1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Zielflug [23.3K]
3 years ago
12

The business was started when Nimmo Corp.

Business
1 answer:
n200080 [17]3 years ago
4 0

Answer:

Income:

sales revenue 1,440,000

COGS            <u>    870,000    </u>

Income              570,000

Balance Sheet:

Cash               1,873,200.00

Inventory      <u>    270,000.00  </u>

Total Assets    2,143,200.00  

Liabilities:

Accounts payable 1,140,000.00

Sales tax payable <u>    43,200.00   </u>

Total Liab               1,183,200.00

Equity:

Common Stock       390,000

RE                          <u>   570,000   </u>

Total                         960,000

Total Liab + Equity 2,143,200.00  

Cash flow

from operating activities

from sale                            1,483,200

from financing

issuance of common stock 390,000

Total cash                      1,873,200.00

 

Q: prepare financial statement

Explanation:

First we do the net income

which is the sales revenue less the COGS

the sales tax is not revenue We are witholding in favor of the gevernment.

Then, we do the cash flow statement.

Last, the balance sheet.

inventory will be the purhcase less the used in the sale

the net income will be posted under retained earnings

the cash balance should bethe one calcualted on the cash flwo statement.

You might be interested in
According to Adam Smith and other classical economists, why is the economic theory supporting market economies (or capitalism) m
emmasim [6.3K]
According to Adam Smith and other classical economists, why is the economic theory supporting market economies (or capitalism<span>) </span>much more realistic than theories supporting command economies<span>? ... Americans prefer to have the </span>market<span>, rather </span>than<span> the government, to manage their </span>economy<span>.</span>
4 0
3 years ago
X Company and Y Company, operating on opposite sides of the country, manufacture equipment that is virtually identical except fo
Makovka662 [10]

Answer:

$14,000

Explanation:

Company X                                               Company Y

cost per equipment $75,000                  cost per equipment $65,000

sales price $105,000                                sales price $91,000

Both companies sold one unit and they exchanged clients in order to reduce shipping cost:

company X income = $105,000 (selling price) - $75,000 (COGS) + $14,000 (money received from company Y) = $44,000

company Y's income = $91,000 (selling price) - $65,000 (COGS) - $14,000 (money given to company X) = $12,000

This exchange resulted in company X's income increasing by $14,000, while company Y's income decreased by $14,000

6 0
3 years ago
Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends.
kirza4 [7]

Answer:

$10.08

Explanation:

First, find dividend per year;

D3 = 0.50

D4 = 0.50(1.35) = 0.675

D5 = 0.675 (1.35 ) = 0.9113

D6 = 0.9113 (1.07) = 0.9751

Next, find the present value of each dividend at 13% rate;

PV (of D3) = 0.50/(1.13^3) = 0.3465

PV (of D4) = 0.675/(1.13^4) = 0.4140

PV (of D5) = 0.9113/(1.13^5) = 0.4946

PV (of D6) = \frac{\frac{0.9751}{0.13-0.07} }{1.13^{5} } \\ \\ = \frac{16.2517}{1.8424}

PV (of D6 )= 8.8209

Add the PVs to find the stock price;

= 0.3465 + 0.4140 + 0.4946 + 8.8209

= $10.08

8 0
3 years ago
Lin is making a presentation about road safety and wants to add images of road signs.
Studentka2010 [4]

Answer:

I dont get what this is asking

Explanation:

This is not a question

3 0
3 years ago
The supply and demand curves show data for the latest paperback edition in a popular young adult fiction series that has been tu
Grace [21]
Shift D1 right, showing an increase in demand and an increase in equilibrium price.
8 0
3 years ago
Read 2 more answers
Other questions:
  • Which type of cybercriminal attack would interfere with established network communication through the use of constructed packets
    12·2 answers
  • ________________ is a general term used to describe the systems of businesses and organizations that arrange for the financing a
    6·1 answer
  • Salmon Inc. has debt with both a face and a market value of $227,000. This debt has a coupon rate of 7 percent and pays interest
    7·1 answer
  • Derive a minumum cost circuit using nand gates for
    9·1 answer
  • Dividends cause a(n) __________ in equity and are recorded directly in the _______ account.
    15·1 answer
  • A customer has purchased 5,000 shares of ABC Corporation stock in lots of 100 shares over an extended period of time at varying
    8·1 answer
  • Describe the conventional view of the relationship between the supply of a mineral resource and its market price. What are five
    10·1 answer
  • Suppose a tax of $3 per unit is imposed on a good. The supply curve is a typical upward-sloping straight line, and the demand cu
    5·1 answer
  • 3 reason why loading and unloading a school bus is dangerous?
    8·1 answer
  • Other things the same, if the exchange rate changes from 20 pesos per dollar to 30 pesos per dollar, then the dollar Group of an
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!