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On January 2, 2021, Miller Properties paid $28 million for 1 million shares of Marlon Company's 6 million outstanding common sha

emmainna [20.7K]

Answer:

A. Income statement $8.4 million

B. Balance sheet million $35.4 million

C. Operating cash flow million $1 million

Investing cash flow million=$28 million

Explanation:

a. Calculation for Income statement million

Using this formula

Income statement=Investment revenue -Patent amortization adjustment

Let plug in the formula

Income statement= ($54 million × 1/6)-([$36 million] × 1/6]÷10 years)

Income statement=$ 9.0-$0.6

Income statement=$8.4 million

Therefore Income statement million will be $8.4 million

b. Preparation of the Balance sheet million

Cost $28 million

Add Investment revenue $9.0 million

($54 million × 1/6)

Less Dividend ($1 million)

($6 million × 1/6)

Less Patent amortization adjustment ($0.6 million)

([$36 million] × 1/6]÷10 years)

Balance sheet million $35.4 million

($28 million+$9.0 million-$1 million-$0.6 million)

Therefore Balance sheet million will be $35.4 million

c. Preparation of the Statement of cash flows

Operating cash flow million=($6 million × 1/6)

Operating cash flow million= $1 million

Investing cash flow million=$28 million

Therefore Operating cash flow million will be $1 million while the Investing cash flow million will be $28 million.

5 0

2 years ago

Segmented Income Statement Gorman Nurseries Inc. grows poinsettias and fruit trees in a green house/nursery operation. The follo

bija089 [108]

Answer:

Poinsettias records a loss of $118,125

Fruit Trees records a profit of $92,325

The company therefore records an overall $25,800 loss

NB: See the workings below see the assumption mad to allocate common expenses since none is given in the question.

Explanation:

Variable costing income statement is a type of income statement that records variable cost separately first to determine the contribution margin and thereafter record the fixed cost which is further split into direct fixed expenses and common expenses.

The segmented income statement for Gorman Nurseries for the coming year can therefore be presented as follows:

Gorman Nurseries Inc.

Segmented Income Statement

For the coming year

Particulars Poinsettias ($) Fruit Trees ($) Total ($)

Sales 970,000 3,100,000 4,070,000

Variable COGS (460,000) (1,630,000) (2,090,000)

Variable selling exp. (w1.) (38,800) (124,000) (162,800)

Contribution margin 471,200 1,346,000 1,817,200

Direct fixed overhead (160,000) (200,000) (360,000)

Direct fixed S $ Admn exp. (146,000) (87,000) (233,000)

Segment margin 165,200 1,059,000 1,224,200

Common fixed overh. (w2a) (176,077) (623,923) (800,000)

Common S $ Admn ex (w2b) (107,248) (342,752) (450,000)

Segment Net Income (loss)  (118,125)   92,325   (25,800) 

Workings:

w1. Variable selling expenses = Sales * Commission percentage

Poinsettias = $970,000 * 4% = $38,8000

Fruit Trees = $3,100,000 * 4% = $124,000

w2. Allocation of common expenses using the following assuptions:

a) Use cost of goods sold (COGS) to allocate Common fixed overhead:

Poinsettias = (460,000 / 2,090,000) * $800,000 = $176,077

Fruit Trees = (1,630,000 / 2,090,000) * $800,000 = $623,923

b) Use common selling and administrative expense using Sales:

Poinsettias = (970,000 / 4,070,000) * $450,000 = $176,077

Fruit Trees = (3,100,000 / 4,070,000) * $450,000 = $623,923

4 0

2 years ago

Jim Smith is a salesman who receives a $1,100 draw per week against his commission. He receives a 12% commission as an incentive

blondinia [14]

Answer:

$29,000

Explanation:

Given that:

Draw per week: $1,100
Commission rate: 12%
Sales for Jim were $205,000 for the month.
4 weeks in a month

Assuming a four-week month, Jim's commission :

Commission on revenue + commission of total draws

= $205,000*12% + 4*$1,100

= $24,600+ $4,400

= $29,000

Hope it will find you well.

3 0

3 years ago

A relatively steep demand curve indicates that a. quantity demanded will not adjust to a price change. b. quantity demanded will

Scilla [17]

Answer:

The correct answer is option b.

Explanation:

A steep demand curve implies that the demand is relatively inelastic. In other words, a significant change in price will cause a small change in the quantity demanded.

A flatter demand curve, on the contrary, implies that a small change in price will cause a greater change in quantity demanded. In other words, demand is relatively elastic.

A change in price will not cause demand to change if the elasticity of demand is perfectly inelastic or when the demand curve is a vertical line.

A change in demand will be equal to the change in price if demand is unitary elastic.

8 0

2 years ago

Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balan

algol13

Answer:

Morrow Enterprises Inc.

A. January 1 balances in T-accounts:

Common Stock

Jan. 1 Balance b/d $7,500,000

Additional Paid-in Capital -Common Stock

Jan. 1 Balance b/d $825,000

Retained Earnings

Jan. 1 Balance b/d $33,600,000

Treasury Stock

Jan. 1 Balance b/d $450,000

B1. Journal entries to record the transactions:

Jan. 22

Debit Dividends Payable $28,000

Credit Cash Account $28,000

To record payment of $0.08 dividends per share.

April 10

Debit Cash Account $1,800,000

Credit Common Stock $1,500,000

Credit Additional Paid-in Capital $300,000

To record the issue of 75,000 shares for $24 per share.

June 6

Debit Cash Account $650,000

Credit Treasury Stock $450,000

Credit Additional Paid-in Capital $200,000

To record reissue of 25,000 shares of treasury stock at $26 per share and close the Treasury Stock balance to Additional Paid-in Capital.

July 5

Debit Stock Dividends $450,000

Credit Dividends Payable $450,000

To record the declaration of the 4% stock dividend on 450,000 shares of common stock.

August 15

Debit Dividends Payable $450,000

Credit Common Stock $360,000

Credit Additional Paid-in Capital $90,000

To record the issue of a 4% stock dividend certificates on 450,000 shares at $25

Nov. 23

Debit Treasury Stock $570,000

Credit Cash Account $570,000

To record the purchase of 30,000 shares of treasury stock for $19 per share.

Dec. 28

Debit Dividends $42,000

Credit Dividends Payable $42,000

To record the declaration of a $0.10 per share dividend on 420,000 shares of common stock.

Dec. 31

Debit Income Summary Account $1,125,000

Credit Retained Earnings $1,125,000

To close the credit balance of the income summary.

Dec. 31

Debit Retained Earnings $492,000

Credit Stock Dividends $450,000

Credit Dividends $42,000

To close the two dividends accounts.

B2) Posting to the selected accounts:

Common Stock

Dec. 31 Balance c/d $9,360,000 Jan. 1 Balance b/d $7,500,000

Apr. 10 Balance b/d $1,500,000

Aug 15 Dividend Payable $360,000

$9,360,000 $9,360,000

Jan. 1 Balance b/d $9,360,000

Additional Paid-in Capital -Common Stock

Dec. 31 Balance c/d $1,415,000 Jan. 1 Balance b/d $825,000

Apr. 10 Balance b/d $300,000

Jun. 6 Treasury Stock $200,000

Aug 15 Dividend Payable $90,000

$1,415,000 $1,415,000

Jan. 1 Balance b/d $1,415,000

Retained Earnings

Dec. 31 Stock Dividends $450,000 Jan. 1 Balance b/d $33,600,000

Dec. 31 Dividends $42,000 Dec. 31 Income Summary $1,125,000

Dec. 31 Balance c/d $34,233,000

$34,725,000 $34,725,000

Jan. 1 Balance b/d $34,233,000

Treasury Stock

Jan. 1 Balance b/d $450,000 Jun. 6 Cash $450,000

Nov. 23 Cash $570,000 Dec. 31 Balance c/d $570,000

$1,020,000 $1,020,000

Jan. 1 Balance b/d $570,000

Dividends Payable

Jan. 22 Cash $28,000 Jan. 1 Balance b/d $28,000

Aug. 15 Common Stock $360,000 Jul. 5 Stock Dividends $450,000

Aug. 15 Additional Paid-in$90,000 Dec. 23 Cash Dividends $42,000

Dec. 31 Balance c/d $42,000

$520,000 $520,000

Jan. 1 Balance b/d $42,000

Stock Dividends

Jul. 5 Dividends Payable $450,000 Dec. 31 Retained Earnings $450,000

Cash Dividends

Dec. 28 Dividends Payable $42,000 Dec. 31 Retained Earnings $42,000

Income Summary Account

Dec. 31 Retained Earnings $1,125,000 Dec. 31 Balance b/d $1,125,000

C. Retained Earnings Statment for the year ended December 31, 2016:

Beginning Balance $33,600,000

Income Summary $1,125,000

Stock Dividends ($450,000)

Cash Dividends ($42,000)

Ending Balance $34,233,000

Explanation:

a) Cash Account

Apr. 10 Common Stock $1,500,000 Jan. 22 Dividends Payable$28,000

April 10 Additional Paid-in $300,000 Nov. 23 Treasury Stock $570,000

Jun. 6 Treasury Stock $450,000

Jun. 6 Additional Paid-in $200,000

6 0

2 years ago