1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Oksanka [162]
2 years ago
6

(Learning Objective 4: Construct the financial statements) Suppose Robin Sporting

Business
1 answer:
Tanya [424]2 years ago
8 0

Answer:

Robin Sporting  Goods Company

1. Single-step Income Statement for the year ended July 31, 2018:

Net revenues .................                           $191,000

Cost of goods sold.................   136,800

All other expenses.........           29,000   165,800

Net Income                                             $25,200

2. Statement of retained earnings for the year ended July 31, 2018:

Retained earnings,  July 31, 2017 ............ $31,500

Net Income                                             $25,200

Dividends..............................                          0

Retained earnings,  July 31, 2018          $56,700

3. Report Format Classified Balance Sheet as of July 31, 2018:

Assets

Current assets:

Cash......................................         $50,000

Accounts receivable.......            34,000

Inventories ............................         36,000

Other current assets ......             5,000     $125,000

Long-term assets:

Other assets...................              30,000

Property and equipment, net ... 19,400       $49,400

Total assets                                                 $174,400

Liabilities + Equity

Total current liabilities...........                       $80,000

Long-term liabilities..............                             11,700

Total liabilities                                              $91,700

Common stock......................         $26,000

Retained Earnings, July 31, 2018 56,700 $82,700

Total liabilities + Equity                             $174,400

Explanation:

a) Data and Calculations:

Trial Balance as of July 31, 2018:

Accounts Titles                            Debit          Credit

Cash......................................         $50,000

Accounts receivable.......            34,000

Inventories ............................         36,000

Other current assets ......             5,000

Other assets...................              30,000

Property and equipment, net ... 19,400

Total current liabilities...........                   $ 80,000

Long-term liabilities..............                          11,700

Common stock......................                        26,000

Retained earnings,  July 31, 2017 ............    31,500

Net revenues .................                             191,000

Cost of goods sold.................   136,800

Dividends..............................        0

All other expenses.........          29,000

Totals                                  $340,200  $340,200

b) Linkages to the three statements:

Income statement is linked to the Statement of Retained Earnings by the Net Income.  The Statement of Retained Earnings is linked to the Balance Sheet by the Retained Earnings of July 31, 2018.  There is no ability to draw arrows here.

You might be interested in
An investor is in a 30% tax bracket. If corporate bonds offer 9% yields, what must municipals offer for the investor to prefer t
Oduvanchick [21]

Answer:

6.30%

Explanation:

For offering for the investor to prefer them to the corporate bond we need to calculate the after tax return which is shown below

After tax return is

= Before tax return × (1 - tax rate)

= 0.09 × (1 - 0.30)

= 0.063 or 6.30%

As the after tax return is 6.30% the same is to be offered for the investor

Hence, the correct answer is 6.30%

8 0
3 years ago
The primary cost associated with the level production strategy is the cost ofA.holding inventory.B.hiring and firing workers.C.o
geniusboy [140]

Answer:

The primary cost associated with the level production strategy is the cost of

A.holding inventory.

5 0
2 years ago
Aloan Co. provides the following sales forecast for the next three months: January February March Sales units 3,000 4,200 5,000
Natalka [10]

Answer:

Total= 3,120 units

Explanation:

Giving the following information:

production budget:

January= 3,000 units

February= 4,200 units

March= 5,000 units

The company wants to end each month with ending finished goods inventory equal to 10% of the next month’s sales.

Beginning inventory= 300 units.

To calculate the production for any month, we need to use the following formula:

Production= sales + desired ending inventory - beginning inventory

<u>January:</u>

Sales= 3,000

Desired ending inventory= (4,200*0.1)= 420

Beginning inventory= (300)

Total= 3,120 units

6 0
3 years ago
OFFERING 20 POINTS Whitney's proposal to build 10,000 guns relied on what two important elements found in the modern manufacturi
strojnjashka [21]

Answer:

interchangeable parts and assembly lines

Explanation:

8 0
3 years ago
On October 1, Vaughn's Carpet Service borrows $349000 from First National Bank on a 4-month, $349000, 9% note. What entry must V
____ [38]

Answer:

Dr Notes Payable 349,000

Dr Interest Payable 10,470

Cr Cash 359,470

Explanation:

Preparation of Vaughn's Carpet Service Journal entry

Since we were told that Vaughn's Carpet Service borrows the amount of $349,000 on 1st October from First National Bank based on a 4-month, $349,000, 9% note the transaction will be recorded as :

Dr Notes Payable 349,000

Dr Interest Payable 10,470

Cr Cash 359,470

$349,000 +($349,000 *.09* 4/12)

=$349,000+10,470

=$359,,470

3 0
2 years ago
Other questions:
  • Which two factors explain why Great Britain’s economy experienced a period of stagnation after World War I?
    5·2 answers
  • Which of the following policies are consistent with the goal of increasing productivity and growth in developing countries? Chec
    15·1 answer
  • Finore Manufacturing has the following amounts on its 12/31/14 balance sheet. Cash $150 Other current assets 397 Property, plant
    14·1 answer
  • All of the following are stakeholders of a firm, except
    5·2 answers
  • When did federal deficits become a regular feature of the federal budget?
    6·1 answer
  • If an annuity is purchased in December and monthly benefits begin in January of the following year, what type of annuity is it?
    9·1 answer
  • Discuss whether a television manufacturer should adopt a capital intensive production process?
    7·1 answer
  • During the period, labor costs incurred on account amounted to $175,000, including $150,000 for production orders and $25,000 fo
    5·1 answer
  • What are the disadvantages of a mixed economy?
    12·2 answers
  • According to Michael Kremer, large populations: a. require the capital stock to be spread thinly, thereby reducing living standa
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!