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2 years ago

A company has 12,247 customers they extend credit to, they will have 12,247 __________________ accounts.

Business

1 answer:

iogann1982 [59]2 years ago

4 0

The company would have 12,247 subsidiary accounts.

<h3>What is a credit?</h3>

A credit is a loan facility granted by a bank or an institution to its customers. This is to enable the customers access funds with a view to paying back at a future date.

Companies or institutions grant credit facilities to encourage their customers plan for their business and then pay back later.

Hence, the company would have 12,247 subsidiary accounts since they extend credits to 12,247 customers.

Learn more about credits here : brainly.com/question/9913263

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Clearly establishing property rights for water ownership would result in which of the following? Choose one or more: A. incentiv

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Answer:

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Each Cutco knife goes through 30 steps to ensure that it meets the firm's standards and provides a good value for a premium prod

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3 years ago

what are the primary differences between technical communication and other types of communication with which you might have expe

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1 year ago

Please prepare the multi-step income statement, the statement of stockholders' equity and the classified balance sheet.

goldenfox [79]

Answer:

Operating Income = $53,000

Net Income = $39,000

Ending balance of common stock = $300,000

Ending balance of retained earnings = $95,000

Ending total stockholders' equity = $395,000

Total current assets = $198,000

Net long-term assets = $265,000

Total long-term assets = $285,000

Total assets = $463,000

Total liabilities = 68,000

Explanation:

a. Multi-step Income Statement

Multi-step Income Statement put each revenues and expenditures items into different categories to show gross profit and net income. This can be prepared as follows:

Multi-step Income Statement

For the year ended

Details $

Sales Revenue 545,000

Sales Discount (45,000)

Net Sales Revenue 500,000

Cost of Goods Sold (400,000)

Gross profit 100,000

Operating expenses:

Rent Expense (12,000)

Depreciation Expense (10,000)

Salaries Expenses (25,000)

Operating Income 53,000

Non-operating expenses:

Interest Expense (6,000)

Income before tax 47,000

Income Tax Expense (8,000)

Net income 39,000

Dividend paid (4,000)

Retained earning for the year 35,000

b. Changes in Retained Earnings

Details $ 

Beginning retained earnings 60,000

Retained earning for the year 35,000

Ending retained earnings 95,000

c. Movement in Common Stock

Details $ 

Beginning balance of common stock 250,000

Additional shares issued 50,000

Ending balance of common stock  300,000 

c. Statement of stockholders' equity

Details $ 

Beginning balance of common stock 250,000

Additional shares issued 50,000

Ending balance of common stock 300,000

Ending retained earnings 95,000

Ending total stockholders' equity 395,000

d. Classified Balance Sheet

Classified balance sheet shows each of the componets of assets, liabilities and equity. This can be prepared as follows:

Classified Balance Sheet

As at the year ended

Details $ $ 

Long-Term Assets

Buildings 65,000

Equipment 220,000

Total Long-Term Assets 285,000

Accumulated Depreciation 20,000

Net Long-Term Assets 265,000

Current Assets

Cash 12,000

Accounts Receivable 150,000

Supplies 36,000

Total Current Assets 198,000

Total Assets 463,000

Financed by:

Ending total stockholders' equity 395,000

Current Liability

Accounts Payable 28,000

Long-Term Liability

Notes Payable (Due in 2years) 40,000

Total Liabilities 68,000

Total Equity $ Liabilities  463,000 

Conclusion

As both the Total Assets and Total Equity and Liabilities are each equal to $463,000, it implies the financial statement is accurately prepared since both must always be equal.

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3 years ago