All categories

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

You might be interested in

Brandy’s Balloon Service currently sells 1,000 balloon bundles per month. The competition in the balloon industry continues to s

andreyandreev [35.5K]

Answer:

The answer is: 1,375 balloon bundles

Explanation:

We can calculate how many balloon bundles must be sold using the following formulas:

contribution margin per unit = Selling price per unit – Variable cost per unit
Units = (Fixed costs + Target profit) / (contribution margin per unit)

Contribution margin per unit = $10 - $2 = $8

units = ($5,000 + $6,000) / $8 = $11,000 / $8 = 1,375 units

8 0

4 years ago

Im so bore.dddddddddddddddddddddddddddddddddddddddddddddd Have some points plz

iogann1982 [59]

thanks, buddy... I appreciate it...:)

4 0

3 years ago

Read 2 more answers

You need to have an emergency fund that can cover____months of your fixed expences.

elena-14-01-66 [18.8K]

The answer is C hope it helps

4 0

3 years ago

Richard Redden, the sole stockholder, contributed $71,000 in cash and land worth $132,000 in exchange for common stock to open a

Aloiza [94]

Answer: C. Debit cash $71,000; debit land $132,000; credit Common Stock $203,000.

Explanation:

From the question, we are informed that Richard Redden, the sole stockholder, contributed $71,000 in cash and land worth $132,000 in exchange for common stock to open a new business, RR Consulting.

The journal entries will RR Consulting make to record this transaction will be:

Debit cash $71,000; debit land $132,000; credit Common Stock $203,000.

7 0

3 years ago

Read 2 more answers

Sally is planning to sell her company and she prefers to obtain immediate liquidity, and the value of consideration to be fixed.

ella [17]

Answer: A cash sale

Explanation: In simple words, liquidity refers to the ability of an organisation to bear its short term expenses. For that a company must have cash or some assets that can be readily converted into cash in case of need.

Hence Sally should sell her company in cash sale as it will result in inflow of cash which will create liquidity and also the consideration will be certain with short timely payments.

Other option such as IPO or stock for stock might result in increase in value but certainly won't give her liquidity.

6 0

3 years ago