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gregori [183]
3 years ago
14

The following events apply to Gulf Seafood for the 2018 fiscal year: The company started when it acquired $60,000 cash by issuin

g common stock. Purchased a new cooktop that cost $40,000 cash. Earned $72,000 in cash revenue. Paid $25,000 cash for salaries expense. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, 2018, the cooktop has an expected useful life of four years and an estimated salvage value of $4,000. Use straight-line depreciation. The adjusting entry was made as of December 31, 2018
Business
1 answer:
Arte-miy333 [17]3 years ago
6 0

Answer:

depreciation per year:  9,000

<u>operating income: </u>     41,000

Explanation:

Q: Adjusted the records to reflect the use of the cooktop.

Under straight-line the company will recognize the same amount of depreciation over the course of the assets life. At year-end the company will adjsut for the loss in value for the asset generated for the past of time.

\frac{cost - salvage \: \:value}{useful \:\: life}

\frac{40,000- 4,000}{4}

depreciation per year: 9,000

<u>operating income:</u>

revenues                      72,000

salaries expense:        (25,000)

depreciation per year:  (9,000)

          total                    41,000

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A project produces annual net income of $18,200, $21,800, and $22,900 over its three-year life, respectively. the initial cost i
rjkz [21]
Initial cost = $197,000
Total net accounting income over three years = $18,200+$21,800+$22,900 = $62,900

Average annual accounting net income = $62,900/3 = $20,966.67

Accounting rate of return = Average net annual income / Initial cost = 20,966.67/197,000 = 0.106 = 10.6%

Since Accounting net income is  lower than the required discount rate, the project is not viable.
3 0
3 years ago
Swifty Pest Control Products has the following information available:
Mekhanik [1.2K]

Answer:

$20,700

Explanation:

Data provided in the question:

Net Income = $25,100

Cash Provided by Operations = $32,500

Cash Sales = $64,600

Capital Expenditures = $9,600

Dividends Paid = $2,200

Now,

Swifty’ Free cash flow

= Cash Provided by Operations - Capital Expenditures - Dividends Paid

Thus,

Swifty’ Free cash flow  = $32,500  - $9,600  - $2,200

or

Swifty’ Free cash flow  = $20,700

3 0
3 years ago
Andrea's opportunity cost rate is 12 percent compounded annually. how much must he deposit in an account today if he wants to re
BabaBlast [244]

Answer:

$9583.89

Explanation:

value of each payment (P): $2,100

interest rate per period (r): 12/100 = 0.12

number or periods (n): 7

present value of annuity (PV): ??

using the annuity formula: PV = P * \frac{1 - (1 + r )^{-n} }{r}

PV  =  $9583.89

7 0
3 years ago
Assume that Delalo, Inc. is operating at full capacity. Also assume that assets, costs, and current liabilities vary directly wi
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Answer:

Explanation:

External financing needed =

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The need for external financing is intermediate.

6 0
3 years ago
Read 2 more answers
identify each of the following expenditures as chargeable to land, land improvements, buildings, machinery and equipment, or oth
Dimas [21]

An expenditure represents a charge with both coins or credit score to buy items or services. It is recorded at a unmarried factor in time (the time of buy), as compared to an expense this is recorded in a length wherein it's been used up or expired. This manual will evaluate the distinctive styles of fees utilized in accounting and finance.

The required details about expenditure  is  mentioned below .

(a) Land -

Cost of land fill for constructing site.

Special evaluation paid to town for extension of water fundamental to assets.

Cost of razing and putting off the vintage constructing on assets received for a constructing site.

Delinquent actual property taxes assumed with the aid of using client on assets received for a constructing site.

Attorney's rate for identify search.

(b) Land Improvements -

Cost of paving parking region for personnel and customers.

Parking lot lighting.

Installing a fence across the parking lot.

(c) Buildings -

Insurance in the course of production of constructing.

Interest incurred on mortgage in the course of production of constructing.

Architect's rate for constructing plans and supervision of production.

(d) Machinery and Equipment -

Fee paid for set up of gadget.

Special basis for brand new gadget received.

Insurance on new gadget at the same time as in transit.

Freight fees on new gadget.

Sales tax on new gadget.

(e) different account -

Cost of repairing vandalism harm to gadget in the course of set up.

Cost incurred in repairing harm because of set up of recent gadget.

Cost of lubricating oil bought for periodic oil modifications for gadget.

Repainting the trim on a constructing.

To learn about expenditures visit here.

brainly.com/question/935872

#SPJ4

6 0
1 year ago
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