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
PtichkaEL [24]
2 years ago
5

Mobile Homes reported the following in its financial statements for the year ended December​ 31, ​: 2018 2017 Income Statement N

et Sales Revenue $ 25,118 $ 21,893 Cost of Goods Sold 18,074 15,501 Depreciation Expense 271 234Other Operating Expenses 4 4,632 4,277 Income Tax Expense 530 482 Net Income $ 1,611 1,399 Balance Sheet Cash S 21 19 Accounts Receivable 798 615 Merchandise Inventory 3,483 2,832 Property, Plant, and 4,351 3,437Equipment, net Accounts Payable 1,547 1,364 Accrued Liabilities 938 851 Long-term Liabilities 477 461 Common Stock, no par 670 443 Retained Earnings 5,021 3,784 Requirements 1. Compute the collections from customers. 2. Compute payments for merchandise inventory. 3. Compute payments of other operating expenses.4. Compute the acquisition of property plant and equipment.5. Compute the amount of borrowing with A-one paying no long term liabilities.6. Compute the payment of cash dividends.
Business
1 answer:
kirill [66]2 years ago
6 0

Answer:

Mobile Homes

Computation of:

1. Collections from customers

Beginning Accounts Receivable    $615

Net Sales                                       25,118

Less ending accounts receivable    798

Collections from customers   $24,935

2. Payments for merchandise inventory

Beginning Accounts Payable    1,364

Purchases                                18,725

Ending Accounts payable         1,547

Payments                             $18,542

3. Payments of other operating expenses:

Accrued liabilities:

beginning                      851

Operating expenses 4,632

Less ending                  938

Cash payments        4,545

4. Acquisition of property plant and equipment:

Beginning cost = $4,622

Ending cost =       $3,671

Acquisition =         $951

5. Amount of borrowing with:

a) Long-term liabilities:

Ending        $477

Beginning  $461

Borrowing    $16

b) A-one paying no long term liabilities:

Accrued Liabilities:

Ending        $938

Beginning   $851

Borrowing    $87

6. Payment of cash dividends:

Retained Earnings $3,784

Net Income                1,611

Total available       $5,395

Retained earnings  (5,021)

Dividends paid        $374          

Explanation:

a) Data and Calculations:

Mobile Homes Financial Statements for the years ended December​ 31:

                                               2018             2017

Income Statement

Net Sales Revenue              $ 25,118      $ 21,893

Cost of Goods Sold                18,074          15,501

Depreciation Expense                271              234

Other Operating Expenses    4,632           4,277

Income Tax Expense                530              482

Net Income                             $ 1,611           1,399

                                               2018             2017

Balance Sheet

Cash                                          21                 19

Accounts Receivable             798              615

Merchandise Inventory       3,483          2,832

Property, Plant, and

Equipment, net                   4,351          3,437

Accounts Payable                1,547          1,364

Accrued Liabilities                 938             851

Long-term Liabilities              477             461

Common Stock, no par         670             443

Retained Earnings              5,021           3,784

Property, plant, and equipment:

PPE net          4,351          3,437

Depreciation     271            234

Cost               4,622         3,671

Purchases:

Ending inventory        3,483

Cost of goods sold   18,074

Beginning inventory (2,832)

Purchases                 18,725

You might be interested in
In 1903, for the first time in u.s. history, congress passed a law declaring that a person holding a specific political viewpoin
mojhsa [17]

In 1903, the congress passed a law declaring that a person holding a specific political viewpoint could be banned from entering the nation, these were the <u>anarchists</u>.

<h3>Who are the anarchists?</h3>

These are group of people that holds the theory that is skeptical of the justification of authority and power, they pursues that cluster of doctrines and attitudes centered on the belief that government is both harmful and unnecessary.

The first person to be call an anarchist was the French writer called Pierre-Joseph Proudhon. In his study, he argued that the real laws of society have nothing to do with authority but rather stem from the nature of society itself and he foresaw the eventual dissolution of authority and the emergence of a natural social order.

Read more about anarchists

brainly.com/question/843610

#SPJ1

6 0
1 year ago
If the month-end bank statement shows a balance of $36,000, outstanding checks are $10,000 , a deposit of $4,000 was in transit
sukhopar [10]

Answer:

The correct answer is C

Explanation:

The amount of correct balance which is shown in the bank account at the month end is:

= Month end balance - Outstanding balance + Deposit in transit at month end + Check which was erroneously charged by bank

= $36,000 - $10,000 + $4,000 + $600

= $26,000 + $4,600

= $30,600

Therefore, the month end balance amounts to $30,600 in the bank account.

4 0
2 years ago
Within the labor movement, the demise of the Knights of Labor led to a shift away from the broadly reformist past to more limite
natita [175]

The given statement is TRUE.

Explanation:

The statements that describe the AFL :

Rather than facing business leaders head on, the AFL has committed itself to seeking fair working practices and higher wages for employers.

In the vocabulary of the corporate community of that period, the latest AFL policies were labeled "financial unionism."

6 0
2 years ago
What do borrowers use to secure a mortgage loan?
mylen [45]

Answer:

A. and B.

Explanation:

mortgage loans are given to individuals by a certified bank against their property. In order to secure this loan the bank requires a down payment from the individual looking for the loan as well as the individual's credit card information. This credit card will be charged the amount that the individual owes the bank on a monthly basis.

6 0
3 years ago
Read 2 more answers
In a market with an upward sloping supply curve and a downward sloping demand curve, when the actual price must be higher than t
blondinia [14]

Answer:

excess supply

Explanation:

If price is higher than equilibrium price, quantity demanded would fall while quantity supplied would increase. This is in line with the law of demand and supply

according to the law of supply, the higher the price, the higher the quantity supplied and the lower the price, the lower the quantity supplied.

According to the law of demand, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

This accounts for why the supply curve is positively sloped.

6 0
3 years ago
Other questions:
  • Cathy wants to purchase an annuity where she can withdraw $15,000 at the beginning of each year for the next 25 years. She expec
    5·1 answer
  • 13. Describe at least three other investments you want to make with your income either now or someday in the future. Explain why
    12·2 answers
  • Darren is eligible to contribute to a traditional 401(k) in 2019. He forgot to contribute before year-end. If he contributes bef
    15·1 answer
  • You and a friend are debating the merits of using monetary policy during a severe recession. Your friend says that the central b
    5·1 answer
  • Organizations that are formed to offer services to clients and not make a profit are ____, whereas, ________ are those organizat
    10·1 answer
  • You are faced with the following alternative choices on Saturday afternoon. You can only do one of these activities. None of the
    9·1 answer
  • Laws governing sales are only enacted when the rights of an organization are infringed upon
    7·1 answer
  • What is the cost of goods sold given the following information? Beginning Work in Process 125,000 Beginning Finished Goods 78,00
    14·1 answer
  • An individual consumes products X and Y and spends $36 per time period. The prices of the two goods are $3 per unit for X and $2
    6·1 answer
  • The cost-benefit principle states that _____ are the incentives that shape decisions.
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!