1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sophie [7]
3 years ago
12

Jiminez, Inc., had the following transactions during the month of March, current year. Prepare an income statement based on this

information, being careful to include only those items that should appear in that financial statement.
Business
1 answer:
Citrus2011 [14]3 years ago
3 0

Question Completion:

Cash received from bank loans was $10,000.

Revenues earned and received in cash were $9,000.

Dividends of $4,000 were paid to stockholders.

Expenses incurred and paid were $5,600.

Answer:

Jiminez, Inc.

Income Statement for the month ended March 31:

Revenue                                          $9,000

Expenses                                           5,600

Net income                                      $3,400

Dividends                                          4,000

Retained earnings during the year ($600)

Explanation:

Jiminez, Inc. paid more dividends to stockholders this month than it actually generated in net income.  The excess amount of dividends must be from retained earnings carried forward from the previous month.  In preparing the income statement for the month of March, Jiminez, Inc. must deduct all the expenses from its revenue to obtain the net income before tax.  The bank loan does not form part of the items for the preparation of the income statement, as only temporary accounts are considered.

You might be interested in
What type of bank account is best for everyday transactions?
Ilia_Sergeevich [38]

Answer:

money market account?

Explanation:

I'm not positive but you could try if nobody else has an answer haha

6 0
3 years ago
Read 2 more answers
Debt Management Ratios You are considering a stock investment in one of two firms (LotsofDebt, Inc. and LotsofEquity, Inc.), bot
Scrat [10]

Answer:

Please see attachment

Explanation:

Please see attachment

4 0
3 years ago
Barga Co.'s net sales for Year 1 and Year 2 are $663,000 and $744,000, respectively. Its year-end balances of accounts receivabl
MrRa [10]

Answer:

Year 1 = 35.23 days

Year 2 = 44.64 days

Explanation:

Days' Sales Uncollected = Accounts receivable / Net Sales * Days

Year 1 = $64,000 / $663,000 * 365 days = 35.23 days

Year 2= $91,000 / $744,000 * 365 days = 44.64 days

4 0
3 years ago
A city sells $15 million of general obligation bonds on October 1, 2019. The bonds mature at the rate of $1 million a year each
alexgriva [62]

Answer:

The multiple choices are:

a.$15,000,000

b.   $14,000,

c.    $13,750,000

d.   $0

The correct option is D,$0

Explanation:

The city by all standards should have adopted a modified accrual basis of accounting where amounts owed in terms of principal and interest payments are not recorded in the necessary books of accounts until they become due.

As at 30,2020,the amount due in respect of the loan has been recorded and paid off,hence as at 31st December,2020,no amount is due in respect of the general obligation bonds issued,hence no recording would be effected until next obligation date when the amount to be paid is due

4 0
4 years ago
What does non current assets mean
coldgirl [10]

Answer:

  assets whose value is not realized in the current year

Explanation:

A <em>noncurrent asset</em> is generally a long-term investment whose value will not be fully realized in the current accounting year. The cost of the asset is allocated over the period the asset is in use, rather than being expensed in the year it is acquired.

6 0
3 years ago
Other questions:
  • Environmentalists have continually argued for the use of alternatives to fossil fuels to generate energy. Harnessing wind power
    6·1 answer
  • If neither party is satisfied with the national labor relations board's decision, the parties can take the case to the _____ for
    7·1 answer
  • The price of an automobile is now $8325 which is 450% of its price seven years ago. What was the price of the car seven years ag
    8·1 answer
  • In the 1990s politicians in Washington D.C. were looking for ways to balance the budget. Former Federal Reserve Chairman Alan Gr
    12·1 answer
  • If Ben &amp; Jerry's sold more units of its Chocolate Chip Cookie Dough super premium ice cream to U.S. consumers as a result of
    8·1 answer
  • We all have our own reasons for investing. For some it may be to provide for a child’s education, while for others it may acquir
    9·2 answers
  • You have a ​$106 comma 000 portfolio comprising 10 stocks. You trade each stock five times this year and each time you​ trade, y
    15·1 answer
  • Over 50% of Americans have no long-term savings. Why do you think it's so
    15·1 answer
  • you plan to deposit $1,500 quarterly for 35 years at 7% interest, compounded monthly. how much will you have in the account in 3
    8·1 answer
  • When a government establishes a marketable permit program to address environmental pollution, it is actually issuing a form of c
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!