Depreciation

A partial list of Waterways' accounts and their balances for the month of November 2016 follows:

lesya [120]

Answer:

Total current assets = $697,750

Explanation:

The partial balance sheet is as follows:

Waterways Corporation

Balance Sheet (Partial)

For the month of November 2016

Details $ $ 

Current Assets

Cash 260,000

Accounts Receivable 275,000

Finished Goods Inventory, November 68,800

Raw Materials Inventory, November 52,700

Prepaid Expenses 41,250

Total current assets 697,750

Note:

Cash is the most liquid of assets.

Accounts receivable which should be collected within 30 to 60 days are less liquid than cash, but more liquid than inventory.

Finished Goods Inventory which is expected to be sold and converted to cash within one year, and Raw Materials Inventory which is expected to be converted to finished good within one year are more liquid than Prepaid expense.

Therefore, the least liquid among current assets’ item above is the Prepaid Expense as it is cash paid for services not yet received..

4 0

3 years ago

Beasley, Inc., reports the following amounts in its December 31, 2021, income statement. Sales revenue $ 330,000 Income tax expe

dalvyx [7]

Answer:

The preparation of the multiple-step income statement is presented below:

Explanation:

The preparation of the multiple-step income statement is presented below:

Beasley, Inc

Multiple-step income statement

December 31, 2021

Sales revenue $330,000

Less: Cost of goods sold -$129,000

Gross profit $201,000

Less: Operating expenses

Salaries expense $38,000

Advertising expense $21,000

Utilities expense $43,000

Total operating expenses -$102,000

Operating income $99,000

Non operating income or others

Less: Interest expense $10,000

Total non operating income $10,000

Income before taxes $89,000

Less: income tax expense -$35,000

Net income $54,000

3 0

3 years ago

Maldovar Company is considering purchasing a new machine to replace a machine purchased one year ago that is not achieving the e

weeeeeb [17]

Answer:

c. Purchase cost of existing machine

Explanation:

Relevant costs are the incremental costs that can be avoided by avoiding the functional activity with which the costs are associated.

Maintenance costs are relevant as they are directly linked to the use of machinery and as such are incremental with the use. The same is the case with the maintenance costs of the existing machine as they are avoidable if the new machine is purchased.

Expected cost savings would be incremental with the improved new machine. These cost savings thus are relevant.

Resale value of existing machine are also relevant as these would contribute towards the purchase of new machine.

The purchase price of existing machine is irrelevant as the machine cost has already been paid and regardless of purchasing the new machine or not, this cost is not a part of any calculations.

Hope that helps.

4 0

3 years ago

Mr Howard opens a restaurant that sells sandwiches and the cost of the material to make the sandwich is 5.00. He wants a 40% mar

Tema [17]

Answer:

$3.56

Explanation:

having the 40% allows you to keep the sandwich price lower

4 0

3 years ago

What process is designed to help new employees become familiar with their jobs and organizations?.

emmasim [6.3K]

The employee orientation process is intended to aid new hires in becoming acquainted with their positions and organizations.

An entity, such as a business, institution, or association, that is made up of one or more people and has a specific function is known as an organization or organization (Commonwealth English; see spelling variations). The word is derived from the Greek word organon, which also refers to an instrument, an organ, and many tools. Comparatively speaking, consider the idea of social groups, which can encompass non-organizations.

The terms "organizations" and "institutions" can be used interchangeably, but according to Jack Knight, organizations are either a more condensed version of institutions or a group of institutions; the two are different in that organizations comprise internal institutions (that govern interactions between the members of the organizations).

Learn more about process process here

brainly.com/question/14654945

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8 0

1 year ago