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Benson Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Benson received $67,800 cash from revenue and incurred costs that required $48,800 of cash payments. Prepare a GAAP-based income statement and balance sheet for Benson Company for year 1, for the below scenario: c. Benson is a manufacturing company. The $48,800 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $610 cash for wages of factory workers who made products during the year. (3) Paid $27,890 cash for salaries of sales and administrative employees. (4) Paid $17,200 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,500 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,750 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. BENSON COMPANY Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin Administrative expenses Net income ✓$ 67,800✔ 3333 S $ 67,800 27,890 Answer is not complete. $ 39,910 < Income Statement Balance Sheet > Income Statement Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) Assets BENSON COMPANY Balance Sheet as of 12/31/Year 1 Cash Finished goods inventory Manufacturing equipment Accumulated depreciation Total assets Equity Balance Sheet Common stock Retained earnings Total equity $ $ 54,000 $ 2,100 X $ 85,600 17,200 12,300 X 35,000 50,600 X 85,600 < Income Statement Balance Sheet > The following information was taken from Fanning Corporation's SEC filings. Number of employees Revenues (in millions) Properties (in thousands) Total assets (in millions) Company-owned stores Net earnings (in millions) Req A October 1, 2017 307,000 $ 31,987 Req C and D Req E $ 14,570 28,275 4,685 $ Required a. Indicate whether each line of information in the table above would best be described as being primarily financial accounting or managerial accounting in nature. c.&d. Based on the data identified as financial or managerial in nature from requirement (a), does it appear that Fanning's 2017 fiscal year was better or worse than its 2016 fiscal year? e. Calculate the revenue and earnings per employee and per thousand feet to determine which year (2017 or 2016) Fanning appeared to be using its facilities more efficiently. 6,502 square feet Complete this question by entering your answers in the tabs below. Revenue per employee Earnings per employee Revenue per thousand feet Earnings per thousand feet The company used its facilities more efficiently in 2017 $ 104,192 $ 15,261✔ Fiscal Year Ended Answer is complete but not entirely correct. 4,919,563 X 165,694 X Calculate the revenue and earnings per employee to determine which year (2017 or 2016) Fanning appeared to be using its facilities more efficiently. (Enter your answers in whole dollars and not in millions.) 2016 116,226✔ 17,361✔ October 2, 2016 266,000 $ 30,916 4,787,982 X 715,193 X < Req C and D 6, 457 square feet $ 14,517 12,861 4,618 $ 2017 3 Req E > Stuart Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $900,000 of cash from the owners. 2. Purchased $345,000 of manufacturing equipment. The equipment has a $45,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 2b. 3 The company started and completed 6,500 modems. Direct materials purchased and used amounted to $55 per unit.. 4. Direct labor costs amounted to $40 per unit. 5. The cost of manufacturing supplies purchased and used amounted to $19 per unit. 6. The company paid $65,000 to rent the manufacturing facility. 7. Stuart sold all 6,500 units at a cash price of $195 per unit. Label the recognition of the sale as Event 7a and the cost of goods sold as Event 7b. (Hint: It will be necessary to determine the manufacturing costs in order to record the cost of goods sold.) 8. The sales staff was paid a $13.50 per unit sales commission. 9. Paid $54,000 to purchase equipment for administrative offices. The equipment was expected to have a $4,500 salvage value and a three-year useful life. Label the purchase of the equipment as Event 9a and the recognition of depreciation as Event 9b. 10. Administrative expenses consisting of office rental and salaries amounted to $79,450. Required a. Record the transaction data for Stuart Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. b-1. Prepare an income statement. b-2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Req A Req B1 Event No. Record the transaction data for Stuart Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. (Enter decreases to account balances with a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) 1. 2a. 2b. 3. 4. 5. 6. 7a. 7b. 8. 9a. 9b. 10. Total 900,000 + Cash + Inventory + 900,000 + + + + + + + + + + + Req B2 + + Assets + + + + + + + + + + + + + 0 + Balance Sheet Manuf. Equip. + + + + + + + + + + + + + STUART MODEMS, INC. + 0 + Office Equip. = = = = = = = 0 = Equity Common Stock 900,000 + + + + + + + + + + + + 900,000 + Retained Earnings < Req A 0 Rev. Income Statement - - Exp. Req B1 > - Net Inc. = = = = = = = = 0 = 0 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare an income statement. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) STUART MODEMS, INC. Income Statement For the Period Ended December 31, year 1 69 $ 0 < Req A Req B2 > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare a balance sheet. (Do not Req B2 termediate calculations. Round your answers to the nearest whole dollar amount.) STUART MODEMS, INC. Balance Sheet As of December 31, year 1 Assets: Total assets Equity: Total stockholders' equity $ $ EA < Req B1 0 0 Req B2 Benson Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Benson received $67,800 cash from revenue and incurred costs that required $48,800 of cash payments. Prepare a GAAP-based income statement and balance sheet for Benson Company for year 1, for the below scenario: c. Benson is a manufacturing company. The $48,800 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $610 cash for wages of factory workers who made products during the year. (3) Paid $27,890 cash for salaries of sales and administrative employees. (4) Paid $17,200 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,500 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,750 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. BENSON COMPANY Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin Administrative expenses Net income ✓$ 67,800✔ 3333 S $ 67,800 27,890 Answer is not complete. $ 39,910 < Income Statement Balance Sheet > Income Statement Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) Assets BENSON COMPANY Balance Sheet as of 12/31/Year 1 Cash Finished goods inventory Manufacturing equipment Accumulated depreciation Total assets Equity Balance Sheet Common stock Retained earnings Total equity $ $ 54,000 $ 2,100 X $ 85,600 17,200 12,300 X 35,000 50,600 X 85,600 < Income Statement Balance Sheet > The following information was taken from Fanning Corporation's SEC filings. Number of employees Revenues (in millions) Properties (in thousands) Total assets (in millions) Company-owned stores Net earnings (in millions) Req A October 1, 2017 307,000 $ 31,987 Req C and D Req E $ 14,570 28,275 4,685 $ Required a. Indicate whether each line of information in the table above would best be described as being primarily financial accounting or managerial accounting in nature. c.&d. Based on the data identified as financial or managerial in nature from requirement (a), does it appear that Fanning's 2017 fiscal year was better or worse than its 2016 fiscal year? e. Calculate the revenue and earnings per employee and per thousand feet to determine which year (2017 or 2016) Fanning appeared to be using its facilities more efficiently. 6,502 square feet Complete this question by entering your answers in the tabs below. Revenue per employee Earnings per employee Revenue per thousand feet Earnings per thousand feet The company used its facilities more efficiently in 2017 $ 104,192 $ 15,261✔ Fiscal Year Ended Answer is complete but not entirely correct. 4,919,563 X 165,694 X Calculate the revenue and earnings per employee to determine which year (2017 or 2016) Fanning appeared to be using its facilities more efficiently. (Enter your answers in whole dollars and not in millions.) 2016 116,226✔ 17,361✔ October 2, 2016 266,000 $ 30,916 4,787,982 X 715,193 X < Req C and D 6, 457 square feet $ 14,517 12,861 4,618 $ 2017 3 Req E > Stuart Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $900,000 of cash from the owners. 2. Purchased $345,000 of manufacturing equipment. The equipment has a $45,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 2b. 3 The company started and completed 6,500 modems. Direct materials purchased and used amounted to $55 per unit.. 4. Direct labor costs amounted to $40 per unit. 5. The cost of manufacturing supplies purchased and used amounted to $19 per unit. 6. The company paid $65,000 to rent the manufacturing facility. 7. Stuart sold all 6,500 units at a cash price of $195 per unit. Label the recognition of the sale as Event 7a and the cost of goods sold as Event 7b. (Hint: It will be necessary to determine the manufacturing costs in order to record the cost of goods sold.) 8. The sales staff was paid a $13.50 per unit sales commission. 9. Paid $54,000 to purchase equipment for administrative offices. The equipment was expected to have a $4,500 salvage value and a three-year useful life. Label the purchase of the equipment as Event 9a and the recognition of depreciation as Event 9b. 10. Administrative expenses consisting of office rental and salaries amounted to $79,450. Required a. Record the transaction data for Stuart Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. b-1. Prepare an income statement. b-2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Req A Req B1 Event No. Record the transaction data for Stuart Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. (Enter decreases to account balances with a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) 1. 2a. 2b. 3. 4. 5. 6. 7a. 7b. 8. 9a. 9b. 10. Total 900,000 + Cash + Inventory + 900,000 + + + + + + + + + + + Req B2 + + Assets + + + + + + + + + + + + + 0 + Balance Sheet Manuf. Equip. + + + + + + + + + + + + + STUART MODEMS, INC. + 0 + Office Equip. = = = = = = = 0 = Equity Common Stock 900,000 + + + + + + + + + + + + 900,000 + Retained Earnings < Req A 0 Rev. Income Statement - - Exp. Req B1 > - Net Inc. = = = = = = = = 0 = 0 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare an income statement. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) STUART MODEMS, INC. Income Statement For the Period Ended December 31, year 1 69 $ 0 < Req A Req B2 > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare a balance sheet. (Do not Req B2 termediate calculations. Round your answers to the nearest whole dollar amount.) STUART MODEMS, INC. Balance Sheet As of December 31, year 1 Assets: Total assets Equity: Total stockholders' equity $ $ EA < Req B1 0 0 Req B2 Benson Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Benson received $67,800 cash from revenue and incurred costs that required $48,800 of cash payments. Prepare a GAAP-based income statement and balance sheet for Benson Company for year 1, for the below scenario: c. Benson is a manufacturing company. The $48,800 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $610 cash for wages of factory workers who made products during the year. (3) Paid $27,890 cash for salaries of sales and administrative employees. (4) Paid $17,200 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,500 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,750 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. BENSON COMPANY Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin Administrative expenses Net income ✓$ 67,800✔ 3333 S $ 67,800 27,890 Answer is not complete. $ 39,910 < Income Statement Balance Sheet > Income Statement Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) Assets BENSON COMPANY Balance Sheet as of 12/31/Year 1 Cash Finished goods inventory Manufacturing equipment Accumulated depreciation Total assets Equity Balance Sheet Common stock Retained earnings Total equity $ $ 54,000 $ 2,100 X $ 85,600 17,200 12,300 X 35,000 50,600 X 85,600 < Income Statement Balance Sheet > The following information was taken from Fanning Corporation's SEC filings. Number of employees Revenues (in millions) Properties (in thousands) Total assets (in millions) Company-owned stores Net earnings (in millions) Req A October 1, 2017 307,000 $ 31,987 Req C and D Req E $ 14,570 28,275 4,685 $ Required a. Indicate whether each line of information in the table above would best be described as being primarily financial accounting or managerial accounting in nature. c.&d. Based on the data identified as financial or managerial in nature from requirement (a), does it appear that Fanning's 2017 fiscal year was better or worse than its 2016 fiscal year? e. Calculate the revenue and earnings per employee and per thousand feet to determine which year (2017 or 2016) Fanning appeared to be using its facilities more efficiently. 6,502 square feet Complete this question by entering your answers in the tabs below. Revenue per employee Earnings per employee Revenue per thousand feet Earnings per thousand feet The company used its facilities more efficiently in 2017 $ 104,192 $ 15,261✔ Fiscal Year Ended Answer is complete but not entirely correct. 4,919,563 X 165,694 X Calculate the revenue and earnings per employee to determine which year (2017 or 2016) Fanning appeared to be using its facilities more efficiently. (Enter your answers in whole dollars and not in millions.) 2016 116,226✔ 17,361✔ October 2, 2016 266,000 $ 30,916 4,787,982 X 715,193 X < Req C and D 6, 457 square feet $ 14,517 12,861 4,618 $ 2017 3 Req E > Stuart Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $900,000 of cash from the owners. 2. Purchased $345,000 of manufacturing equipment. The equipment has a $45,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 2b. 3 The company started and completed 6,500 modems. Direct materials purchased and used amounted to $55 per unit.. 4. Direct labor costs amounted to $40 per unit. 5. The cost of manufacturing supplies purchased and used amounted to $19 per unit. 6. The company paid $65,000 to rent the manufacturing facility. 7. Stuart sold all 6,500 units at a cash price of $195 per unit. Label the recognition of the sale as Event 7a and the cost of goods sold as Event 7b. (Hint: It will be necessary to determine the manufacturing costs in order to record the cost of goods sold.) 8. The sales staff was paid a $13.50 per unit sales commission. 9. Paid $54,000 to purchase equipment for administrative offices. The equipment was expected to have a $4,500 salvage value and a three-year useful life. Label the purchase of the equipment as Event 9a and the recognition of depreciation as Event 9b. 10. Administrative expenses consisting of office rental and salaries amounted to $79,450. Required a. Record the transaction data for Stuart Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. b-1. Prepare an income statement. b-2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Req A Req B1 Event No. Record the transaction data for Stuart Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. (Enter decreases to account balances with a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) 1. 2a. 2b. 3. 4. 5. 6. 7a. 7b. 8. 9a. 9b. 10. Total 900,000 + Cash + Inventory + 900,000 + + + + + + + + + + + Req B2 + + Assets + + + + + + + + + + + + + 0 + Balance Sheet Manuf. Equip. + + + + + + + + + + + + + STUART MODEMS, INC. + 0 + Office Equip. = = = = = = = 0 = Equity Common Stock 900,000 + + + + + + + + + + + + 900,000 + Retained Earnings < Req A 0 Rev. Income Statement - - Exp. Req B1 > - Net Inc. = = = = = = = = 0 = 0 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare an income statement. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) STUART MODEMS, INC. Income Statement For the Period Ended December 31, year 1 69 $ 0 < Req A Req B2 > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare a balance sheet. (Do not Req B2 termediate calculations. Round your answers to the nearest whole dollar amount.) STUART MODEMS, INC. Balance Sheet As of December 31, year 1 Assets: Total assets Equity: Total stockholders' equity $ $ EA < Req B1 0 0 Req B2 Benson Company began operations on January 1, year 1, by issuing common stock for $35,000 cash. During year 1, Benson received $67,800 cash from revenue and incurred costs that required $48,800 of cash payments. Prepare a GAAP-based income statement and balance sheet for Benson Company for year 1, for the below scenario: c. Benson is a manufacturing company. The $48,800 was paid to purchase the following items: (1) Paid $3,100 cash to purchase materials that were used to make products during the year. (2) Paid $610 cash for wages of factory workers who made products during the year. (3) Paid $27,890 cash for salaries of sales and administrative employees. (4) Paid $17,200 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,500 salvage value. The company uses straight-line depreciation. (5) During year 1, Lang started and completed 2,100 units of product. The revenue was earned when Lang sold 1,750 units of product to its customers. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an Income Statement. BENSON COMPANY Income Statement for Year 1 Sales revenue Cost of goods sold Gross margin Administrative expenses Net income ✓$ 67,800✔ 3333 S $ 67,800 27,890 Answer is not complete. $ 39,910 < Income Statement Balance Sheet > Income Statement Prepare a balance sheet. (Amounts to be deducted should be indicated with a minus sign.) Assets BENSON COMPANY Balance Sheet as of 12/31/Year 1 Cash Finished goods inventory Manufacturing equipment Accumulated depreciation Total assets Equity Balance Sheet Common stock Retained earnings Total equity $ $ 54,000 $ 2,100 X $ 85,600 17,200 12,300 X 35,000 50,600 X 85,600 < Income Statement Balance Sheet > The following information was taken from Fanning Corporation's SEC filings. Number of employees Revenues (in millions) Properties (in thousands) Total assets (in millions) Company-owned stores Net earnings (in millions) Req A October 1, 2017 307,000 $ 31,987 Req C and D Req E $ 14,570 28,275 4,685 $ Required a. Indicate whether each line of information in the table above would best be described as being primarily financial accounting or managerial accounting in nature. c.&d. Based on the data identified as financial or managerial in nature from requirement (a), does it appear that Fanning's 2017 fiscal year was better or worse than its 2016 fiscal year? e. Calculate the revenue and earnings per employee and per thousand feet to determine which year (2017 or 2016) Fanning appeared to be using its facilities more efficiently. 6,502 square feet Complete this question by entering your answers in the tabs below. Revenue per employee Earnings per employee Revenue per thousand feet Earnings per thousand feet The company used its facilities more efficiently in 2017 $ 104,192 $ 15,261✔ Fiscal Year Ended Answer is complete but not entirely correct. 4,919,563 X 165,694 X Calculate the revenue and earnings per employee to determine which year (2017 or 2016) Fanning appeared to be using its facilities more efficiently. (Enter your answers in whole dollars and not in millions.) 2016 116,226✔ 17,361✔ October 2, 2016 266,000 $ 30,916 4,787,982 X 715,193 X < Req C and D 6, 457 square feet $ 14,517 12,861 4,618 $ 2017 3 Req E > Stuart Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $900,000 of cash from the owners. 2. Purchased $345,000 of manufacturing equipment. The equipment has a $45,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 2b. 3 The company started and completed 6,500 modems. Direct materials purchased and used amounted to $55 per unit.. 4. Direct labor costs amounted to $40 per unit. 5. The cost of manufacturing supplies purchased and used amounted to $19 per unit. 6. The company paid $65,000 to rent the manufacturing facility. 7. Stuart sold all 6,500 units at a cash price of $195 per unit. Label the recognition of the sale as Event 7a and the cost of goods sold as Event 7b. (Hint: It will be necessary to determine the manufacturing costs in order to record the cost of goods sold.) 8. The sales staff was paid a $13.50 per unit sales commission. 9. Paid $54,000 to purchase equipment for administrative offices. The equipment was expected to have a $4,500 salvage value and a three-year useful life. Label the purchase of the equipment as Event 9a and the recognition of depreciation as Event 9b. 10. Administrative expenses consisting of office rental and salaries amounted to $79,450. Required a. Record the transaction data for Stuart Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. b-1. Prepare an income statement. b-2. Prepare a balance sheet. Complete this question by entering your answers in the tabs below. Req A Req B1 Event No. Record the transaction data for Stuart Modems, Inc. in the financial statements like the one shown as follows. The first transaction is recorded as an example. (Enter decreases to account balances with a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) 1. 2a. 2b. 3. 4. 5. 6. 7a. 7b. 8. 9a. 9b. 10. Total 900,000 + Cash + Inventory + 900,000 + + + + + + + + + + + Req B2 + + Assets + + + + + + + + + + + + + 0 + Balance Sheet Manuf. Equip. + + + + + + + + + + + + + STUART MODEMS, INC. + 0 + Office Equip. = = = = = = = 0 = Equity Common Stock 900,000 + + + + + + + + + + + + 900,000 + Retained Earnings < Req A 0 Rev. Income Statement - - Exp. Req B1 > - Net Inc. = = = = = = = = 0 = 0 Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare an income statement. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) STUART MODEMS, INC. Income Statement For the Period Ended December 31, year 1 69 $ 0 < Req A Req B2 > Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Prepare a balance sheet. (Do not Req B2 termediate calculations. Round your answers to the nearest whole dollar amount.) STUART MODEMS, INC. Balance Sheet As of December 31, year 1 Assets: Total assets Equity: Total stockholders' equity $ $ EA < Req B1 0 0 Req B2
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