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3 years ago

The following information is available for Sunland Company

Business

1 answer:

Oksanka [162]3 years ago

3 0

Answer:

Sunland Company

Balance Sheet as at December 31, 2022

ASSETS

Non - Current Assets

Equipment (net) 110,500

Total Non - Current Assets 110,500

Current Assets

Inventory 2,900

Supplies 3,740

Accounts receivable 3,400

Cash 6,200

Total Current Assets 16,240

Total Assets 126,740

EQUITY AND LIABILITIES

Equity

Common stock 50,600

Retained Earnings 36,660

(126,740 - 39,480 - 50,600)

Total Equity

Liabilities

Current liabilities

Accounts payable 4,800

Interest payable 520

Unearned service revenue 860

Salaries and wages payable 800

Total Current liabilities 6,980

Non - Current liabilities

Notes payable 32,500

Total Non - Current Liabilities 32,500

Total Liabilities 39,480

Total Equity and Liabilities 126,740

Explanation:

A Balance Sheet shows the Assets, Liabilities and Equity as at the Reporting date.

The Retained Earnings have been calculated as 126,740(Total Assets) - 39,480 (Total Liabilities) - 50,600 (Common Stock) = $50,600.

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If the Federal Reserve announces that its target for the federal funds rate is rising from 4 percent to 4.25 percent, how do you

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Answer:

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Explanation:

If the FED announces that it will increase the federal funds rate, it will increase the interest that banks charge other banks for lending them money in order to comply with the reserve ratio. This increase would make banks hand out less loans and be more careful in order to reduce their need for overnight funds.

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3 years ago

Hewlett and Martin are partners. Hewlett's capital balance in the partnership is $61,000. and Martin's capital balance $58,000.

gizmo_the_mogwai [7]

Answer:

The bonus hat is granted to Hewlett and Martin equals is $2340

Explanation:

Solution

Given that:

Hewlett's capital balance = $61,000

Martin's capital balance = $58,000

The existing partners agrees ti accept black with =20% interest

Black invest the amount of =$35,600

Now,

The equity after admitting black or allowing black is given below:

$61,000 + $58,000 +$35,600 = $154,600

The share of black in equity is given as,

$154, 600 * 20% = $30,920

The Bonus that is present for Hewlett and Martin is = $35,600 - $30,920

=$4,680

Thus,

When shared equally it is = $2340 for both partners

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3 years ago

Which document gives Congress the power to lay and collect taxes?

jarptica [38.1K]

The constitution is the correct answer

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3 years ago

The two main types of e-commerce are

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Answer:

B2B (Business to business) and B2C (Business to consumer)

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3 years ago

The following income statements were drawn from the annual reports of the Denver Company and the Reno Company: Denver* Reno* Net

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Answer:

1. Gross margin percentage:

For Denver and the Reno is 53% and 27%

2. Return on sales ratio:

For Denver and the Reno is 18% and 10%

Explanation:

1. The formula to compute the gross margin percentage is shown below:

Gross margin percentage = (Gross margin) ÷ (Net sales) × 100

For Denver = ($17,760 ÷ $33,200) × 100 = 53%

For Reno = ($23,850 ÷ $86,900) × 100 = 27%

2. The formula to compute the return-on-sales ratios is shown below:

Return-on-sales ratio = (Net income) ÷ (Net sales) × 100

For Denver = ($6,000 ÷ $33,200) × 100 = 18%

For Reno = ($8,502 ÷ $86,900) × 100 = 10%

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3 years ago