Answer: B. $40,000, $960,000
Explanation:
The long term obligation will be 80% of the collateral value which will be:
= 80% × $1.2 million
= 0.8 × $1,200,000
= $960,000.
Therefore, the short term obligation will be:
= $1,000,000 - $960,000
= $40,000
Answer and Explanation:
The preparation of the contribution margin income statement for the year is presented below:
Sales (45,000 units × $16 per unit) $720,000
Less: variable cost (45,000 units × $180,000 ÷ 30,000 units) -$270,000
Contribution margin $450,000
Less: fixed cost -$300,000
Net operating income $150,000
Answer:
I am in the IB program, and personally I think that it better prepared you for college compared to AP. It is known for college preparation and I know someone who had an easy time in college due to it. But both are good on your record, AP is definitely easier as you can choose what classes you'd like
Walter Co. is a manufacturer because it uses raw materials, and has a stock of merchandise inventory, work-in-progress inventory, and finished goods inventory. The current assets of Walter Co. will be:
Current Assets:
Cash 6,000
Inventories
Raw materials inventory 21,000
Work in progress inventory 40,000
Finished goods inventory 25,000
Merchandise inventory 48,000
Total inventory 1,34,000
Other assets
Accounts receivable 41,000
Prepaid expenses 1,000
Current assets 2,22,000
A manufacturing company is a company that takes in raw materials processes the raw materials and then sells the finished goods manufactured in the market. So the current assets section of the balance sheet of Walter Co. is given which will be written on the right side of the balance sheet.
Learn more about manufacturing companies here:
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Answer and Explanation:
The computation of the depreciation expense using straight line method is shown below:
Formula to be used:
= (Purchase cost - salvage value) ÷ (estimated service life)
For 2021
= ($35,000 - $5,000) ÷ (10 years)
= $3,000
For 4 months, it would be
= $3,000 × 4 months ÷ 12 months
= $1,000
And, for the year 2021, it would be the same i.e. $3,000
