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Arlecino [84]
3 years ago
9

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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Better Buy, Inc. has 7 units in inventory on December 31. The units were purchased in November for $160 each. The price lists fr
ki77a [65]

Answer:

$1,120

Explanation:

Ending Merchandise Inventory is value of closing inventory in hand, to be valued at lower of cost or net realizable value or replacement value

Here, cost of closing inventory = 7 units X $160 each = $1,120

Since current realizable/ replacement value = $1,155

Cost is less than realizable value, therefore cost will be considered.

Thus ending merchandise inventory will be valued at total of $1,120.

3 0
3 years ago
Under SEC rules, internal controls over financial reporting (ICFR) are processes that provide reasonable assurance that financia
Aleksandr [31]

Answer:

C. Unauthorized acquisition or use of data or assets that could affect financial statements will be prevented or detected in a timely manner.

Explanation:

Internal Control Financial Reporting is a framework designed to help companies manage their financial reporting and achieve the greater goals of risk assessment, control, information and communication, as well as monitoring. One of the weaknesses that could characterize ICFR is its inability to assure timely prevention and detection of unauthorized acquisition or use of data.

The scheme however ensures that financial records are maintained and that transactions are prepared according to GAAP rules. ICFR ensures that misstatements are detected in financial reporting.

3 0
3 years ago
Suzie has $16,000 in her investment account today. She saves $500 a quarter and earns 8% interest compounded quarterly. How much
andrezito [222]

Suzie has  $26,997.90  in her account three years from now in her investment.

An investment is an asset or object obtained with the intention of generating profits or appreciation. Appreciation refers to an increase within the fee of an asset over time. when an individual purchases an excellent as an funding, the rationale isn't always to eat the good however alternatively to use it inside the future to create wealth.

investment = $16000

FV = future value

PV = present value = 16,000

r = interest rate = 8% / 4 = 2% per quarter

n = number of quarters = 3 * 4 = 12

The future value of the single investment is:

FV=PV∗(1+r)n

FV=16,000∗(1+0.02)12

FV=$20,291.86

Annuity of $500 per quarter

Let

FVA be the future value of the annuity

PMT be the periodic payment

The future value of the annuity is:

FVA = PMT × (1+r)ⁿ - 1 / r

       = 500 × (1+ 0.02)¹² - 1 /0.02

      = $6,706.04

After 3 years, her account balance will be the sum of these two future values:

Balance = FV + FVA = 20,291.86 + 6,706.04 = 26,997.90

Suzie will have $26,997.90 in her account.

Learn more about investment here:-brainly.com/question/25300925

#SPJ4

5 0
1 year ago
In autarky, when a country maximizes its utility, its consumption point is(a)below the production possibility frontier.(b)on the
Georgia [21]

Answer:

(d)cannot tell without more information.

Explanation:

Autarkic economy is a self reliant economy, consuming entirely from its own production.

An autarkic economy maximises its utility when : Its PPF & Social Indifference Curve are tangent to each other.

  • PPF is sort of a budget constraint to economy, because it denotes maximum production potential with given resources & technology.
  • Social Indifference Curve is the curve denoting product combinations yielding same level of social satisfaction.

Their tangency gives utility maximising point with the available resources & technology.

Other options are inapt because: Production on PPF is a necessary but not sufficient condition for social utility maximisation (tangency also needed). Production under PPF reflects under utilisation of resources, cant be utility maximising. Production above PPF is unattainable.

7 0
3 years ago
Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. Required: (1) Prepare the updated stock
Ganezh [65]

Complete Question:

On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock-$10 par value, 120,000 shares authorized, 72,000 shares issued and outstanding $ 720,000

Paid-in capital in excess of par value, common stock 310,000

Retained earnings 715,000

Total stockholders' equity  $1,745,000

Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. Required: (1) Prepare the updated stockholders' equity section after the split. (2) Compute the number of shares outstanding after the split. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the updated stockholders' equity section after the split.

Answer:

Sharper Corporation

1. SHARPER CORPORATION

Stockholders' Equity Section of the Balance Sheet June 30

Total stockholders' equity

Common stock-$3.33 par value, 360,000 shares authorized,

216,000 shares issued and outstanding                  $ 720,000

Paid-in capital in excess of par value, common stock 310,000

Retained earnings                                                         715,000

Total stockholders' equity                                       $1,745,000

2. The number of shares outstanding after the split is:

= 216,000 shares.

Explanation:

a) Data and Calculations:

Common stock-$10 par value, 120,000 shares authorized,

72,000 shares issued and outstanding                   $ 720,000

Paid-in capital in excess of par value, common stock 310,000

Retained earnings                                                         715,000

Total stockholders' equity                                       $1,745,000

Authorized shares = 360,000 (120,000 * 3)

Outstanding shares = 216,000 (72,000 * 3)

Common stock par value = $3.333 ($10/3)

b) A 3-for-1 stock split means that shareholders will now have 3 shares for each share that they previously held.  Therefore, the outstanding and authorized shares will be multiplied by 3 while the stock price is divided by 3 to arrive at their values after the split.

7 0
2 years ago
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