Answer:
The income statement, statement of stockholders' equity, and balance sheet for Longhorn Corporation is given below.
<u><em>The income statement</em></u>
Sales Revenue $ 67,700
COGS ($ 53,400)
Delivery expenses ($ 2,600)
Salary expenses ($ 5,500)
Net profit $ 6,200
<u><em></em></u>
<u><em>Balance Sheet</em></u>
Asset
Cash $ 1,200
Equipment $ 29,000
Building $ 40,000
Supplies $ 3,400
Total Assets $ 73,600
Equity
Common Stock $ 44,000
Retain earning $ 24,400
(18,200 + 6,200)
Liability
Account Payable $ 4,400
Salaries payable $ 8,00
Total Liabilities $ 73,600
<u><em>Statement of Stockholders</em></u>
Opening common Stock $ 40,000
Addition $ 4,000
Closing common Stock $ 44,000
Retain earning Opening $ 18,200
Net profit $ 6,200
Retain profit Closing $ 24,400
Total Equity $ 68,400
Its almost the same thing as price gouging but not really
Answer:
$460,000
Explanation:
Given that,
Sales:
Jan. = $500,000
April = $490,000
Feb. = $740,000
May = $740,000
Mar. = $380,000
June = $610,000
Total cash receipts for April 2012:
= Cash receipts from February Sales + Cash receipts from March Sales + Cash receipts from April Sales
= (740,000 × 10%) + (380,000 × 50%) + (490,000 × 40%)
= $74,000 + $190,000 + $196,000
= $460,000
Answer:
its either 'a net worth statement' or 'a budget'
Explanation:
The Last-In, First-Out (LIFO) inventory costing method assumes that items in ending inventory are the most recently acquired.
<h3>What is LIFO and FIFO methods of inventory?</h3>
LIFO refers to the Last In, First Out. LIFO is a method that assumes that the last unit that has been added in the inventory or more recently, will be sold first.
FIFO stands for First In, First Out. FIFO method assumes that the oldest unit of inventory that has been added first, would be sold first.
Basically, FIFO and LIFO accounting are the inventory costing methods used in managing inventory.
Learn more about LIFO and FIFO here:-
brainly.com/question/17236535
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