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blagie [28]
3 years ago
9

At December​ 31, 2018​, Salish Hardware owes $ 4 comma 800 on accounts​ payable, plus salaries payable of $ 5 comma 300 and inco

me tax payable of $ 6 comma 100. Salish Hardware also has $ 320 comma 000 of notes payable that require payment of a $ 26 comma 000 installment in 2019 and the remainder in later years. The notes payable also require an interest payment of $ 8 comma 600 on January​ 1, 2019. Report Salish ​Hardware's liabilities on its December​ 31, 2018​, classified balance sheet.
Business
1 answer:
Kipish [7]3 years ago
4 0
I’m sorry I honestly don’t know
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In 2021, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December
Elena-2011 [213]

Answer:

<u>Retained earnings under the Balance sheet</u>

Explanation:

Making comparisons between the two inventory value when using FIFO or Average cost method=

63.0M - 47.1M = $15.9M

We see an <em>increase</em> in the ending inventory.

Thus, this increase in income has been unprecedented, and may not have been distributed to the shareholders of Adonis Industries. On the balance sheet journal entry this extra income would be indicted on the balance sheet on the retained earnings column for year 2021.

7 0
3 years ago
Read 2 more answers
Suppose the M P C is 0.8 and the current tax rate is 25 % . What is the government purchases multiplier? Specify all answers to
Goryan [66]

Answer:

Therefore, Increases in the tax rate decrease the government purchases multiplier

Explanation:

Given that

MPC = 0.8

Tax rate t = 0.25

tax rate is increases by 35%

Government purchases multiplier

= 1 ÷ 1 - MPC × (1 - t). Here

So, GPM = 1 ÷ 1 - 0.8 × (1 - 0.25) = 2.5

Government purchases multiplier

= 1 ÷ 1 - MPC × (1 - t)

MPC = 0.8

tax rate t = 0.35

GPM = 1 ÷ 1 - 0.8 × (1 - 0.35)

= 2.08333

= 2.083

Therefore, Increases in the tax rate decrease the government purchases multiplier.

3 0
3 years ago
Clark Company produces flash drives for computers, which it sells for $20 each. Each flash drive costs $12 of variable costs to
Tomtit [17]

Answer:

contribution margin ratio= 0.4

Explanation:

Giving the following information:

Selling price per unit= $20

Unitary variable cost= $12

<u>To calculate the contribution margin ratio, we need to use the following formula:</u>

contribution margin ratio= (selling price - unitary variable cost) / selling price

contribution margin ratio= (20 - 12) / 20

contribution margin ratio= 0.4

3 0
3 years ago
Perdue Company purchased equipment on April 1 for $93,420. The equipment was expected to have a useful life of three years, or 7
k0ka [10]

Answer:

The depreciation cost per year is:

Year 1: $16,800

Year 2: $31,200

Year 3: $27,600

Year 4: $15,120

Explanation:

To calculate the depreciation cost for the equipment based on hours used, we must determine the cost per hour:

cost per hour = (purchase cost - salvage value) / expected useful life

cost per hour = ($93,420 - $2,700) / 7,560 hours = $90,720 / 7,560 hours = $12 per hour

The depreciation cost per year is:

Year 1: 1,400 hours x $12 per hour = $16,800

Year 2: 2,600 hours x $12 per hour = $31,200

Year 3: 2,300 hours x $12 per hour = $27,600

Year 4: 1,260 hours x $12 per hour = $15,120

3 0
3 years ago
Camper's Edge Factory produces two products: canopies and tents. The total factory overhead is budgeted at $750,000 for the year
Pavel [41]

Answer:

Camper's Edge Factory

Departments                                  Cutting             Sewing

a. The total number of budgeted

   direct labor hours for the year  60,000            70,000

b. Products                                     Canopy          Tent

   Factory overhead per unit         $17.50            $40

Explanation:

a) Data and Calculations:

Total budgeted factory overhead = $750,000

                                               Canopy        Tent     Total

Direct labor hours  

Cutting                                       2                     1         3

Sewing                                       1                     6         7

Total direct labor hours            3                    7

Budgeted production units 20,000          10,000

Departments                              Cutting                        Sewing

Budgeted factory overhead  $350,000                     $400,000

Direct labor hours:

Canopy                                  40,000 (20,000 * 2)          10,000 (10,000 * 1)

Tent                                       20,000 (20,000 * 1)          60,000 (10,000 * 6)

Total direct labor hours        60,000                              70,000

Overhead allocation rates     $5.833                               $5.714

                         ($350,000/60,000)                              ($400,000/70,000)

Overhead per unit              $17.50 ($5.833 * 3)            $40 ($5.714 * 7)

               

5 0
3 years ago
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