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3 years ago

Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021 ($ in thousands):

Business

1 answer:

tester [92]3 years ago

7 0

Answer:

<h2> Rembrandt Paint Company </h2><h2>Income Statement - December 31, 2021 </h2>

Sales revenues $34,000

- Cost of goods sold ($18,500)

Gross margin $15,500

Operating expenses:

- Selling and adm. expenses ($4,100)

- Restructuring costs ($2,400)

Total operating expenses ($6,500)

Income from operations $9,000

Other revenue and expenses:

Gain on sales of assets $5,200

Interest revenue $420

Loss from discontinued oper. ($3,200)

Interest expense ($620)

Total other revenue and expenses $1,800

Net income pre-tax $10,800

Income taxes (25%) ($2,700)

Net income after taxes $8,100

Shares outstanding 600,000

Earnings per share (EPS) $13.50

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Mario and Johnny want to start a business. They have very little capital. They are new partners and largely unfamiliar with each

Anettt [7]

Answer:

Third sentence

Explanation:

Even though they have little capital and new business partners it states in the third sentence that the two are happy to be organizing a business together to avoid liability. So if they take the time to learn about each other and to find each others strengths and weaknesses they will be able to work together and become a stronger team.

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3 years ago

All else equal, imposing taxes in markets where demand and supply are price- not only causes less but also raises more .

anygoal [31]

All else equal, imposing taxes in markets where demand and supply are price inelastic not only causes less inefficiency but also raises more revenue.

What is meant by price inelastic?

Inelastic is an economic term referring to the static quantity of a good or service when its price changes. Inelastic means that when the price goes up, consumers' buying habits stay about the same, and when the price goes down, consumers' buying habits also remain unchanged.

What is inefficiency in business?

Inefficiency is defined as a lack of organization or skill that wastes time, energy, or money. For business owners, it is the practice that sparks a worst-case scenario. Every penny spent on tools and software to make the business run smoother is the cost of running an efficient organization.

What do revenue means?

Revenue is the total amount of income generated by the sale of goods or services related to the company's primary operations. Revenue, also known as gross sales, is often referred to as the "top line" because it sits at the top of the income statement. Income, or net income, is a company's total earnings or profit.

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1 year ago

What is a stock market? What is an example of a stock market?

g100num [7]

The stock market is where shares of public limited companies are traded. An example is the New York stock exchange.

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3 years ago

Read 2 more answers

Ok i dont know how much my parents have to pay for childrens in rapids wayer park. Can SOMEONE PLZ TELL ME AND I WILL GIVE YOU B

Nezavi [6.7K]

Regular Admission (All Day)

Individual rate Monday-Friday (No Holidays) - $42.99 plus tax

Individual rate Saturday-Sunday (And Holidays) - $47.99 plus tax

Children 2 and under are free

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2 years ago

Gibson Energy Ltd.’s general ledger account for Cash in Bank showed the following at December 31, 2019:

viktelen [127]

Answer:

1. Adjusted cash balance = Adjusted bank statement balance = $133,620.

2. See the adjusting journal entries and explanation in part 2. below.

Explanation:

Note: The data in the question are merged and they are first sorted in the attached excel file before the questions are answered as follows:

1. Complete the bank reconciliation at December 31, 2019.

The bank reconciliation is presented in two ways as follows:

a) Starting with cash book balance

Gibson Energy Ltd.

Bank Reconciliation

at 31 December 2019

Particulars Amount ($)

Cash book bal. at 31 Dec. yet to be reconciled 62,000

Add:

Collected note receivable from XYZ Corp 80,000

Less:

Dishonored NSF check (7,000)

Overdraft interest expense (1,320)

Bank service charge (60)

Adjusted cash balance at Dec 31  133,620 

b) Starting with bank statement balance

Gibson Energy Ltd.

Bank Reconciliation

at 31 December 2019

Particulars Amount ($)

Bank statement bal. at Dec 31 yet to reconciled 131,620

Add:

Cash deposited on December 9th yet be credited 85,000

Cash deposited on December 31 yet be credited 15,000

Check #52094 wrongly drawn 62,000

Less:

Outstanding checks 233 (83,000)

Outstanding checks 239 (77,000)

Adjusted bank statement balance at Dec. 31  133,620 

2. Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions.

Date Accounts title & explanation DR ($) CR ($)

31 Dec 19 Cash 80,000

Note Receivable 78,049

Interest on note receivable 1,951

(To record note receivable & int. collected from XYZ)

31 Dec 19 Overdraft interest expense 1,320

Service charge 60

Cash 1,380

(To record interest expense and bank charges)

31 Dec 19 Account Receivable 7,000

Cash 7,000

(To record NSF check dishonored)

Download xlsx

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3 years ago