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
xenn [34]
3 years ago
9

Carissa Communications reported the figures from its adjusted trial balance and from its multi-step income statement for its fir

st year of business, which ended on July 31, 2018
Expenses Accounts Payable Common Stock Notes Payable, long-term Merchandise Inventory Administrative Expenses $ 18,400 12,500 1,900 30,000 3,400 $ 3,500 Cost of Goods Sold 1,700 Equipment, net 4,600 Accrued Liabilities 5,855 Net Sales Revenue 1,500 Accounts Receivable 1,300 Interest Expense 3,000 Carissa Communications Income Statement Year Ended July 31, 2018 $30,000 18,400 Net Sales Revenue Cost of Goods Sold Gross Proft Operating Expenses 11,600 Selling Expenses Administrative Expenses Total Operating Expenses 1,700 3,000 4,700 Operating Income Other Income and (Expenses) 6,900 (55) Interest Expense (55) Total Other Income and (Expenses) 6,845 Net Income (Loss) Carissa Communications Statement of Retained Earnings Year Ended July 31, 2018 Retained Earnings, August 1, 2017 Retained Earnings, July 31, 2018 Balance Sheet July 31, 2018 Assets Liabilities Stockholders' Equity
Requirement 1.
Prepare Carissa Communications's statement of retained earnings for the year ended July 31 2018 .
Requirement 2.
Prepare Carissa Communications's classified balance sheet at July 31 2018.
Business
1 answer:
marishachu [46]3 years ago
6 0

Answer:

1. Carissa Communications' Statement of Retained Earnings for the year ended July 31, 2018:

Retained Earnings, July 31, 2017         $0

Net Income (Loss)                           6,845

Retained Earnings, July 31, 2018 $6,845

2. Carissa Communications' Classified Balance Sheet as of July 31, 2018:

Assets:

Current Assets:

Cash                                $ 3,500

Accounts Receivable         3,000

Merchandise Inventory      1,300

Total Current Assets       $7,800      $7,800

Long-term Assets:

Equipment, net                12,500    $12,500

Total Assets                                    $20,300

Liabilities + Equity:

Current Liabilities:

Accounts Payable             1,900  

Accrued Liabilities            5,855

Total Current Liabilities  $7,755      $7,755

Long-term Liabilities:

Notes Payable, long-term                  3,400

Total Liabilities                                  $11,155

Stockholders' Equity:

Common Stock                  2,300

Retained Earnings             6,845

Total Stockholders' Equity 9,145     $9,145

Total Liabilities +  Equity  $20,300

Explanation:

a) Data and Calculations:

1. Adjusted Trial Balance for its first year of business, which ended on July 31, 2018

Cash                                $ 3,500

Cost of Goods Sold       $ 18,400

Selling expenses                1,700  

Equipment, net                12,500

Accounts Payable                               1,900  

Accrued Liabilities                              5,855

Common Stock                                   2,300

Net Sales Revenue                          30,000

Notes Payable, long-term                  3,400

Accounts Receivable         3,000

Merchandise Inventory      1,300

Interest Expense                    55

Administrative Expense    3,000

Total                               $43,455   $43,455

2. Carissa Communications Income Statement Year Ended July 31, 2018  

Net Sales Revenue        $30,000

Cost of Goods Sold           18,400  

Gross Profit                        11,600

Operating Expenses  

Selling Expenses                 1,700  

Administrative Expenses   3,000

Total Operating Expenses 4,700  

Operating Income              6,900

Interest Expense                    (55)

Net Income (Loss)            $6,845

You might be interested in
Temporary investments such as in trading securities are a.recorded at fair market value and reported at fair market value b.reco
g100num [7]

Answer:

The correct answer is b.recorded at cost but reported at fair market value.

Explanation:

Investments represented in shares and in shares or shares of social interest will be recorded at their historical cost. Other investments, such as bonds, bonds, certificates, etc., will be accounted for at their nominal value. However, in case of differences between the latter and the historical cost, with the purpose of not breaking the basic accounting standard of "valuation or measurement", such differences will be controlled through complementary valuation auxiliary accounts of the investment, specifically in the titles in which the difference is presented. For this purpose, the discount items for amortization or premium for amortization will be used.

6 0
3 years ago
Business cycles ___________.
Amanda [17]

Answer:

Are ups and downs in the level of economic activity

Explanation:

Business cycles is defined as the various ups and downs in the economic activities of a particular nations. These ups and downs are generally measured by the fluctuations in the macro economic variables. These macro economic variables includes:

(i) Gross domestic product (GDP)

(ii) Employment

(iii) Rate of consumption

There are four major phases in the process of business cycle are as follows:

(i) Expansion

(ii) Peak

(iii) Contraction

(iv) Trough

7 0
3 years ago
For incentive pay to motivate employees to contribute to the organization's success, the pay plans must be well designed. Which
olga nikolaevna [1]

Answer:

C. Employees value the rewards or incentives that are being offered

Explanation:

Let's see the different options for answer...

<u>A. Performance measures are to be linked to the individual's goals</u>

No.  Even if the performance measures should be linked to the individual's goals, just the mere existence of such KPI is not sufficient to motivate employees.   There has to be some performance reward attached to it.

<u>B. Employees are given very broad performance goals</u>

No. To get a good performance and motivate employees, they must be given clear goals and objectives.

<u>C. Employees value the rewards or incentives that are being offered</u>

Yes.  Even if you have good performance measurements, with realistic goals, the employees won't be motivated to reach those goals if the reward doesn't worth the effort.

<u>D. Employees are given limited resources to meet their goals</u>

No. They won't be motivated if they don't think they have the means to achieve those goals.

6 0
3 years ago
The market capitalization rate for Admiral Motors Company is 8%. Its expected ROE is 10% and its expected EPS is $5. The firm's
pashok25 [27]

Answer:

(A) 6%

(B) 20

Explanation:

The market capitalization rate for Admiral motors is 8%

= 8/100

= 0.08

The expected ROE is 10%

= 10/100

= 0.1

The expected EPS is $5

The Plowback ratio is 60%

= 60/100

= 0.6

(A) The growth rate can be calculated as follows

= Plowback ratio × ROE

= 0.6 × 0.1

= 0.06×100

= 6%

Hence the growth rate is 6%

(B) The P/E ratio can be calculated as follows

= 1-0.6/0.08-0.06

= 0.4/0.02

= 20

Hence the P/E ratio is 20

5 0
3 years ago
Select all that apply. Which traits do all employers desire in employees? honesty only occasional tardiness loyalty cooperation
tresset_1 [31]
Honesty
Loyalty
Cooperation
<span>responssibility
</span><span> ability to get along with others</span>
8 0
3 years ago
Read 2 more answers
Other questions:
  • Vivian, as a vice-president of marketing, is far removed from the research and development department. However, she keeps a clos
    12·1 answer
  • Select the appropriate response tim is confined to a nursing home but doesn't have a terminal illness. which life insurance ride
    7·1 answer
  • (BRAINLIST)
    6·1 answer
  • Which of the following statements about price wars is true? Multiple Choice a. Firms that have to deal with the possibility of p
    6·1 answer
  • You have been hired to consult with the new chief of a police department that has been fraught with complaints of officer miscon
    5·2 answers
  • Laser World's income statement reported total revenues of $860,000 and total expenses (including $40,500 depreciation) of $740,0
    11·1 answer
  • A company is trying to decide how many workers to hire. They want to maximize profits. What is the maximum number of workers the
    14·2 answers
  • A company paid $150,000, plus a 6% commission and $4,000 in closing costs for a property. The property included land appraised a
    9·1 answer
  • Sourcing goods and services from locations around the globe is known as __________.
    6·1 answer
  • Respond to the following discussion question(s):
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!