How does government pay for

Cash $207,200 Salaries and wages expense (sales) $318,080 Inventory 599,200 Salaries and wages expense (office) 387,520 Sales re

yawa3891 [41]

Answer:

condenced income statement

net sales 4699520

cost of sales (3097360)

opening stock 599200

purchase 3120320

returns ( 16800 )

frieght in 80640

closing stock (686000)

gross profit 1602160

other incomes 299040

purchase discount 30240

rent income 268800

expenses (1092448 )

office salary 387520

sales salary 31808

sales discount 38080

commission 92960

selling costs 77280

telephone costs 19040

accounting service 36960

utility costs 35840

insurance 26880

mascellaneous 8960

advertising 60480

delivery costs 104160

casuality loss 78400

depreciation-office 53760

depreciation-sales 40320

operating profit 808752

interest expense 197120 ( 197120 )

profit before tax 611632

tax expense (122326.4)

profit after tax <u>489305.6</u>

Explanation:

To get the net sales we take sales and minus sales return. The unearned sales are not to be recorded until they are earned and its performance obligation is satisfied. The balance sheet items such as common stock, cash do not belong in the statement of comprehensive incomes. T o calculate tax expense we take profit before tax and multiply by the tax rate.

8 0

3 years ago

Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $15,000,000 of 20-year, 9

konstantin123 [22]

Answer and Explanation:

The Journal entry is shown below:-

1. Cash Dr, $15,000,000

To Bonds payable $15,000,000

(Being issue of bonds is recorded)

2. Interest expense on bonds Dr, $675,000

To cash $675,000 ($15,000,000 × 9% × 6 ÷ 12)

(Being payment of interest is recorded)

3. Bonds payable Dr, $15,000,000

To Gain on redemption of bonds $600,000

To Cash ($15,000,000 × 0.96) $14,400,000

(Being redemption on bonds is recorded)

3 0

3 years ago

According to one study, 61% of the population swallow at least one spider per year in their sleep. based on this study, what is

chubhunter [2.5K]

Answer:

22% :)

Explanation:

5 0

3 years ago

FARO Technologies, whose products include portable 3D measurement equipment, recently had 36 million shares outstanding trading

erma4kov [3.2K]

Answer:

A. $117 million

B.13%

C. $21.75

Explanation:

B. Calculation to determine How large a loss in dollar terms will existing FARO shareholders experience on the announcement date

Expected Loss= 390*30%

Expected Loss= $117 millions

Therefore How large a loss in dollar terms will existing FARO shareholders experience on the announcement date will be $117 millions

B. Calculation to determine What percentage of the value of FARO’s existing equity prior to the announcement is this expected gain or loss

First step is to calculate the Existing Shares Value

Existing Shares Value =36*$25

Existing Shares Value= $900 millions

Now let calculate the Expected Loss %

Expected Loss % = $ 117/$ 900

Expected Loss % = 13%

Therefore the percentage of the value of FARO’s existing equity prior to the announcement is this expected gain or loss will be 13%

C. Calculation to determine At what price should FARO expect its existing shares to sell immediately after the announcement

Price Per Share: $ 25*(1 - 0.13)

Price Per Share$25*0.87

Price Per Share: $21.75

Therefore what price should FARO expect its existing shares to sell immediately after the announcement is $21.75

6 0

2 years ago

Sweet Company’s outstanding stock consists of 1,000 shares of noncumulative 5% preferred stock with a $100 par value and 10,000

avanturin [10]

Answer:

Option (D) is correct.

Explanation:

Preferred dividend per year:

= (Outstanding preferred stock × Par value of preferred stock ) × 5% preferred stock

= (1,000 × $100) × 5%

= ($100,000) × 5%

= $5,000

Any balance left over would be paid to common stockholders.

Year 1:

Paid to preferred stockholders = $2,000

Paid to common stockholders = 0

Year 2:

Paid to preferred stockholders = $5,000

Paid to common stockholders = ($6,000 - $5,000)

= $1,000

Year 3:

Paid to preferred stockholders = $5,000

Paid to common stockholders = ($32,000 - $5,000)

= $27,000

Therefore,

Total amount of dividends paid to preferred Shareholders:

= Year 1 + Year 2 + Year 3

= $2,000 + $5,000 + $5,000

= $12,000

Total amount of dividends paid to common Shareholders:

= Year 1 + Year 2 + Year 3

= $0 + $1,000 + $27,000

= $28,000

5 0

3 years ago