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
Alecsey [184]
2 years ago
14

[The following information applies to the questions displayed below The following financial statements and additional informatio

n are reported. IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 53,000 $102,100 78,500 72,800 5,300 258,700 133,000 (31,500) Accounts receivable, net Inventory Prepaid expenses 60,000 100,000 7,200 220,200 124,000 (13,500) Total current assets Equipment Accum. depreciation-Equipment $330,700 Total assets $360,200 Liabilities and Equity Accounts payable Wages payable Income taxes payable Total current liabilities $34,000 6,900 4,300 45,200 39,000 84,200 43,500 16,800 5,600 65,900 69,000 134,900 Notes payable (long term) Total liabilities Equity Common stock, $5 par value Retained earnings 238,000 38,000 169,000 26,800 $330,700 Total liabilities and equity $360,200 IKIBAN INC Income Statement For Year Ended June 30, 2017 Sales $723,000 420,000 303,000 Cost of qoods sold Gross profit Operating expenses Depreciation expense $67,600 76,000 Other expenses Total operating expenses 143,600 159,400 Other gains (losses) Gain on sale of equipment 2,900 162,300 44,790 Income before taxes Income taxes expense $117,510 Net income IKIBAN, INC. Statement of Cash Flows (Direct Method) For Year Ended June 30, 2017 Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Net increase (decrease) in cash Cash balance at prior year-end Cash balance at current year-end
Additional Information
a. A $30,000 note payable is retired at its $30,000 carrying (book) value in exchange for cash.
b. The only changes affecting retained earnings are net income and cash dividends paid.
c. New equipment is acquired for $66,600 cash.
d. Received cash for the sale of equipment that had cost $57,600, yielding a $2,900 gain.
e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement.
f. All purchases and sales of inventory are on credit.
Business
1 answer:
Andrej [43]2 years ago
7 0

Answer:

ffyygghjj......................

You might be interested in
Botosan Factory has budgeted factory overhead for the year at $453,120, and budgeted direct labor hours for the year are 384,000
Sloan [31]

Answer: $412,292

Explanation:

First compute Overhead Absorption Rate = Budgeted Overhead divided by Budgeted Activity Level

In this question the activity level is Direct Labour Hours (DLH) which is the basis for allocating overhead.

budgeted factory overhead for the year at $453,120, and budgeted direct labor hours for the year are 384,000.

$453,120 divided by 384,000 DLH =$1.18

Overheard to be allocated for May is OAR * Actual Activity level

$1.18*349400= $412,292

This is the amount to be allocated to may

7 0
3 years ago
Read 2 more answers
You receive an invoice for $565.00 with terms 3/10, net 30. If you pay it immediately, how much will you pay
Alika [10]
565 x 3% = $16.95

$656 - $16.95 = $548.05
3 0
2 years ago
A firm that is a "pure monopoly" is
vichka [17]
I believe it is A

a monopoly is when a company owns all the companies in that buisnesses
7 0
3 years ago
A 10-year maturity zero-coupon bond selling at a yield to maturity of 7.25% (effective annual yield) has convexity of 157.5 and
TiliK225 [7]

Answer:

For Zero coupon: 545.52

Explanation:

Check attachment

7 0
3 years ago
Read 2 more answers
He stockholders' equity section on the December 31, 2009, balance sheet of Chemfast Corporation reported the following amounts:
Allisa [31]

Answer:

1.7900 shares

2.7300 shares

3.$22.95

4.$59

5.$6,300

6.$10.50

7.$791,000

Explanation:

The number of preferred shares=total par value of preferred shares issued/par value=$165,900/$21=7900 shares

The number of preferred shares outstanding is issued shares minus treasury stock=7900 shares-600 shares=7,300 shares

average issue price of preferred stock=(total par value+additional paid capital)/issued shares=($165,900+$15,400)/7900=$22.95

Average issue price of common stock==common stock amount/issued shares=$590,000/10000=$59

The treasury stock decreases stockholders' equity by the amount paid to repurchase the shares which is $6,300

Treasury stock cost $ per share=cost of treasury cost/number of treasury stock=$6300/600=$10.50

Total stockholders' equity in $=preferred stock+preferred stock additional paid in capital+common stock+retained earnings -treasury stock

Total stockholders' equity in $=165,900+15,400+590,000+26000-6300=$791,000

8 0
3 years ago
Other questions:
  • At the beginning of 2020, Earth Co purchased a machine at a cost of $40,000. Earth Co expects the machine to remain useful for e
    6·1 answer
  • List three impulse convenience goods that you or someone you know has purchased.
    14·2 answers
  • Jose owns a dog whose barking annoys Jose's neighbor Amy. Suppose that the net benefit of owning the dog is worth $400 to Jose a
    13·2 answers
  • Which of the following is likely to occur as the result of the law of diminishing marginal​ utility? A. ​Petra's utility from he
    10·1 answer
  • A central question that must be addressed in bankruptcy proceedings is whether the firm's inability to meet scheduled interest p
    11·1 answer
  • BD Corporation has purchased new computers to modernize the office. The increased efficiency from the computers will lead to inc
    11·1 answer
  • Consider two perfectly negatively correlated risky securities A and B. A has an expected rate of return of 10% and a standard de
    7·1 answer
  • What are the two types of products that
    14·1 answer
  • In order to access a web site it is always necessary to type www in the address
    8·2 answers
  • Stockholders' Equity of Riverwild Corporation consists of 50,000 shares of $8 par value, 5% cumulative preferred stock and 400,0
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!