CALCULATE TOTAL ASSETS TURNOVER :
TOTAL ASSETS TURNOVER = NET SALES/AVERAGE TOTAL ASSETS
= 3.6/1.1
TOTAL ASSETS TURNOVER = 3.27 TIMES
In financial accounting, an asset is a resource owned or controlled by a company or entity. It is anything that can be used to create positive economic value. Assets represent the value of an asset that can be converted into cash.
An asset is a resource of economic value owned or controlled by an individual, business, or state with the expectation of providing future benefits. Assets are reported on the company's balance sheet. They are classified as short-term, fixed, financial, and intangible.
Despite all this, a car is an asset even for less than what you paid for it because it can be quickly turned into cash on the market. That alone, by definition, makes it an asset. It's these additional costs and constant depreciation that make a car worthless.
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1.45% = 0.0145
0.0145 * 750 = 10.875
You will have $10.88 withheld from your paycheck this week for medicare tax.
Answer:
1. WINFREY TOWING SERVICE
Statement of Comprehensive Income
$
Service revenue 10,800
Rent expense (550)
Salaries expense (1,900)
Dividends paid <u>(4,000)</u>
Net income <u> 4,350</u>
Statement of Retained Earnings
$
Retained earnings b/f 3,900
Add: Net income 4,350
Retained earnings c/f 8,250
2. Statement of retained earnings report changes in retained earnings of a company in a given accounting year.
Explanation:
In this question, we need to obtain the net income of the company, which is service revenue minus expenses minus dividend. Then, the statement of retained earnings is prepared by taking cognisance of the retained earnings brought forward and add the net income for the year.
Answer:
In a Chapter 11 bankruptcy, a class of creditors is considered to have accepted the bankruptcy plan when:
one-half of the class in number and two-thirds of the class in dollar amount agree.
Explanation:
In a Chapter 7 bankruptcy, the business assets are liquidated to pay the creditors. In a Chapter 11 bankruptcy, the business assets are not liquidated. Instead, the business is refinanced as the assets and debts are reorganized, making it possible for the continued existence of the business. This is the reason the agreement of the creditors are usually paramount in the decision to undergo a Chapter 11 bankruptcy, unlike a Chapter 7 bankruptcy.
Answer:
As a result, the IFRS test is more strict than U.S. GAAP.
