Business, 14.06.2021 15:10 orlando19882000
Henry Josstick has just started his first accounting course and has prepared the following balance sheet and income statement for Omega Corp. Unfortunately, although the data for the individual items are correct, he is very confused as to whether an item should go in the balance sheet or income statement and whether it is an asset or liability.
BALANCE SHEET
Payables $ 36 Inventories $ 51
Less accumulated depreciation 121 Receivables 40
Total current assets Total current liabilities
Long-term debt $ 355 Interest expense $ 26
Property, plant, and equipment 525 Total liabilities
Net fixed assets Shareholders’ equity $ 94
Total assets Total liabilities and shareholders’ equity
INCOME STATEMENT
Net sales $ 710
Cost of goods sold 585
Selling, general, and administrative expenses 39
EBIT
Debt due for repayment $ 26
Cash 16
Taxable income
Taxes $ 16
Depreciation 13
Net income
Prepare the balance sheet and income statement by rearranging the above items. (Be sure to list the assets and liabilities in order of their liquidity. Enter all amounts as positive values.)
BALANCE SHEET Assets Liabilities and Shareholders' Equity Total current assets Total current liabilities Total liabilities Net fixed assets Total assets 0 Total liabilities and shareholders'equity 0 INCOME STATEMENT
Answers: 3
Business, 22.06.2019 14:20, ssalusso7914
Cardinal company is considering a project that would require a $2,725,000 investment in equipment with a useful life of five years. at the end of five years, the project would terminate and the equipment would be sold for its salvage value of $400,000. the company’s discount rate is 14%. the project would provide net operating income each year as follows: sales $2,867,000 variable expenses 1,125,000 contribution margin 1,742,000 fixed expenses: advertising, salaries, and other fixed out-of-pocket costs $706,000 depreciation 465,000 total fixed expenses 1,171,000 net operating income $571,000 1. which item(s) in the income statement shown above will not affect cash flows? (you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. any boxes left with a question mark will be automatically graded as incorrect.) (a)sales (b)variable expenses (c) advertising, salaries, and other fixed out-of-pocket costs expenses (d) depreciation expense 2. what are the project’s annual net cash inflows? 3.what is the present value of the project’s annual net cash inflows? (use the appropriate table to determine the discount factor(s) and final answer to the nearest dollar amount.) 4.what is the present value of the equipment’s salvage value at the end of five years? (use the appropriate table to determine the discount factor(s) and final answer to the nearest dollar amount.) 5.what is the project’s net present value? (use the appropriate table to determine the discount factor(s) and final answer to the nearest dollar amount.)
Answers: 2
Business, 22.06.2019 21:00, liamgreene90
You have $5,300 to deposit. regency bank offers 6 percent per year compounded monthly (.5 percent per month), while king bank offers 6 percent but will only compounded annually. how much will your investment be worth in 17 years at each bank
Answers: 3
Henry Josstick has just started his first accounting course and has prepared the following balance s...
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