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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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Answer:

See the explanation below.

Explanation:

1 a. Calculate the number of tickets Sunset must sell each month to break even.

Selling price = 6% * $1,500 = $90 per ticket

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Contribution margin per unit = $90 – $43 = $47 per ticket

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Break-even tickets per month = Fixed cost / Contribution margin per unit = $23,500 / $47 = 500 tickets

1 b. Calculate the number of tickets Sunset must sell each month to make a target operating income of $10,000 per month.

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2 a. Calculate the number of tickets Sunset must sell each month to break even.

Selling price = 6% * $1,500 = $90 per ticket

Variable cost per unit = $40 per ticket

Contribution margin per unit = $90 – $40 = $50 per ticket

Fixed cost = $23,500

Break-even tickets per month = Fixed cost / Contribution margin per unit = $23,500 / $50 = 470 tickets

2 b. Calculate the number of tickets Sunset must sell each month to make a target operating income of $10,000 per month.

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3 a. Calculate the number of tickets Sunset must sell each month to break even.

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Variable cost per unit = $40 per ticket

Contribution margin per unit = $60 – $40 = $20 per ticket

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Due a fall in commission, there are appreciable increases in the break-even point and the number tickets that have to be sold to meet a targeted operating income of $10,000.

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Comment:

The $5 delivery fee brings about an increased contribution margin higher than before, which makes both the break-even point and the tickets sold to achieve operating income of $10,000 to fall.

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