A company's total sales in a year were $2,710,000. The cost price of goods sold was $2,040,000. Given below are the overheads paid during the year. Item Wages Amount $198,500 Electricity and gas 15,300 Telephone 1,790 Rent of premises 41,090 Office expenses 17,030 At the end of the year, the company expanded by issuing new shares in the business. It planned to raise $2,450,000 through the issue of 70,00 shares. Calculate the price per share.
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- .The following information has been provided by the Rose Toiletries. Co Ltd. for the Second quarter of the year: Cost of goods sold $ 80,000 Fixed administrative expenses 19,000 Fixed selling expenses 10,000 Sales 200,000 Variable administrative expenses 5,000 Variable selling expense 12,000 1. What was the company’s Net operating Income for the first quarter?Libscomb Technologies' annual sales are $6,615,140 and all sales are made on credit, it purchases $4,071,988 of materials each year (and this is its cost of goods sold). Libscomb also has $553,442 of inventory, $521,646 of accounts receivable, and beginning and ending of year $448,048 and $420,069 accounts payables (respectively). Assume a 365 day year. What is Libscomb’s Cash Cycle (in days)?The following data were obtained from the financial records of Sonicbrush, Inc., for M arch: Estimated sales $330,000 $179,431 Purchases Ending inventory Administrative salaries per month $ 70,200 Marketing expense Sales commissions Rent expense per month $ 8,400 Depreciation expense per month $ 1,200 $ 2,800 Utilities per month Taxes 15%*** *of next month's sales **of sales ***of income before taxes Sales are expected to increase each month by 15%. Prepare a budgeted income statement. 15%* 3%** 4%**
- The information provided below was taken from the books of Uli Enterprise for the financial year ended 31 May 2018. Extract of statement of comprehensive income for the year ended 31 May 2018 R Sales 480 000 Cost of sales 240 000 Rent income 12 000 Advertising 4 800 Salaries and wages 72 000 Rates and taxes 1 200 Other operating expenses 96 000 Additional information: 1. All inventories are priced at cost plus 25%. 2. Sales are divided equally each month. Sales are expected to increase by 18% for the financial year ending 31 May 2019. 3. Fifty percent (50%) of the sales are for cash and the balance is on credit. Debtors normally pay their accounts as follows: 40% in the month of the sale, and these debtors are entitled to a 5% discount; 55% one month after the sale The balance is usually written off as bad debts. 4. Purchases for June and July are expected to be 20 000 per month. All purchases are for cash. 5. In terms of the lease agreement rent is received monthly. The rent for…Calculate Average Payables Periods For the first year, Hawkeye, Inc., has a cost goods sold of $95,318. At the end of the year, the accounts payable balance was $22,816. How long, on average, did it take the company to pay off its suppliers during the year? What might a large value for this ratio imply?What is the average collection period for the year for company ERT ( show your work) Sales-$2,600(30% cash, 70% credit); Inventory-$700;Depreciation -$1,200; Plant & Equipment $3,000; Accounts Receivable - $245; Notes Payable- $155
- Hanggang Dito Na Lang Company reported the following information for the current year: Sales 575,000Cost of sales 240,000Administrative expenses 70,000Loss on sale of equipment 10,000Sales commission 50,000Interest revenue 25,000Freight out 15,000Loss on early retirement of long-term debt 20,000Uncollectible accounts expense 15,000 The finished goods inventory was P400,000 on January 1 and P360,000 on December 31, 2020. The tax rate is 30%. What amount should be reported as income from continuing operations?Libscomb Technologies' annual sales are $6,750,624 and all sales are made on credit, it purchases $3,062,806 of materials each year (and this is its cost of goods sold). Libscomb also has $571,915 of inventory, $1,475,000 of accounts receivable, and $1,400,000 of accounts payable. Assume a 365 day year. What is Libscomb’s Receivables Period (in days)?Planet Ltd produces fridges and freezers, which are sold to retailers. The financial statements for the last three years are as follows: Income statements for the year ending 31st December 2021 2022 £000 £000 Revenue 336,250 427,038 Cost of sales (126,675) (190,012) Gross profit 209,575 237,025 Administration expenses (73,290) (95,795) Distribution expenses (14,678) (8,720) Operating profit 121,407 121,931 Interest (8,750) (11,250) Profit before tax 118,142 166,326 Tax (22,531) (22,136) Profit for the year 90,126 88,545 Statements of financial position as at 31st December 2021 2022 £000 £000 Non-current assets Property, plant and equipment 286,250 327,650 Current assets Inventories 37,000 28,000 Trade receivables 42,000 43,500 Cash 19,632 24,570 98,632 96,070 Total assets 384,882…
- Planet Ltd produces fridges and freezers, which are sold to retailers. The financial statements for the last three years are as follows: Income statements for the year ending 31st December 2021 2022 £000 £000 Revenue 336,250 427,038 Cost of sales (126,675) (190,012) Gross profit 209,575 237,025 Administration expenses (73,290) (95,795) Distribution expenses (14,678) (8,720) Operating profit 121,407 121,931 Interest (8,750) (11,250) Profit before tax 118,142 166,326 Tax (22,531) (22,136) Profit for the year 90,126 88,545 Statements of financial position as at 31st December 2021 2022 £000 £000 Non-current assets Property, plant and equipment 286,250 327,650 Current assets Inventories 37,000 28,000 Trade receivables 42,000 43,500 Cash 19,632 24,570 98,632 96,070 Total assets 384,882…Planet Ltd produces fridges and freezers, which are sold to retailers. The financial statements for the last three years are as follows: Income statements for the year ending 31st December 2021 2022 £000 £000 Revenue 336,250 427,038 Cost of sales (126,675) (190,012) Gross profit 209,575 237,025 Administration expenses (73,290) (95,795) Distribution expenses (14,678) (8,720) Operating profit 121,407 121,931 Interest (8,750) (11,250) Profit before tax 118,142 166,326 Tax (22,531) (22,136) Profit for the year 90,126 88,545 Statements of financial position as at 31st December 2021 2022 £000 £000 Non-current assets Property, plant and equipment 286,250 327,650 Current assets Inventories 37,000 28,000 Trade receivables 42,000 43,500 Cash 19,632 24,570 98,632 96,070 Total assets 384,882…Libscomb Technologies' annual sales are $6,974,991 and all sales are made on credit, it purchases $3,511,535 of materials each year (and this is its cost of goods sold). Libscomb also has $550,869 of inventory, $522,928 of accounts receivable, and $477,584 of accounts payable. Assume a 365 day year. What is Libscomb’s Inventory Turnover?