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
A _____ is the highest postsecondary degree available.
Nadusha1986 [10]
I pretty sure it’s B
5 0
2 years ago
Read 2 more answers
Suppose that you prefer reading a book you already own to watching tv and that you prefer watching tv to listening to music. if
WINSTONCH [101]
<span>The opportunity cost of reading is watching TV.
</span>
Opportunity cost alludes to an advantage that a person could have gotten, yet offered up, to make another course of move. Expressed in an unexpected way, an opportunity cost that shows an alternative given up when a choice is made. This cost is, accordingly, most significant for two totally unrelated occasions.
8 0
3 years ago
Jacob and Marla were both presented with a complex accounting issue that neither had seen before. Marla was able to look at the
devlian [24]

Answer: Generally, when trying to solve a complex accounting problem in which there are obstacles and little knowledge about the subject, the most advisable thing is to work from a conceptual framework which serves as a guide to find a reasonable answer to the problem in question. In this case Marla was clearly working with a conceptual framework, and instead Jacob was not.

4 0
3 years ago
Clarion corp. invested cash in a 6-month certificate of deposit (cd) on november 1, 2015. if clarion corp. has an accounting per
melisa1 [442]
<span>Clarion should expect to recognize interest revenue on their CD both on December 31st 2015 and May 1st 2016. They will receive it in December thanks to end of your returns and then it will pay out its full amount 6 months from the purchase date which is on May 1st of 2016.</span>
7 0
3 years ago
How do trade agreements of international organizations affect trade? by incentivizing the development of trade policies by elimi
kupik [55]

Any contractual arrangement between governments addressing their trading interactions is referred to as a trade agreement. Trade treaties can be bilateral or multilateral, that is, among two or more states.

<h3>Why are trade agreements important?</h3>

Countries engage in international trade because there are financial benefits to be had. These benefits include expanded product diversity, cheaper pricing, superior quality, enhanced technological spread, and increased consumption by the country as a whole. Increased trade openness has been associated with higher GDP growth.

Thus Option C is correct about the trade agreement.

For more information about the Trade agreement refer to the link:

brainly.com/question/1550074

7 0
2 years ago
Other questions:
  • It is important to shop around for credit because banks and financial institutions?
    14·2 answers
  • Which chart is best used to show the results of a class survey with 4 field trip options?
    13·2 answers
  • Who typically implements strategy in large, multi-industry corporations?a. The board of directorsb. Top managementc. Middle mana
    10·1 answer
  • The difference between the profit margin controllable by a segment manager and the segment profit margin is caused by:
    12·1 answer
  • Cash $ 8,600 Accounts receivable 16,500 Office supplies 2,000 Trucks 173,000 Accumulated depreciation—Trucks $ 35,638 Land 75,00
    15·1 answer
  • Which of the following outcomes is not a direct result of a market​ analysis?
    6·1 answer
  • The competitive firm's supply curve is equal to A. the portion of its marginal cost curve that lies on and above AFC. B. its mar
    14·1 answer
  • DaaS is utilized for provisioning critical data on demand.
    10·1 answer
  • When the opportunity cost associated with increasing the production of one good or service in terms of another is constant at ev
    12·1 answer
  • An increase in the aggregate demand for goods and services has a larger impact on output ________ and a larger impact on the pri
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!