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liberstina [14]
2 years ago
6

Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Ver

y Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021.
Salaries expense $12,400 Sales revenue $63,300
Inventory (July 1, 2021) 1,650 Interest income 2,000
Sales returns 1,100 Cost of goods sold 28,050
Utilities expense 2,950 Rent expense 5,400
Income tax expense 4,700 Interest expense 400
Inventory (July 31, 2021) 1,100

Required:
a. Prepare a multiple-step income statement for the month ended July 31, 2015.
b. Calculate the inventory turnover ratio for the month of July. Would you expect this ratio to be higher or lower in December 2015? Explain.
c. Calculate the gross profit ratio for the month of July.
Business
1 answer:
Colt1911 [192]2 years ago
4 0

Answer:

yes

Explanation:

yes

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Delegation of Authority

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Often the delegation of authority looks like this:
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In an acquisition the firm being purchased is the and the firm which is purchasing the other firm is the
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In an acquisition, the firm being purchased is the target firm, and the firm which is purchasing the other firm is the acquiring firm. 
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A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the
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Answer:

+$183,000

$0

+$183,000

Explanation:

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Total liabilities has no change

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4 0
3 years ago
Which of the following is not an example of a significant noncash transaction? Conversion of bonds into common stock. Sale of pl
Lostsunrise [7]

Answer:

Sale of plant assets.  If the company<u> sales an equipment it will receive cash </u>for it. We are not given with any information of this transaction not being in cash, so we should assume it was a sale in cash or cash equivalent.

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<u>Conversion of bonds into common stock.</u> The bonds, which are outstanding and represent a promise to pay, are converted into common stock, this transaction doesn't involve cash.

<u>Issuance of common stock to purchase land. </u>The land is acquire in exchange of common stock, the company is not using cash. the owner of the land can later sold the stock to a third party but it won't affect the cash flow of the company.

<u>Issuance of debt to purchase equipment </u>Like singing a note to purchase a machine, no cash is involve.

3 0
3 years ago
In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract.On May 2, the bill w
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Construction expenditures should be debited when <u>D. The bill is approved for payment.</u>

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In the above scenario, Acme Construction Co. submitted bill amount of $1,200,000 on a construction contract. The payment of the bill was approved on May 2. According to the contract, 10% was subject to retention.

This construction expenditure is debited when the bill is approved for payment. Contract includes all the details regarding payment and terms and conditions between the companies or parties.

Once the bill submitted by company is approved, then the retention amount will be automatically debited.

8 0
3 years ago
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