About how frequently does Hope receive a paycheck?

The financial statements of Trenton Office Supply include the following items: 2019 2018 Cash $ 46 comma 500 $ 43 comma 000 Sho

Juli2301 [7.4K]

Answer:

1.21

Explanation:

Current Ratio = Current Asset / Current Liabilities

= (Cash + Shortminusterm Investments + Net accounts receivable + Inventory) / Current Liabilities

= ( 46500 + 34000 + 102000 + 129000) / 257000

= 1.21

7 0

2 years ago

Read 2 more answers

Pension plan assets were $1,200 million at the beginning of the year and $1,252 million at the end of the year. At the end of th

FromTheMoon [43]

Answer: 4%

Explanation:

From the question, we are informed that Pension plan assets were $1,200 million at the beginning of the year and $1,252 million at the end of the year and that at the end of the year, retiree benefits paid by the trustee were $28 million and cash invested in the pension fund was $32 million.

Based on the above scenario, the percentage rate of return on plan assets goes thus:

Opening balance of plan assets 1200

Add:- Actual return = 48

Add:- contributions = 32

Less :- retiree benefits = -28

Closing balance of plan assets = 1252

It should be noted that the actual return is the balancing figure which is calculated as:

= 1252 + 28 - 1200 - 32

= 48

The percentage rate of return on plan assets will now be:

= 48/1200

=0.04

= 4%

4 0

3 years ago

An income statement for Tommy's Bookstore for the first quarter of the year is presented below: Tommy's Bookstore Income Stateme

Semmy [17]

Answer:

Contribution margin = $200,000

Explanation:

As per the data given in the question,

Contribution margin = Sales - Variable expense

Number of books = $880,000 ÷ $55

=16,000

Gross margin = 340,000

Variable selling expenses = 16,000 × $6

=$96,000

Variable administrative expense = $880,000 × 5%

=$44,000

Total = $96,000 + $44,000

= $140,000

Contribution margin = $340,000 - $140,000

= $200,000

7 0

2 years ago

Sheridan Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machi

Vlad [161]

Answer:

Jan 1

Dr Accumulated depreciation equipment 64,000

Cr Equipment 64,000

June 30

Dr Depreciation expenses 3,000

Cr Accumulated depreciation equipment 3,000

June 30

Dr Cash 11,300

Dr Accumulated depreciation equipment

37,300

Cr Gain on disposal 25,600

Cr Equipment 23,000

Dec 31

Dr Depreciation expenses 3,300

Cr Accumulated depreciation truck 3,300

Dec 31

Dr Loss on disposal of truck 9,600

Dr Accumulated depreciation 19,800

Cr Equipment 23,400

Explanation:

Sheridan Company Journal entries

Jan 1

Dr Accumulated depreciation equipment 64,000

Cr Equipment 64,000

June 30

Dr Depreciation expenses 3,000

Cr Accumulated depreciation equipment 3,000

June 30

Dr Cash 11,300

Dr Accumulated depreciation equipment

($23,000+$3,000+$11,300) 37,300

Cr Gain on disposal 25,600

Cr Equipment 23,000

Dec 31

Dr Depreciation expenses 3,300

($29,400-$3,000)/8

Cr Accumulated depreciation truck 3,300

Dec 31

Dr Loss on disposal of truck 9,600

($29,400- $19,800)

Dr Accumulated depreciation 19,800

($3,300×6)

Cr Equipment 23,400

8 0

3 years ago

Which of the following accounts would be increased with a Debit? (Choose all that apply)

iVinArrow [24]

Answer:

It would be C. If this question has more than one answer, then it would be C & E

Explanation:

7 0

3 years ago