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3 years ago

The most recent financial statements for Summer Tyme, Inc., are shown here:

Business

1 answer:

d1i1m1o1n [39]3 years ago

5 0

Answer:

External finance needed = $2,088

Explanation:

Note: See the attached excel file for the Calculation of ratios with respect to sales, Proforma Income Statement, Calculation of Retained Earnings and Equity, and Proforma Balance Sheet.

From the Proforma Balance Sheet in the attached excel file, we have:

Total Assets = $12,610

Total Liabilities = $10,448

Therefore, we have:

External finance needed = Total Assets - Total Liabilities = = $12,610 - $10,448 = $2,088

Download xlsx

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Of the following companies, which one would not likely employ the specific identification method for inventory costing?

Schach [20]

Answer:

The correct answer is D

Explanation:

Specific identification method of inventory is the method which helps in finding the ending cost of the inventory. And this method need the detailed physical count, as it helps the company in making or knowing how many goods brought on particular dates which is remained at the end of the year inventory.

Under this method, the companies which could adopt this method, are antique shop, farm implement dealership and music store.

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3 years ago

Roman buys seed packets for the school garden. One packet of radish seeds costs $1. 75. One packet of tomato seeds costs $2. 50.

bezimeni [28]

Roman may buy 23 tomato and 9 radish, for the school garden.

<h3><u>Calculation:</u></h3>

Let (r) represent the cost of one packet of radish seeds, and

Let (t) represent the cost of one packet of tomato seeds.

Amount spent by roman = $62.75

It denotes that;

$\ 1.75r +2.5t = 62.75.......equn. 1$

Roman bought 32 packets of seeds and one packet of radish seeds costs = $ 1.75.

One packet of tomato seeds costs = $ 2.50.

It denotes that,

$\ r+t=32.....equn.2$

Substitute t=9 , and r= 23, we have

In eq. 1

$\ = 1.75\times9 + 2.5\times23 = 62.75\\ = 15.75+57.5 \neq 62.75 \\ = 62.75 = 62.75$

In eq.2

$\ =32=23+9 = 32\\$

Here, both the equations are satisfied, therefore, option [C] is correct.

Learn more about equation:

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2 years ago

Standahl Air uses two measures of activity, flights and passengers, in the cost formulas in its budgets and performance reports.

VikaD [51]

Answer:

$281,612

Explanation:

Plane Operating Cost = Fixed cost + (Variable cost per unit1 × q1) + (Variable cost per unit 2 × q2)

Plane Operating Cost = $40,190 + ($2709*88) + ($10 * 303)

Plane Operating Cost = $40,190 + $238,392 + $3,030

Plane Operating Cost = $281,612

So, the plane operating costs in the planning budget for August would be $281,612

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3 years ago

A manufacturing company has a standard costing system based on standard direct labor-hours (DLHs) as the measure of activity. Da

anzhelika [568]

Answer:

$940 Favorable

Explanation:

Fixed manufacturing overhead budget Variance = Budgeted fixed overhead cost - Actual total fixed manufacturing overhead cost

Fixed manufacturing overhead budget Variance = $71,500 - $70,560

Fixed manufacturing overhead budget Variance = $940 F

So, the fixed manufacturing overhead budget variance for the period is closest to $940 F

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If i'majuiceco. establishes a bottling plant in delaware, it will most likely use production technologies that require more work

AnnZ [28]

Answer:

D) Use production technologies that conserve on the number of workers.

Explanation:

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3 years ago