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3 years ago

You are provided with the following information for Sandhill Co., effective as of its April 30, 2022, year-end.

Business

1 answer:

Ray Of Light [21]3 years ago

7 0

Answer:

SANDHILL CO.

Income Statement

For the Year Ended April 30, 2022

Revenues

Sales revenue $6,200

Expenses

Cost of Goods Sold $1,000

Depreciation expense $315

Income tax expense $175

Insurance expense $360

Interest expense $460

Salaries & Wages expenses $850

Total Expenses $3,160

Net Income $3,040

SANDHILL CO.

Retained Earnings Statement

For the Year Ended April 30, 2022

Retained Earnings, May 1, 2021 $1,700

Add: Net Income $3,040 $4,740

Less: Dividends $310

Retained Earnings, April 30, 2022 $4,430

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Answer:

Omnichannel strategy

Explanation:

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3 years ago

Discuss the role of the factor market in the circular flow

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3 years ago

On February 1, 2021, Strauss-Lombardi issued 8% bonds, dated February 1, with a face amount of $810,000. The bonds sold for $735

Mnenie [13.5K]

Answer and Explanation:

According to the scenario, computation of the given data are as follow:-

Interest paid semiannually on July 31, and Jan 31,

so the rate of interest is :- 9% × 6÷12 = 4.5% and 8% × 6÷12 = 4%

Date Interest Paid interest 4% Amortized Carrying value

expenses 4.50% discount amount

February,1 $735,474

July,31 $33,096 - $32,400 $696 $736,170

Jan.31 $33,128 - $32,400 $728 $736,898

Working note =

Paid interest = $810,000 × 4÷100 = 32,400

Interest expenses in July,31 = $735,474 × 4.5 ÷ 100

= 33,096.33 or $33,096

Interest expenses in January,31 = $736,170 × 4.5÷100

= 33,127.65 or $33,128

Carrying Value = Previous Carrying Value + Amortized Discount Amount

July,31

= $735,474 + $696

= $736,170

Jan,31 = $736,170 + $728 = $736,898

Journal Entry

Feb,1 Cash A/c Dr. $735,474

Discount on bonds payable A/c Dr. $74,526

To bonds payable A/c $810,000

(To Record the issuance of bond)

July,31 Interest expense A/c Dr. $33,096

To Discount on bonds payable A/c $696

To Cash A/c $32,400

(To Record the interest expense)

Dec,31 Interest expense A/c Dr. $27,606

(9% × 5÷12) × $736,170

To Discount on bonds payable A/c $606

To Cash A/c $27,000 (8% × 5÷12) × $810,000

(To Record the accrued interest)

Jan,31 Interest expense A/c Dr. $5,522

Interest payable A/c Dr. $27,000

To Cash A/c $32,400

To Discount on bonds payable A/c $122

($728 - $606) = $122

(To Record the interest on January)

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3 years ago

If we were able to invest a Gradient = $100 at the end of each year for 7 years at 6% interest (i.e., So at the end of year 1, $

zavuch27 [327]

Answer:

We can withdraw an equivalent annuity of $ 293.658 each year.

Explanation:

We build a scheduled table to know the future value of the gradient investment

Time Beg Gradient Total Rate Ending

1 $100.00 $100.00 $100.00 0.060 $106.00

2 $106.00 $100.00 $206.00 0.060 $218.36

3 $218.36 $200.00 $418.36 0.060 $443.46

4 $443.46 $300.00 $743.46 0.060 $788.07

5 $788.07 $400.00 $1,188.07 0.060 $1,259.36

6 $1,259.36 $500.00 $1,759.36 0.060 $1,864.92

7 $1,864.92 $600.00 $2,464.92 0.060 $2,612.81

Then, we solve for the equivalent annuity-due:

$PV \div \frac{1-(1+r)^{-time} }{rate}(1+rate) = C\\$

PV 2,613

time 7

rate 0.06

$2612.81 \div \frac{1-(1+0.06)^{-7} }{0.06}(1+0.06) = C\\$

C $ 293.658

Itis annuity due as we will going to retire cash in a 6 year period for seven times. (at each year-end during 6 years thus, annuity-due

1st 2nd 3rd 4th 5th 6th 7th

/-------/-------/-------/-------/-------/-------/-------/

1 2 3 4 5 6 7

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3 years ago

Palepu Company owns and operates a delivery van that originally cost $38,080. Straight-line depreciation on the van has been rec

Readme [11.4K]

Answer and Explanation:

The computation is shown below;

But before that the depreciation expense per year is

Depreciation per year = (Cost - Residual value) ÷ Useful life

= ($38,080 - $2,800) ÷ 6 years

= $5,880

1.Net book value as on disposal date is

= $38,080 - ($5,880 × 3)

= $20,440

We know that

Gain on sales = (Sales - Book value)

Gain = $(20,400 - 20,400) = 0

a. Loss = $13,000 - $20,440 = -$7,440

b. Loss = $10,000 - $20,440 = -$10,440

4 0

3 years ago