REWARD OF 80 POINTS: NEED HELP RIGHT AWAY!!

On June 1, 2022, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets, l

Helen [10]

Question Completion:

Cash $ 4,600

Accounts receivable 4,000

Supplies 2,400

Equipment 26,000

Total assets $37,000

Notes payable $12,000

Accounts payable 500

Service revenue 7,500

Supplies expense 1,000

Maintenance and repairs expense 600

Advertising expense 400

Utilities expense 300

Salaries and wages expense 1,400

Common stock 22,100

In June, the company issues no additional stock but paid dividends of $1,400.

Prepare an income statement, retained earnings statement, and balance sheet.

Check figures:

· Net income is $3,800.

· Total assets are $37,000.

· Total liabilities are $12,500.

Answer:

Elite Service Co.

a) Income Statement for the month of June 30, 2022:

Service revenue $7,500

Supplies expense $1,000

Maintenance and repairs expense 600

Advertising expense 400

Utilities expense 300

Salaries and wages expense 1,400 3,700

Net Income $3,800

b) Retained Earnings Statement for the month of June 30, 2022:

Net Income $3,800

Dividends paid 1,400

Retained Earnings $2,400

c) Balance Sheet as of June 30, 2022:

Cash $ 4,600

Accounts receivable 4,000

Supplies 2,400

Equipment 26,000

Total assets $37,000

Notes payable $12,000

Accounts payable 500

Total liabilities $12,500

Common stock 22,100

Retained Earnings $2,400

Total liabilities + Equity $37,000

Explanation:

Data and Calculations:

Cash $ 4,600

Accounts receivable 4,000

Supplies 2,400

Equipment 26,000

Total assets $37,000

Notes payable $12,000

Accounts payable 500

Common stock 22,100

3 0

2 years ago

When dave, a restaurant owner, had his seafood business destroyed by hurricane katrina, he believed that he was in control of hi

Luden [163]

Dave is an individual with an "Internal locus of control".

Locus of control is a person's belief system with respect to the reasons for his or her encounters and the components to which that individual characteristics achievement or disappointment.

In the event that a man has an internal locus of control, that individual credits accomplishment to his or her own endeavors and capacities. A man who hopes to succeed will be more roused and more inclined to learn.

Psychological research has discovered that individuals with a more internal locus of control appear to be in an ideal situation, e.g. they have a tendency to be greater accomplishment situated and show signs of improvement paying employments.

7 0

3 years ago

Access the EDGAR database (SEC.gov) and obtain the July 2018 form 10K filing (for the year ended May 31, 2018) for NIKE, Inc.

stich3 [128]

Solution and Explanation:

Particulars 2018 2017 2016

Revenues (a) 36,397 34,350 32,376

Cost of sales (b) 20,441 19,038 17,045

Gross profit (c) = (a) - (b) 15,956 15,312 14,971

Gross margin ration

$\text { (c) } /(a) * 100$ 43.8% 44.6% 46.2%

Monetary 2018 Compared to Fiscal 2017

For monetary 2018, our merged gross edge was 80 premise focuses lower than financial 2017, essentially mirroring the accompanying components:

• Unfavorable changes in net outside cash trade rates, including supports (diminishing gross edge roughly 90 premise focuses);

• Lower NIKE Direct edge (diminishing gross edge roughly 10 premise focuses) reflecting higher blend of off-value deals in the principal half of financial 2018, which was in part balanced by edge extension in the second 50% of monetary 2018;

• NIKE Brand the maximum ASP, net of limits, on a discount proportionate premise, which was level for financial 2018 as higher limits in the principal half of monetary 2018 were counterbalanced by higher the maximum ASP in the second 50% of the year; and

• NIKE Brand item costs, on a discount equal premise, which were level.

Financial 2017 Compared to Fiscal 2016

For financial 2017, our merged gross edge was 160 premise focuses lower than monetary 2016, basically determined by the accompanying elements:

• Higher NIKE Brand the maximum ASP, net of limits, on a discount comparable premise (expanding gross edge around 70 premise focuses) lined up with our methodology to convey creative, premium items to the purchaser;

• Higher NIKE Brand item costs (diminishing gross edge roughly 100 premise focuses) as an expansion in the blend of greater expense items and work input cost swelling more than balance lower material information costs;

• Unfavorable changes in net remote money trade rates, including fences (diminishing gross edge around 90 premise focuses); and

• Lower NIKE Direct edges (diminishing gross edge roughly 20 premise focuses) mirroring the effect of higher off-value deals.

5 0

3 years ago

When a homeowner wants to sell his or her home, the property is typically posted on a regional listing service. In a particular

soldier1979 [14.2K]

Answer:

c. 55

Explanation:

As for the provided information, we know that

Percentage of active condominiums shall be calculated where the base shall be total property and the numerator shall be the active condominiums.

As provided condominiums = 40%

Active condominiums = 8.25 $\times$ 40% = 3.3

Total property time = 8.25 $\times$ 40% + 4.5 $\times$ 60%

= 3.3 + 2.7 = 6.0

Therefore, percentage of active condominiums = $\frac{3.3}{6.0} \times 100$ = 55%

4 0

3 years ago

At December 31 of the current year, Cart Company has a $16,000 Notes Receivable from a customer. Interest of 5% has accrued for

lyudmila [28]

Answer: $23,200 as total current asset for the period

Explanation:

Note Receivable has a value $16,000

Interest on Note = 5%

Accrued for 9 months

Yearly Interest accrued = 16,000*5%*12= 9,600

Interest for 9 months = 9600/12*9 = 7,200

Balance sheet Extract

Other Income

Int Accrued on Note Receivable $7,200

Current Asset

Note Receivable $16,000

Int Accrued on Note Receivable $7,200

Total Current Asset $23,200

6 0

3 years ago