Income Statement Project
2018 2019 2020
Revenue:
Book Sales
Ticket Sales
Total Revenue:
Expenses:
Salary
Depreciation
Supplies
Rent Insurance
Total Expense:
Net Income/Loss:
Directions: Build an income statement using the steps provided below.
1) The book store received $50,000 in book sales for 2018, with a 20% increase in revenue each year.
2) Jack's book store received $15,000 each year in ticket sales to book signing events.
3) Find the Total Revenue each year for 2018-2020 using cell referencing.
4) Jack's book store paid $16,000 in employee salaries in 2018. Each year his employee salary cost increased by 25%.
*5) Jack purchased store furniture for $25,000 that is expected to be used over the next 5 years.
6) Jack bought $3,000 in supplies in 2018 and supplies costing $1,000 were used up each year.
'7) Jack signed a contract to pay $800/month for rent between 2018-2020.
8) Jack's book store pays $500 each month to cover insurance.
9) Find the Total Expense each year for 2018-2020 using the SUM function.
10) Find the Net Income/Loss using cell referencing.

Answers

Answer 1

Answer:

Jack's Bookstore

Income Statement Projection:

                                    2018          2019         2020

Revenue:

Book Sales               $50,000    $60,000    $72,000

Ticket Sales                 15,000       15,000       15,000

Total Revenue:        $65,000    $75,000     $87,000

Expenses:

Salary                       $16,000     $20,000    $25,000

Depreciation               5,000          5,000         5,000

Supplies                       1,000           1,000          1,000

Rent                            9,600          9,600         9,600

Insurance                   6,000          6,000         6,000

Total Expense:      $37,600       $41,600    $46,600

Net Income/Loss: $27,400       $33,400    $40,400

Explanation:

a) Data and Calculations:

Book Sales for 2019  = $60,000 ($50,000 * 1.20)

Book Sales for 2020 = $72,000 ($60,000 * 1.20)

Salaries for 2019 = $20,000 ($16,000 * 1.25)

Salaries for 2020 = $25,000 ($20,000 * 1.25)

Depreciation expense per year = $5,000 ($25,000/5) using the straight-line method

Supplies Expense per year = $1,000 ($3,000/3)

Rent Expense per year = $9,600 ($800 * 12)

Insurance Expense per year = $6,000 ($500 * 12)


Related Questions

Standahl Air uses two measures of activity, flights and passengers, in the cost formulas in its budgets and performance reports. The cost formula for plane operating costs is $40,990 per month plus $2,789 per flight plus $18 per passenger. The company expected its activity in August to be 96 flights and 308 passengers, but the actual activity was 99 flights and 311 passengers. The actual cost for plane operating costs in August was $262,690. The plane operating costs in the planning budget for August would be closest to:

Answers

Answer:

$314,278

Explanation:

Cost in flexible budget = $40,990 + ($2,789*96) + ($18*308)

Cost in flexible budget = $40,990 + $267,744 + $5,544

Cost in flexible budget = $314,278

The operating costs in the planning budget for August would be

The balance sheet provides a snapshot of the financial condition of a company. Investors and analysts use the information given on the balance sheet and other financial statements to make several interpretations regarding the company’s financial condition and performance.
Cold Goose Metal Works Inc. is a hypothetical company. Suppose it has the following balance sheet items reported at the end of its first year of operation. For the second year, some parts are still incomplete. Use the information given to complete the balance sheet.
Cold Goose Metal Works Inc. Balance Sheet for Year Ending December 31 (Millions of Dollars)
Year 2 Year 1 Year 2 Year 1
Assets Liabilities and equity
Current assets: Current liabilities:
Cash and equivalents $4,612 Accounts payable $0 $0
Accounts receivable 2,109 1,688 Accruals 293 0
Inventories 6,187 4,950 Notes payable 1,660 1,562
Total current assets $14,062 $11,250 Total current liabilities $1,562
Net fixed assets: Long-term debt 5,859 4,688
Net plant and equipment $13,750 Total debt $7,812 $6,250
Common equity:
Common stock 15,235 12,188
Retained earnings 6,562
Total common equity $23,438 $18,750
Total assets $31,250 $25,000
Total liabilities and equity $31,250 $25,000
Given the information in the preceding balance sheet—and assuming that Cold Goose Metal Works Inc. has 50 million shares of common stock outstanding—read each of the following statements, then identify the selection that best interprets the information conveyed by the balance sheet.
Statement #1: Cold Goose’s pool of relatively liquid assets, which are available to support the company’s current and future sales, decreased from Year 1 to Year 2.
This statement is , because:
Cold Goose’s total current liabilities balance decreased by $2,812 million between Year 1 and Year 2
Cold Goose’s total current asset balance actually increased from $11,250 million to $14,062 million between Year 1 and Year 2
Cold Goose’s total current liabilities balance increased from $1,688 million to $2,109 million between Year 1 and Year 2
Statement #2: In Year 2, Cold Goose Metal Works Inc. was profitable.
This statement is , because:
The cash and equivalents account increased between Years 1 and 2
Cold Goose’s retained earnings account increased between the end of Years 1 and 2
Cold Goose’s total assets increased between Years 1 and 2

Answers

Answer:

A. Total assets $31,250 $25,000

Total abilities and equity $31,250 $25,000

B. Statement 1 is FALSE

Statement 2 is TRUE

Explanation:

A . Using the information given to complete the balance sheet

Cold Goose Metal Works Inc Balance Sheet For Year Ending December 31 (Millions of Dollars)

Year 1 Year 2

ASSETS

Current assets:

Cash and equivalents

$5,766 $4,612

(14,062 – 6,187-2,109 = $5766)

Accounts receivable

2,109 1,688

Inventories

6,187 4,950

Total current assets

$14,062 $11,250

Net fixed assets:

Net plant and equipment

$17,188 $13750

( 31,250-14,062 = $17,188)

Total assets $31,250 $25,000

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$0 $0

Accruals

293 0

Notes payable

1,660 1,562

Total current abilities

$1,953 $1,562

(0+293+1,660 = $1,953)

Long-term debt

5,859 4,688

Total debt

$7,812 $6,250

Common equity

Common stock

15,235 12,188

Retained earnings

$8,203 6,562

(23,438-15,235 = $8,203)

Total abilities and equity $31,250 $25,000

Net Plant and Equipment= 31250-14062

Net Plant and Equipment = $17188

Cash and Equivalents = 14062 – 6187-2109

Cash and Equivalents= $5766

Total Current liabilities = 0+293+1660

Total Current liabilities = $1953

Retained earnings = 23438-15235

Retained earnings= $8203

B. To identify the selection that best interprets the information conveyed by the balance sheet.

Based on the information given STATEMENT 1 is FALSE reason been that Cold Goose’s total current asset balance increased from the amount of $11,250 million to the amount of $14,062 million between Year 1 and Year 2.

Based on the information given STATEMENT 2 is TRUE reason been that their was increased in retained earnings account between the end of Years 1 and year 2.

Carlin and Marley, an accounting firm, provides consulting and tax planning services. For many years, the firm's total administrative cost (currently $270,000) has been allocated to services on this basis of billable hours to clients. A recent analysis found that 55% of the firm's billable hours to clients resulted from tax planning services, while 45% resulted from consulting services. The firm, contemplating a change to activity-based costing, has identified three components of administrative cost, as follows: Staff Support$200,000 In-house computing charges 50,000 Miscellaneous office costs 20,000 Total$270,000 A recent analysis of staff support found a strong correlation with the number of clients served. In contrast, in-house computing and miscellaneous office cost varied directly with the number of computer hours logged and number of client transactions, respectively. Consulting clients served totaled 35% of the total client base, consumed 30% of the firm's computer hours, and accounted for 20% of the total client transactions. If Carlin and Marley switched from its current accounting method to an activity-based costing system, the amount of administrative cost chargeable to consulting services would:

Answers

Answer:

Carlin and Marley

Using activity-based costing system, the amount of administrative cost chargeable to consulting services would be:

= $89,000

instead of $121,500 using the traditional method.

Explanation:

a) Data and Calculations:

Services provided by the accounting firm = consulting and tax planning

Total administrative cost = $270,000

Traditional allocation basis = billable hours to clients

Services                       Tax Planning       Consulting     Total

Traditional cost pool basis:

Billable hours to clients     55%                  45%             100%

Activity cost pool bases:

Client base                         65%                  35%             100%

Computer hours                70%                   30%             100%

Total client transactions    80%                  20%             100%

Activity Pools                     Overhead Costs  Activity Basis

Staff Support                           $200,000      Number of clients served

In-house computing charges     50,000       Number of computer hours

Miscellaneous office costs         20,000       Number of client transactions

Total administrative cost =     $270,000

Overhead Allocation for each Activity Cost Pool:

Services                                        Total       Tax Planning       Consulting    

Staff Support                           $200,000     $130,000             $70,000

In-house computing charges     50,000         35,000                15,000

Miscellaneous office costs         20,000         16,000                  4,000

Total administrative cost =     $270,000      $181,000             $89,000

Traditional costing method:

Billable hours to clients               100%              55%                  45%

Amount based on billable hours $270,000     $148,500       $121,500

Organizations and agencies are a result of _______ in environmental protection issues.
a.
contingency plans
b.
hunting regulations
c.
government involvement
d.
all of the above


Please select the best answer from the choices provided

A
B
C
D

Answers

Answer:the answer is C I think

Explanation:

The organizations and agencies are a result of government involvement in environmental protection issues. Thus option (C) is correct.

What is an environment?

An environment is the natural or human-made surroundings in which something exists or operates. It can refer to the physical, biological, social, or cultural context that influences and shapes the behavior, development, and well-being of living organisms or systems.

The environment can refer to the natural world, including the air, water, soil, and climate that sustain life on Earth. It can also refer to the built environment, such as cities, buildings, and infrastructure, that humans have constructed and inhabit.

The government involvement in environmental protection issues led to result in formation of organizations and agencies. Therefore,  option (C) is correct.

Learn more about environment here:

https://brainly.com/question/28962722

#SPJ7

On Dec 31, an entity had a reporting unit that had a book value of $3,450,000, including goodwill of $225,000. As part of its annual review of good will impairment, the entity determined that the fair value of the reporting unit was $3,310,000. The entity assigned $3,170,000 of the reporting units fair value to its assets and liabilities other than goodwill. What is the goodwill impairment loss to be reported on Dec 31 under current US GAAP

Answers

Answer:

$85,000

Explanation:

Calculation for the goodwill impairment loss to be reported on Dec 31 under current US GAAP

First step is to calculate the Goodwill implied fair value

Goodwill implied fair value=($3,310,000-$3,170,000)

Goodwill implied fair value=$140,000

Now let calculate the Impairment loss using this formula

Impairment loss = Goodwill implied fair value - Goodwill book value

Let plug in the formula

Impairment loss= $140,000 - $225,000

Impairment loss = $85,000

Therefore the goodwill impairment loss to be reported on Dec 31 under current US GAAP is $85,000

Define scale of preference and difine economics ​

Answers

Answer:

scale of preference is the only tool in economics that can determine the real demand for certain goods.

What does O + A + C = K stand for and mean in the legal "Formula" for contracts?
please helpppp

Answers

Answer:

O Stands for offer , A stands for acceptance , C stands for consideration , K stands for contract . An offer requirement, a contract and acceptance have it’s own thing.

Explanation:

A consumer derives utility from goods A and B according to the following utility function: U(A, B) = A1/4B 3/4 . The price of good A is $12 per unit and the price of good B is $9 per unit. The consumer has a total budget of $180. What is the utility maximizing bundle for the consumer?

Answers

Answer:

3.75 units of A, and 15 units of B

Explanation:

U(A, B) = A¹/⁴ x B³/⁴

A = $12

B = $9

A' = 1/4 x $180 = 45

B' = 3/4 x $180 = 135

Utility is maximized when $45 is spent in A, meaning that $45 / $12 = 3.75 units are purchased.

Utility is maximized when $135 is spent in B, meaning that $135 / $9 = 15 units are purchased.

At Ruth Company, events and transactions during 2020 included the following. The tax rate for all items is 20%. (1) Depreciation for 2018 was found to be understated by $150,000. (2) A strike by the employees of a supplier resulted in a loss of $125,000. (3) The inventory at December 31, 2018 was overstated by $200,000. The effect of these events and transactions on 2020 income from continuing operations net of tax would be A. ($280,000). B. ($380,000). C. ($220,000). D. ($100,000).

Answers

Answer:

D. ($100,000)

Explanation:

Calculation for what The effect of these events and transactions on 2020 income from continuing operations net of tax would be

Continuing operations net of tax=(20%*$125,000)-$125,000

Continuing operations net of tax=$25,000-$125,000

Continuing operations net of tax=($100,000)

Therefore The effect of these events and transactions on 2020 income from continuing operations net of tax would be ($100,000)

QUESTION 1 of 10: Your market share is defined as:
a) The area's demographics

b) The percentage of sales your restaurant will make out of all the sales possible in a particular market

c) The amount of marketing time you can buy on the radio

d) The percentage of restaurants targeting the same customer segment as your restaurant is targeting​

Answers

Answer:

Market share is the percent of total sales in an industry generated by a particular company. Market share is calculated by taking the company's sales over the period and dividing it by the total sales of the industry over the same period.

B

The comparative statements of Carla Vista Co. are presented here.
CARLA VISTA CO.
Income Statements
For the Years Ended December 31
2017 2016
Net sales $1,897,540 $1,757,500
Cost of goods sold 1,065,540 1,013,000
Gross profit 832,000 744,500
Selling and administrative expenses 507,000 486,000
Income from operations 325,000 258,500
Other expenses and losses
Interest expense 24,000 22,000
Income before income taxes 301,000 236,500
Income tax expense 94,000 75,000
Net income $ 207,000 $ 161,500
CARLA VISTA CO.
Balance Sheets
December 31
Assets 2017 2016
Current assets
Cash $ 60,100 $ 64,200
Debt investments (short-term) 74,000 50,000
Accounts receivable 124,800 109,800
Inventory 128,000 117,500
Total current assets 386,900 341,500
Plant assets (net) 659,000 530,300
Total assets $1,045,900 $871,800
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $ 167,000 $152,400
Income taxes payable 45,500 44,000
Total current liabilities 212,500 196,400
Bonds payable 230,000 210,000
Total liabilities 442,500 406,400
Stockholders’ equity
Common stock ($5 par) 290,000 300,000
Retained earnings 313,400 165,400
Total stockholders’ equity 603,400 465,400
Total liabilities and stockholders’ equity $1,045,900 $871,800
All sales were on account. Net cash provided by operating activities for 2017 was $251,000. Capital expenditures were $135,000, and cash dividends were $59,000.
Compute the following ratios for 2017. (Round all answers to 2 decimal places, e.g. 1.83 or 1.83%.)
(a) Earnings per share $
(b) Return on common stockholders’ equity
(c) Return on assets
(d) Current ratio
(e) Accounts receivable turnover
(f) Average collection period
(g) Inventory turnover
(h) Days in inventory
(i) Times interest earned
(j) Asset turnover
(k) Debt to assets ratio
(l) Free cash flow

Answers

Answer:

Carla Vista Co.

(a) Earnings per share = $3.57

(b) Return on common stockholders’ equity = 34.31%

(c) Return on assets = 19.79%

(d) Current ratio = 1.82

(e) Accounts receivable turnover = Net Sales/Average Receivable = 16.18 times

(f) Average collection period = 365 Days /Average Receivable Turnover ratio = 22.56 days

(g) Inventory turnover = Cost of goods sold/Average Inventory = 8.68 times

(h) Days in inventory = 42.05 days

(i) Times interest earned = 3.46 times

(j) Asset turnover = 1.81

(k) Debt to assets ratio = Total Debt/Total Assets = 42.31%

(l) Free cash flow = Cash from Operations - Capital Expenditures = $116,000

Explanation:

a) Data and Calculations:

CARLA VISTA CO.

Income Statements

For the Years Ended December 31

                                                               2017          2016

Net sales                                          $1,897,540   $1,757,500

Cost of goods sold                            1,065,540     1,013,000

Gross profit                                          832,000       744,500

Selling and administrative expenses 507,000       486,000

Income from operations                     325,000      258,500

Other expenses and losses:

Interest expense                                   24,000        22,000

Income before income taxes              301,000      236,500

Income tax expense                             94,000        75,000

Net income                                      $ 207,000    $ 161,500

CARLA VISTA CO.

Balance Sheets

December 31

Assets                                                            2017           2016

Current assets

Cash                                                           $ 60,100     $ 64,200

Debt investments (short-term)                    74,000        50,000

Accounts receivable                                   124,800      109,800

Inventory                                                     128,000       117,500

Total current assets                                  386,900      341,500

Plant assets (net)                                      659,000     530,300

Total assets                                          $1,045,900    $871,800

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable                                 $ 167,000     $152,400

Income taxes payable                               45,500        44,000

Total current liabilities                             212,500      196,400

Bonds payable                                        230,000      210,000

Total liabilities                                         442,500     406,400

Stockholders’ equity

Common stock ($5 par)                        290,000     300,000

Retained earnings                                  313,400      165,400

Total stockholders’ equity                    603,400     465,400

Total liabilities and

  stockholders’ equity                     $1,045,900    $871,800

Net cash provided by operating activities for 2017 = $251,000

Capital expenditures = $135,000,

2017 Ratios:

(a) Earnings per share = $207,000 ($ /58,000 shares) = $3.57

(b) Return on common stockholders’ equity = $207,000/$603,400 * 100 = 34.31%

(c) Return on assets = $207,000/$1,045,900 * 100 = 19.79%

(d) Current ratio = $386,900/212,500 = 1.82

Average Receivable = ($124,800 + 109,800)/2 = $117,300

(e) Accounts receivable turnover = Net Sales/Average Receivable

= $1,897,540/$117,300 = 16.18 times

(f) Average collection period = 365 Days /Average Receivable Turnover ratio. = 365/16.18 = 22.56 days

Average Inventory = ($128,000 + 117,500)/2 = $122,750

(g) Inventory turnover = Cost of goods sold/Average Inventory = $1,065,540/122,750 = 8.68 times

(h) Days in inventory = 365/8.68 = 42.05 days

(i) Times interest earned = Earnings before interest & taxes / Tax expense = $325,000/$94,000 = 3.46 times

(j) Asset turnover = Net Sales/Assets = $1,897,540/$1,045,900 = 1.81  

(k) Debt to assets ratio = Total Debt/Total Assets =  $442,500/$1,045,900 * 100 = 42.31%

(l) Free cash flow = Cash from Operations - Capital Expenditures = $251,000 - $135,000 = $116,000

Flash City Inc. manufactures small flash drives and is considering raising the price by 75 cents a unit for the coming year. With a 75-cent price increase, demand is expected to fall by 7,000 units. Current Projected Demand 78,000 units 71,000 units Selling price $9.00 $9.75 Incremental cost per unit $6.80 $6.80 Would you recommend the 75-cent price increase

Answers

Answer:

Yes, reason been that operating profits increase

Explanation:

Calculation to determine whether

Incremental analysis you would recommend the 75-cent price

Current Projected

Incremental revenue $702,000 $692,250

(78,000 units*$9.00=$702,000)

(71,000*$9.75=$692,250)

Incremental cost -$537,200 -$482,800

(78,000 units*$6.80=$537,200)

(71,000*$6.80=$482,800)

Incremental Profit (loss) $164,800 $209,450

($702,000-537,200)

($692,250-$482,800)

Profit increase by($209,450 -$164,800)

Profit increase by= $44,650

Based on the above calculation I would recommend the 75-cent price increase reason been that operating profits increase.

Identify the possessive pronoun in the following sentence: "I love my new computer!"


A I
B love
C
my

Answers

Answer:

A

Explanation:

Madeline is a research assistant for her favorite biology professor, Dr. Ogechi. Dr. Ogechi is interested in studying the effects of aquarium temperature on the number of offspring produced by a certain species of fish.
Madeline knows from her economics class that to isolate the effects of a particular phenomenon, all other things must remain the same. In Latin, this is referred to as____.
a. pluribus unum.
b. dum versaste, nox fit.
c. onay oremay atinlay.
d. ceteris paribus.
In order to keep all other things the same and isolate the effects of one particular variable in the physics experiment, Madeline will want to do which of the following?
A. Hold constant the material used for the body of the car.
B. Make sure the incline is the same angle for each trial.
C. Clean up after her experiment carefully.

Answers

Answer:

D

B

Explanation:

ceteris paribus is a Latin phrase that means all other things being equal. It means that other variables are unchanged.

For example, according to the law of demand, all other things being equal, the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

For this law to hold, it is assumed that consumers tastes do not change or income do not change. If the income of a consumer changes and prices increases, the consumer would be able to buy more of a good at the higher price.

In order to isolate the effects of one particular variable in the physics experiment, she has to make sure the incline is the same angle for each trial. If the incline is different, it might affect the results of the experiment

Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost Total Net Realizable Value 101 $ 136,000 $ 108,000 102 99,000 118,000 103 68,000 58,000 104 38,000 58,000
Required:
1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or net realizable value (LCNRV) rule is applied to individual products.
2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry.

Answers

Answer:

Tatum Company

1. The carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to individual products is:

=  $ 303,000

2. Adjusting Journal Entry:

Debit Cost of Goods Good $38,000

Credit Inventory $38,000

To write-down the value of ending inventory.

Explanation:

a) Data and Calculations:

Product   Total Cost     Total Net Realizable Value    LCNRV

101            $ 136,000        $ 108,000                           $ 108,000

102               99,000             118,000                               99,000

103               68,000             58,000                                58,000

104               38,000             58,000                                38,000

Total        $ 341,000       $ 342,000                          $ 303,000

Write-down:

Cost of inventory =    $341,000

LCNRV of inventory    303,000

Inventory write-down $38,000

The following accounts were taken from the financial statements of Lee Company. Match each of the accounts to its proper balance sheet classification. If the item would not appear on a balance sheet, use "Not Applicable." Accounts Balance Sheet Classification Interest revenue select a balance sheet classification Utilities payable select a balance sheet classification Accounts payable select a balance sheet classification Supplies select a balance sheet classification Bonds payable select a balance sheet classification Goodwill select a balance sheet classification Common stock select a balance sheet classification Accumulated depreciation—equipment select a balance sheet classification Equipment select a balance sheet classification Salaries and wages expense select a balance sheet classification Debt investments (long-term) select a balance sheet classification Unearned rent revenue

Answers

Answer and Explanation:

The classification is shown below:

Interest revenue = Not applicable

Utilities payable = Current liabilities

Accounts payable = Current liabilities

Supplies = Current assets

Bonds payable =  Long term liabilities

Goodwill = Intangible assets

Owner's capital = Owner's equity

Accumulated depreciation = Equipment Property,plant and equipment (Contra)

Equipment =  Property,plant and equipment

Salaries and wages expense = Not applicable

Debt investment (long term) =  Long term investment

Unearned rent revenue = Current liabilities

there might be times your boss allows you to work from home.having the permission to work from home,you just took some office supplies anyway you are using it for work from home​

Answers

Uhm is there a question or are you just stating this lol

The following account appears in the ledger prior to recognizing the jobs completed in January:
Work in Process
Balance, January 1 $85,800
Direct materials 115,000
Direct labor 140,000
Factory overhead 296,200
Jobs finished during January are summarized as follows:
Job 210 $182,500
Job 216 78,300
Job 224 $232,190
Job 230 67,250
a. Journalize the entry to record the jobs completed. If an amount box does not require an entry, leave it blank.
b. Determine the cost of the unfinished jobs at January 31.

Answers

Answer:

A. Dr Finished Goods $560,240.00

Cr Work In Process $560,240.00

B. $76,760.00

Explanation:

A. Preparation of the journal entry to record the jobs complete

First step is to Calculate the amount of total jobs completed

Job 210 182,500.00

Job 224 232,190.00

Job 216 78,300.00

Job 230 67,250.00

Cost of completed jobs 560,240.00

(182,500.00+232,190.00+78,300.00+67,250.00)

Now let prepare the Journal Entry

Dr Finished Goods $560,240.00

Cr Work In Process $560,240.00

B. Calculation to Determine the cost of the unfinished jobs at January 31.

First step is to calculate the work in process Amount

Balance at January 1 85,800.00

Add Direct Materials 115,000.00

Add Direct Labor 140,000.00

Add Factory Overhead 296,200.00

Balance in work in process 637,000.00

Now let determine the cost of the unfinished jobs at January 31

Balance in work in process 637,000.00

Less: Cost of completed jobs 560,240.00

Cost of unfinished jobs on January 31 76,760.00

Therefore the cost of the unfinished jobs at January 31 will be $76,760.00

define private equity funds economics. ​

Answers

Answer:

Private equity is an alternative investment class and consists of capital that is not listed on a public exchange. Private equity is composed of funds and investors that directly invest in private companies, or that engage in buyouts of public companies, resulting in the delisting of public equity.

Time Remaining 1 hour 8 minutes 42 seconds01:08:42 Item 5 Time Remaining 1 hour 8 minutes 42 seconds01:08:42 Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 22,020 hours and the total estimated manufacturing overhead was $550,500. At the end of the year, actual direct labor-hours for the year were 21,800 hours and the actual manufacturing overhead for the year was $550,500. Overhead at the end of the year was:

Answers

Answer:

under-applied overheads is $1,340

Explanation:

Note : I have attached the full question/similar as an image below.

Actual Overheads   = $594,960

Applied Overheads = $594,960 / 22,200 x 22,150 = $593,620

Since,

Actual Overheads  > Applied Overheads, overheads have been under-applied.

Amount of under-applied overheads is $1,340 ($594,960 - $593,620).

define private equity funds economics. ​

Answers

its like keeping the funds private and makeing sure no one knows alot about it

define securitization.​

Answers

Answer:

its like getting security for ut business or office

2) Ralph Wood, the Vice President for Marketing, is planning to fly in his eight area sales managers for a yearly planning session. Sarah Sayre, the Vice President for Finance, complains that the company is in a weak, cash position and looks to Bill for a technological alternative to the planning session planned by Ralph. What are other companies doing about this

Answers

Answer:

Web conferencing

Explanation:

The technological alternative that can be suggested by Bill considering the company's weak cash position would be the use of Web conferencing session to host the yearly planning session, because that way the cost of accommodation, flight and other logistics can be avoided and the aim of the yearly planning session will  still be achieved without having the company's finance suffering a lot.

Most companies are now adopting Web conferencing as a new and innovative means of holding meetings and very important sessions across their various offices simultaneously.

our community has a total of approximately 100,000 households. What percentage of households would be potential customers for The Shoe Hut? What percentage of households would be potential customers for Star's Coffee and Teas?

Answers

Answer:

Your community has a total of approximately 100,000 households. ... What percentage of households would be potential customers for Star's Coffee and Teas? approximately ... The Shoe Hut Star's Coffee and Teas has a lower barrier to entry

Explanation:

what happens if a business doesn't meet target profit

Answers

Answer:

If revenues are less than total cost, a company does not reach the break even point, which results in a less. A company that fails to make enough sales to meet the break even point accumulates debt over time, which can eventually cause a company to go out of business .

Explanation:

I hope it is the right answer you were looking for.

What is market price?

A. The Quantity of a good or service the consumers are willing to buy.

B. The price consumers are willing to pay

C. The point where supply and demand intersect.

D. The quantity of a good or service at businesses are willing and able to provide

Answers

The market price is the current price at which an asset or service can be bought or sold. The market price of an asset or service is determined by the forces of supply and demand. The price at which quantity supplied equals quantity demanded is the market price.

The answer would be C

Presented below is information for Sunland Co. for the month of January 2022. Cost of goods sold $201,500 Rent expense $32,100 Freight-out 7,900 Sales discounts 9,000 Insurance expense 13,600 Sales returns and allowances 18,700 Salaries and wages expense 63,700 Sales revenue 393,500 Income tax expense 4,700 Other comprehensive income (net of $400 tax) 2,000 (a) Prepare an income statement using the multiple-step format.

Answers

Answer:

Sunland Co.

Income statement for the month ended January 2022.

Sales revenue                                                           393,500

Sales returns and allowances                                   (18,700)

Net Sales                                                                   374,800

Less Cost of goods sold                                          (201,500)

Gross Profit                                                                173,300

Less Operating Expenses :

Freight-out                                               7,900

Sales discounts                                       9,000

Insurance expense                                13,600

Salaries and wages expense               63,700       (94,200)

Operating Profit                                                          79,100

Less Non Operating Expenses

Income tax expense                                                  (4,700)

Net Profit for the year                                               74,400

Other comprehensive income (net of $400 tax)      2,000

Total Profit and Other Comprehensive Income      76,400

Explanation:

Multi- step Income Statement shows Income from Primary activities and Secondary activities separately as above.

A stadium is considering an offer from Mass Insurance to change the name to Mass Stadium. The company is offering to pay $1,000,000 per year. If the stadium already receives $250,000 from music promotions and accepts this offer, how much will it receive in sponsorship rights each year in total?

Answers

Answer:

b) 1,250,000

Explanation:

1,000,000+ 250,000 = 1,250,000

According to the company data, it will receive in sponsorship rights each year in total is $ 1,250,000.

What do you mean by the sponsorship?

The act of monetarily or by the giving of goods or services supporting an occasion, activity, person, or organization is known as sponsoring something (or someone). The sponsor is the person or entity that offers the support; it functions similarly to a benefactor.

An organization sponsors an event when it offers financial support in exchange for marketing benefits. Sponsorships may involve a financial payment in exchange for property or a barter transaction including goods or services.

A brand or affiliation with a firm is promoted in exchange for corporate financial assistance from an organization, person, or activity, which is known as sponsorship. Of sure, sponsorship can raise your brand's value.

Here,

Company pay = $ 1,000,000

Advance amount = $ 250,000

Total sponsorship = $ 1,000,000 + $ 250,000 =  $ 1,250,000

Therefore, according to the company data, it will receive in sponsorship rights each year in total is $ 1,250,000.

To know more about the sponsorship, visit:

https://brainly.com/question/15217613

#SPJ2

Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Adjusted Trial Balance and Additional Information below to answer this question and the next three (3) questions.
(Hint: you may also want to prepare a new Income Statement and Statement of Stockholders' Equity before preparing the Balance Sheet to make sure you have the necessary information for the Balance Sheet account balances.)
You will need to know the amounts for total current assets, total long-term assets, total current liabilities, total long-term liabilities, and total stockholders' equity.
Adjusted Trial
Balance As of 12/31/20xx
Accounts Debit Credit
Cash $25,486
Prepaid Rent 5,700
Supplies 4,400
Building 100,000
Accumulated Depreciation $6,000
Accounts Payable 1800
Deferred Revenue 1,300
Notes Payable (due in 24 months 80,486
Common Stock 2,100
Retained Earnings 46,400
Dividends 4,000
Service Revenue 12,400
Rent Expense 900
Supplies Expense 3,000
Utility Expense 1,000
Depreciation Expense 6,000
Totals $150,486 $150,486
Additional Information:
Beginning Balance of Common Stock on 1/1/20xx $2.100
Beginning Balance of Retained Earnings on 1/1/20xx $46,400
No new stock was issued during the accounting period. .
Hint: Please remember the formula for retained earnings when preparing this statement
Question: What is the amount shown for Total Current Assets shown on the Classified Balance Sheet you prepared on your scratch paper?

Answers

Answer:

a) Balance Sheet as of December 31, 20xx:

Assets:

Cash                                               $25,486

Prepaid Rent                                      5,700

Supplies                                             4,400

Total current assets                     $35,586

Building                       100,000

Acc. Depreciation         (6,000)   $94,000

Total assets                                $129,586

Current Liabilities:

Accounts Payable                            $1,800

Deferred Revenue                             1,300

Total current liabilities                     $3,100

Notes Payable (due in

24 months                                      80,486

Total liabilities                               $83,586

Common Stock               2,100

Retained Earnings       43,900       46,000

Total liabilities and equity           $129,586

b) Total current assets = $35,586

Explanation:

a) Data and Calculations:

Adjusted Trial

Balance as of 12/31/20xx

Accounts                      Debit            Credit

Cash                            $25,486

Prepaid Rent                   5,700

Supplies                          4,400

Building                       100,000

Accumulated Depreciation            $6,000

Accounts Payable                              1,800

Deferred Revenue                             1,300

Notes Payable (due in 24 months 80,486

Common Stock                                  2,100

Retained Earnings                          46,400

Dividends                      4,000

Service Revenue                             12,400

Rent Expense                  900

Supplies Expense        3,000

Utility Expense              1,000

Depreciation Expense 6,000

Totals                      $150,486    $150,486

Additional data:

Beginning Balance of Common Stock on 1/1/20xx        $2,100

Beginning Balance of Retained Earnings on 1/1/20xx $46,400

Income Statement for the year ended December 31, 20xx

Service Revenue                       $12,400

Rent Expense                  900

Supplies Expense        3,000

Utility Expense              1,000

Depreciation Expense 6,000     10,900

Net Income                                    1,500

Statement of Stockholders' Equity:

Beginning Common Stock on 1/1/20xx         $2,100

Beginning Retained Earnings on 1/1/20xx   46,400

Net Income                                                       1,500

Dividends                                                        (4,000)

Ending Equity balance on 12/31/20xx       $46,000

Retained Earnings on 12/31/20xx:

Beginning Retained Earnings on 1/1/20xx   46,400

Net Income                                                       1,500

Dividends                                                        (4,000)

Retained Earnings on 12/31/20xx              $43,900  

define moral hazard.​

Answers

Answer:

Moral hazard is type of situation in where on person or party gets involved in a very risky event when knowing that it is protected against and the person or party, which will incur the cost. This can arise when both people or parties have a incomplete information about on another or each other.

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