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3 years ago

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 870,000

Income 570,000

Balance Sheet:

Cash 1,873,200.00

Inventory 270,000.00

Total Assets 2,143,200.00

Liabilities:

Accounts payable 1,140,000.00

Sales tax payable 43,200.00

Total Liab 1,183,200.00

Equity:

Common Stock 390,000

RE 570,000

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.

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D)determines the inventory on hand only at the end of the accounting period.

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Meanwhile, a perpetual inventory system keeps a record showing the inventory at all time. That is every time a sale is made, cost of goods sold (cogs) is determined.

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3 years ago

GI Designs, a copper furniture manufacturer, increased the price on its copper tabletops by 20 percent for three months to see w

romanna [79]

Answer:

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In the case, the dependent variable is the change in sales at GO designs while the independent variable is the price increase.

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3 years ago

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2 years ago

The equilibrium price and quantity of a good are found where the supply and demand curves intersect.

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3 years ago

Cashen Co. paid $2,400,000 to acquire all of the common stock of Janex Corp. on January 1, 2017. Janex's reported earnings for 2

andrew-mc [135]

Answer:

(D) $3,588,000.

Explanation:

Consolidated net income is defined as the sum of net income of the parent company (minus income from investment in subsidiary and unrealized income from downstream sales) plus net income of subsidiaries, which results after deducting depreciation (or amortization), income from transactions with the parent company and unrealized gains in inventories.

In the example, the parent company is Cashen Co. and the subsidiary is Janex´s. Recall that a parent company is one that owns more than 50 percent of the shares of the subsidiary, in this case, it is 100%.

According to the information provided, Cashen Co's net income was $ 3,180,000 and neither income from investment in subsidiary nor unrealized income from downstream sales is reported, so it is not necessary to subtract anything.

On the other hand, we know that Janex´s reported earnings totaled $432,000. However, the amortization of allocations related to the investments ($ 24,000) must be subtracted here. Therefore, the net income of that company was $408,000 ($432.000 - $24.000).

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Note: I want to point out that there is a typo in the question. It says: "What is the amount of consolidated net income for the year 2010?", instead of "What is the amount of consolidated net income for the year 2017?"

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3 years ago