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3 years ago

The horizontal line at the world price of tricycles represents the

1 answer:

4 0

The Horizontal line would represent the price of the tricycles, whereas the vertical axis would represent the number of tricycles sold.

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Condensed financial data are presented below for the Phoenix Corporation:

dybincka [34]

Answer:

profit margin 7.77%

Interpretation: from evey dollar of sales the firm achieves almost 8 cent of net income

inventory turnover ratio 3.45

Interpretation: the inventory is sold 3 and a half times during the year

Explanation:

the profit margin is the quotient between net income and sales.

$\frac{net \: income}{sales} = $profit margin$

127,500 / 1,640,000 = 7.77%

the inventory turnover wil be the cost of good sold over the average inventory during the year

(312,500 + 257,500)/ 2 = 285,000

982,500 / 285,000 = 3,447368421

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3 years ago

From the following information, construct a simple income statement and a balance sheet:

yaroslaw [1]

Answer and Explanation:

The Preparation of the simple income statement and a balance sheet is shown below:-

Corporation X

Income Statement

for the Year Ended xxxx

Particulars Amount

Sales $1,000,000

Less: Cost of goods sold $500,000

Gross profit $500,000

Less: Other expenses $60,000

EBIT $440,000

Less: Interest $70,000

EBT $370,000

Less: Income tax $100,000

Net income $270,000

Number of shares outstanding $80,000

Earning per share $3.375

(Net income ÷ Number of shares outstanding)

Corporation X

Income Statement

for the Year Ended xxxx

Particulars Amount

Assets

Cash $70,000

Accounts Receivable $150,000

Inventory

Raw Material $80,000

Finished Goods $250,000

Total Current Assets $550,000

Plant & Equipment $410,000

Total Assets $960,000

Liabilities

Accounts Payable $160,000

Other Current Liabilities $60,000

Total Current Liabilities $220,000

Long term Debt $200,000

Equity $540,000

Total Liabilities & Equity $960,000

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3 years ago

A company maintains its records using cash-basis accounting. During the year, the company received cash from customers, $32,000,

Virty [35]

Answer:

net income cash-basis 8,000

income accrual-basis 7,900

Explanation:

cash revenues 32,000

salaries expense (24,000)

net income cash-basis 8,000

sales for the period:

beginning AR + sales - collected = ending AR

3,000 + sales - 32,000 = 5,500

sales = 34,500

salaries expense:

beginning salaries payables + salaries - paid = ending salaries payable

3,100 + salaries - 24,000 = 5,700

salaries 26,600

revenues 34,500

salaries (26,600)

income accrual-basis 7,900

3 0

3 years ago

Read 2 more answers

Deon is opening a car wash, and he has approached SCORE, an SBA organization that assists small-business owners in setting up th

Marianna [84]

Answer:

A.) Write a business plan

Explanation:

A business plan is a docent that describes nature of the business, growth and sales strategies, and projected profits.

It is a road map that shows how a business will be set up, how it will function to meet set goals, and financial projections that demonstrates the viability of the business idea.

Deon will have to come up with a business plan that summarises his vision of setting up the car wash. On the basis of this SCORE will make a decision about helping him start the company.

3 0

3 years ago

2020 Advanced Exam - Advanced Scenario 7: Travis and Sylvia Kennedy - Question 2 of 9. 21. The total taxable interest on Form 10

vlabodo [156]

Answer:

$140

Explanation:

Form 1040 is used to report IRS about the taxable income that U.S. tax payers has received. It is a form of Income tax in United States. The form must be filled and signed by 15th April every year.

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3 years ago