings                       $250,000

Less  

Cash Paid for

Inventory Costs                           $ 140,000

Replacements                                   $ 2820

Net Income                                   107,180

 

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Kamila [148]

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4 0
1 year ago
Ferdinand’s employer will match 50% of his $250 monthly contributions to his 401(k). This means that Ferdinand’s employer will p
irina [24]

Answer and Explanation:

The computation of the given question is shown below:-

Total Contributions = Monthly contribution + Amount invested in Ferdinand’s 401(k)

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= $375  

1. Future Value = PMT [((1 + r)n - 1) ÷ r

Future value = 375 × ((1 + 0.03 ÷ 12) × 12 × 40 - 1) ÷ (0.03 ÷ 12)

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2. Ferdinand deposit = Given Amount × Total number of months in a year × Number of years

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3. The Amount put in by the employer = 50% of $250 ×Total number of months in a year × Number of years

= $125 × 12 Months × 40 Years

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The $500 price of laptop shows the unit of account function of money , where money is the standard numerical of measurement for the goods and services or any other transaction in the market.

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