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
nika2105 [10]
3 years ago
9

Here are incomplete financial statements for Pharoah Company. Calculate the missing amounts. PHAROAH COMPANY Balance Sheet Asset

s Cash $29,000 Supplies (a) Equipment (net) 64,900 Total assets $ (b) Liabilities and Stockholders' Equity Liabilities Notes payable $23,700 Stockholders' Equity Common stock 37,100 Retained earnings enter a dollar amount (c) Total liabilities and stockholders' equity $ (d) PHAROAH COMPANY Income Statement Revenues $56,500 Depreciation expense enter a dollar amount (e) Salaries and wages expense 12,100 Interest expense 1,000 Net income $24,500 PHAROAH COMPANY Retained Earnings Statement Beginning retained earnings $ (f) Add: Net income enter a dollar amount (g) Less: Dividends 6,100 Ending retained earnings $38,000 eTextbook and Media
Business
1 answer:
maxonik [38]3 years ago
8 0

Answer:

Pharoah Company

Calculation of the missing amounts from incomplete financial statements:

Balance Sheet Assets

Cash $29,000

Supplies (a) $4,900

Equipment (net) 64,900

Total assets $ (b) $98,800

Liabilities and Stockholders' Equity

Liabilities

Notes payable $23,700

Stockholders' Equity:

Common stock 37,100

Retained earnings enter a dollar amount (c) $38,000

Total liabilities and stockholders' equity (d) $98,800

PHAROAH COMPANY Income Statement

Revenues $56,500

Depreciation expense (enter a dollar amount) (e) $18,900

Salaries and wages expense 12,100

Interest expense 1,000

Net income $24,500

PHAROAH COMPANY Retained Earnings Statement

Beginning retained earnings $ (f) $19,600

Add: Net income enter a dollar amount (g) $24,500

Less: Dividends 6,100

Ending retained earnings $38,000

Explanation:

Data and Calculations:

g) Net income is obtained from the income statement.

f) = Ending retained earnings plus dividends minus net income

= $38,000 + $6,100 - $24,500

= $19,600

e) Depreciation expense = Revenue minus (Net income + interest expense + salaries expense)

= $56,500 - ($24,500 + 1,000 + 12,100)

= $18,900

d) = liabilities + common stock + retained earnings

= $23,700 + $37,100 + $38,000

= $98,800

c) = retained earnings = given in the retained earnings statement

b) = Total assets = liabilities + Equity

= $98,800

a) Supplies = Total assets - (Cash + Equipment)

= $98,800 - ($29,000 + 64,900)

= $4,900

You might be interested in
How much would you have to invest today in the bank at an interest rate of 10% to have an annuity of $5600 per year for 7 years,
Shtirlitz [24]

Answer:

PV = $27,263.15

It will be needed to deposit the lump sum of $27,263.15

Explanation:

The question is asking for how much will you need to deposit in a lump sum  today to withdraw for seven years the sum of $5,600 with an interest rate of 10%

In other words it is asking us for the preset value of an annuity of $5,600 with interest of 10%

Using the present value of an annuity formula of $1 we can solve for the present value of that annuity, which is the amount needed to generate this annuity

C * \frac{1-(1+r)^{-time} }{rate}= PV\\

We post our knows value and solve it:

5,600 * \frac{1-(1+0.10)^{-7} }{0.10}= PV\\

PV = $27,263.15

8 0
3 years ago
Pina Corporation entered into an operating lease agreement to lease equipment from Badger, Inc. on January 1, 2017. The lease ca
posledela

Answer:

= $80,273

Explanation:

Value of the right of use asset = Value of lease liability - cash incentive received + costs incurred for lease

                  = $82,773 -$ 6,000 + $3,000 + $500

                     =$80,273

4 0
3 years ago
During the middle years of last decade, the exchange rate of the U.S. dollar has declined against the currencies of its major tr
Aleks04 [339]

Answer:

Because there are other factors that influence the weakening or strengthening of the dollar, not just the dollar exchange rate in relation to the exchange rates of other countries' currencies.

Explanation:

Although the United States has registered increases in the trade deficit, that is, when the country imports more goods and services from abroad than it exports, there are other factors that determine whether the country's currency is valued or not. In the case of the dollar, its value has not decreased despite the fall in the exchange rate of the dollar in relation to the currencies of its main trading partners due to the fact that the dollar is the main reserve currency in the world, which means that the dollar is the fashion of commercial transaction in the world, therefore its value is not lost in relation to other currencies, since several important transactions in the world such as gold and oil commodities are traded in dollars.

There is also the fact that the US attracts a lot of international investment for US Treasury bills, which helps to strengthen the dollar.

6 0
3 years ago
How do marginal costs<br> and benefits relate to trade-offs?
Lisa [10]

Answer:

A trade-off is the actual alternative option that is given up, while the value of this alternative option is the opportunity cost. ... Marginal cost is the cost of using one more unit of a good or service, and marginal benefit is the benefit or satisfaction received from using one more unit of a good or service.

Explanation:

6 0
3 years ago
Luana loves shopping for clothes, but considering the state of the economy, she has decided to start saving. At the end of each
Zina [86]

Answer:

Luana will save $2,493.522

Explanation:

Given:

Luana will deposit $570 every year for 4 years. This is an annuity as same amount is deposited every year.

Rate is 6% or 0.06

We have to compute Luana's savings at the end of 4th year.

Refer future value of annuity factor table at 6%, 4th year. Annuity factor is 4.3746.

Savings = Yearly deposit × Annuity factor

             = 570 × 4.3746

             = $2,493.522

Therefore, Luana will save $2,493.522 by the end of 4 years.

6 0
3 years ago
Other questions:
  • Large companies such as Walmart, IBM, and Ford are classified as A. S-corporations. B. C-corporations. C. limited liability comp
    5·2 answers
  • The direct write-off method records bad debt expense only when an account becomes uncollectible, which is not always in the same
    15·1 answer
  • Theresa sued her former employer for age, race, and gender discrimination. She claimed $200,000 in damages for loss of income, $
    5·1 answer
  • A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una
    14·1 answer
  • Adelphi Company purchased a machine on January 1, 2017, for $70,000. The machine was estimated to have a service life of ten yea
    15·1 answer
  • Flowers, a married taxpayer, purchased an annuity for $64,400 that will pay $700 per month over the life of Flowers and Flowers'
    5·1 answer
  • The inventory costing method that reports the earliest costs in ending inventory is:_______
    10·1 answer
  • Eric and Chris run a non-regulated natural monopoly producing electricity for a small town. The barrier most likely preventing o
    5·1 answer
  • HW2: ABC Co. acquired the $100,000, 6% bonds on 2001/12/31. Market price of the bonds: $102,723 (including brokerage fee of $153
    7·1 answer
  • what corporate diversification strategy is being pursued by disney? what evidence do you have that supports your position? how d
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!