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marissa [1.9K]
2 years ago
15

Toronto Corporation's financial statements include the following information: Cash $ 6,100 Net Credit Sales $315,000 Accounts re

ceivable 52,000 Cost of Goods Sold 210,000 Merchandise inventory 92,800 Net Income $ 56,000 Prepaid Expenses 12,600 Total Current Assets $163,500 Total Current Liabilities $ 65,400 Total Stockholders' Equity $200,000 Assuming that 50,000 shares of common stock were outstanding, and the company had no preferred stock outstanding. What is the Earnings per Share (EPS) for Toronto Company: $6.30 $1.12 $4.00 $3.27
Business
1 answer:
eimsori [14]2 years ago
7 0

Answer:

nhfgbtrg

Explanation:

nhgnrf

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The Cash Over and Short account:Select one:a. Is used to record a credit balance in the cash account.b. Is an income statement a
Katyanochek1 [597]

Answer:

b. Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and/or from errors in processing petty cash transactions.

Explanation:

Cash over and short account, is not the actual cash account or something like that. In fact it is an expense account made which reports all the over-dues that is overages or short-dues that results from an imprest account, like petty cash.

This account records the difference created in between the expected value of cash and actual value of cash in imprest account.

Therefore the correct option in all the above is:

b. Is an income statement account used for recording the income effects of cash overages and cash shortages from errors in making change and/or from errors in processing petty cash transactions.

8 0
3 years ago
In 2014, Orear Manufacturing signed a contract with a supplier to purchase raw materials in 2015 for $700,000. Before the Decemb
RSB [31]

Answer:

a. as a valuation account to Inventory on the balance sheet

Explanation:

The inventory write-down could be done through the balance sheet or the income statement, it depends of the total amount of the adjustment.

If it's a small adjustment, the company make a credit adjustment to the inventory accounts and a  debit to the cost of goods sale in the income statement.

But if the adjustment is larger it's necessary to reduce the value of the inventories through the balance sheet with a debit in an account such as “write-down damaged goods.”

4 0
3 years ago
R. L. Ybarra employs John Ince at a salary of $53,000 a year. Ybarra is subject to employer Social Security taxes at a rate of 6
masya89 [10]

Answer: $57488.50

Explanation:

The total cost to Ybarra of employing Ince for the year will be calculated thus:

Gross Salary = $53,000

Add: Social security tax = $53000 × 6.2% = $3286

Add: Medicare tax = $53000 × 1.45% = $768.50

Add: SUTA tax = $7000 × 5.4% = $378

Add: FUTA tax = $7000 × 0.8% = $56

Total cost to Ybarra of employing Ince will be $57488.50

4 0
3 years ago
List three conditions for perfect competition.Instructions: You may select more than one answer.1. There is only one firm that m
Jobisdone [24]

Answer:

There are no barriers to entry.

5. Both buyers and sellers are price takers

.7. Firms’ products are identical.

Explanation:

A perfect competition is characterised by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.

In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.

A monopoly is when there's only one firm operating in an industry.

I hope my answer helps you

6 0
2 years ago
Read 2 more answers
In a free-market economy, a product which entails a positive externality will be: overproduced underproduced produced at the opt
OLga [1]
It would be under-produced. <span />
3 0
3 years ago
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