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3 years ago

"Sanchez Company engaged in the following transactions during Year 1:

Business

1 answer:

kupik [55]3 years ago

6 0

Answer:

6,500 ; $2,000

Explanation:

The computation of the gross margin for the year 2 is shown below:

As we know that

Gross margin = Sales - cost of goods sold

= $15,000 - $8,500

= $6,500

Now for retained earning, first we have to find out the net income for both years which are shown below:

For year 1

Sales 8,400

Less: Cost of goods sold ($4,300)

Less: Operating expenses ($3,800)

Net income $300

For year 2

Sales $15,000

Less: Cost of goods sold ($8,500)

Less: Operating expenses ($4,800)

Net income $1,700

So, the retained earnings is

= $300 + $1,700

= $2,000

We simply added the net income for the year 1 and year 2 so that the retained earning could come

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Norris Company declared cash dividends of $60,000 during the year. Cash dividends payable were $20,000 at the beginning of the y

Studentka2010 [4]

Answer:

b. $55,000

Explanation:

The movement in the dividend payable account which represents the difference between the payable opening an closing balances. This difference is due to dividend paid during the year as well as dividend declared and can be shown by the equation below.

Opening balance + Declared dividend - dividend paid = closing dividend

$20,000 + $60,000 -dividend paid = $25,000

Dividend paid = $20,000 + $60,000 - $25,000

= $55,000

4 0

3 years ago

The income statement of Benning Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Wages Expe

Rom4ik [11]

Answer:

Net Income = $1,250

Explanation:

Benning Co.

Income Statement

For the Month Ended July 31, 2010

Particulars $ $

Revenues 6,000 (1)

Expenses:

Wages Expense 2,600 (2)

Supplies Expense 1,000 (3)

Utilities Expense 600

Insurance Expense 400

Depreciation Expense 150

Total expenses 4,750

Net Income $1,250

Note:

1. Revenues = 5,500 + 500 (Adjustment 5) = $6,000

Performed services not recorded will add.

2. Wages expense = $2,300 + 300 (Adjustment 3) = $2,600

Accrued wages not paid will add to the wages expense.

3. Supplies Expense = $1,200 - 200 (Adjustment 2) = $1,000

Supplies expense includes supplies on hand will decrease the supplies expense.

3 0

3 years ago

moriband corp. paid a dividend of $2.15 yesterday. the company’s dividend is expected to grow at a steady rate of 5 percent for

BaLLatris [955]

The present market price of Moribund stock stands at $22.58.

<h3>What is market price?</h3>

Market value is another term for current price. It is the most recent price at which a share of stock or other security was traded. The current price serves as a baseline in an open market.

The market price is the current cost of purchasing or selling an asset or service. The details of supply and demand decide the market price of an investment or assistance.

The market price is the price at which quantity supplied equals quantity demanded.

The market price is the price that exists on a specific day or at a specific time. It is the result of market supply and demand. Normal prices, on the other hand, are the result of long-term demand and supply.

To learn more about market price, refer to:

brainly.com/question/14612966

#SPJ4

7 0

1 year ago

Daybook Inc. budgeted production of 403,500 personal journals in 20Y6. Paper is required to produce a journal. Assume six square

Phantasy [73]

Answer:

Direct Materials = $969,000

Direct Labor = $699,400

Factory overhead = $214,600

WIP = $2,200

Finished Goods = ($2,000)

Cost of Goods = $1,883,200

Explanation:

Direct Materials = $969,000

403,500 x 6 square yards = 2,421,000

2,421,000 + (40,400 - 38,900) = 2,422,500

2,422,500 x 0.40 per square yard = $969,000

Direct Labor = $699,400

403,500 personal journals

403,500 * 8 minutes = 3,228,000 minutes

3,228,000/60 minutes = 53,800

53,800 x $13.00 = $699,400

Prepare a cost of goods sold budget for Daybook Inc. using the information above

Direct Materials = $969,000

Direct Labor = $699,400

Factory overhead = $214,600

WIP ($16,500 - $14,300) = $2,200

Finished Goods ($28,000 - $30,000) = ($2,000)

Cost of Goods = $1,883,200

6 0

3 years ago

Amy takes her car to Better Fix-It, Inc., which repairs the car and bills Amy for $500. Amy writes out a check drawn on Capital

meriva

Answer:

Explanation:

I believe the answer is A

8 0

3 years ago