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
podryga [215]
2 years ago
15

From the following information, construct a simple income statement and a balance sheet:

Business
1 answer:
yaroslaw [1]2 years ago
6 0

Answer and Explanation:

The Preparation of the simple income statement and a balance sheet is shown below:-

                                   Corporation X

                                  Income Statement

                                 for the Year Ended xxxx

Particulars                                        Amount

Sales                                                $1,000,000

Less: Cost of goods sold               $500,000

Gross profit                                      $500,000

Less: Other expenses                     $60,000

EBIT                                                  $440,000

Less: Interest                                   $70,000

EBT                                                   $370,000

Less: Income tax                              $100,000

Net income                                       $270,000

Number of shares outstanding       $80,000

Earning per share                             $3.375

(Net income ÷ Number of shares outstanding)

                                   Corporation X

                                  Income Statement

                                 for the Year Ended xxxx

Particulars                                        Amount

Assets

Cash                                                $70,000

Accounts Receivable                     $150,000

Inventory

Raw Material                                   $80,000

Finished Goods                              $250,000

Total Current Assets                      $550,000

Plant & Equipment                          $410,000

Total Assets                                    $960,000

Liabilities

Accounts Payable                          $160,000

Other Current Liabilities                 $60,000

Total Current Liabilities                  $220,000

Long term Debt                              $200,000

Equity                                              $540,000

Total Liabilities & Equity                 $960,000

You might be interested in
Which of the following is not correct with respect to using bcc for recipients of a message?
Korvikt [17]

The option that is not correct with respect to using bcc for recipients of a message is this:

  • It should be the default for all correspondence.
<h3 /><h3>What is the Blind Carbon Copy?</h3>

Blind carbon copy is a way of preventing the recipients of a bulk message from viewing the other addressees. While it is a very good privacy option, it is not expected to be the default for all correspondence.

Sometimes, the addressees might have to view their counterparts so BCC is enabled in such cases.

Learn more about the Blind Carbon Copy here:

brainly.com/question/3594902

#SPJ11

5 0
1 year ago
Tara and her parents want to save at least $40,000 for college in 8 years. Which statement describes the most effective savings
Minchanka [31]

Tara and her parents should make deposits of $450 every month into a college savings account.


4 0
2 years ago
Read 2 more answers
If Sue, owner of Camp Bow Wow in Boulder, Colorado, says Heidi Granahl, CEO and founder of Camp Bow Wow, is a leader who establi
sashaice [31]

Answer:

the correct answer to this question is the "Country Club Leadership Style". However, what you should remember is that you might come across different names for this such as "Laizes Faire Leadership", etc...

Explanation:

In this style of leadership, the main assumption is that wen the employee are happy, they will naturally work better for the company. However, lack of regulation and guidance may end up with a not-so-well disciplined work force and usually this style does not work with every type of employees.

Moreover, this style focuses more on creating a safe working environment with minimal conflict.

6 0
2 years ago
An important rule of budgeting is:
son4ous [18]

Answer:

A. Those responsible for complying with budgets must participate in budget preparation.

Explanation:

An important rule of budgeting is those responsible for complying with budgets must participate in budget preparation.

4 0
3 years ago
Free ponts <br> im only doing this bc i hate my life<br> and put se.xy anime grils on ur answer
Alex787 [66]

Answer:

I need these points really bad thx so much!!!!

6 0
2 years ago
Other questions:
  • Michael will attend college in 5 years. He anticipates he will need $19,000 to pay for the first year. He currently has $6,400 i
    6·2 answers
  • BRAINLIEST
    6·1 answer
  • The managers of a popular software firm believe in trusting their subordinates to perform effectively rather than monitoring the
    7·1 answer
  • Which of the following statements is true of franchisors?
    12·1 answer
  • According to the definition used by the U.S. Bureau of Labor Statistics, a person is not in the labor force if that person:_____
    6·1 answer
  • A property management group is interested in diversifying its company to operate properties for low-income housing, but the grou
    13·1 answer
  • Jiffy Cake Mix Company developed a new brownie mix that is much improved over its current brownie mix. When a sales representati
    7·1 answer
  • The percentage of Americans with college degrees has risen dramatically since 1910. The functionalist explanation would be that
    14·1 answer
  • Type the correct answer in the box. Spell all words correctly.
    8·1 answer
  • A __________________ often results in an outflow of financial capital leaving the domestic economy and being invested in the glo
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!