ABC Inc. was incorporated two years ago by issuing 5,000 shares of common stock at $400 each and borrowing $240,000 from a bank on a long-term note. Last year, ABC reported net income of $40,000 and paid a cash dividend of $1,800. Last year, the company also borrowed an additional $320,000 from the bank. What was the total assets on ABC's balance sheet at the end of the year last year?
Q: 2
A: The company's inventory should be reported on the balance sheet at the lower of cost or market…
Q: Ai don't
A: Step 1: Compute the average total assets for 2019.Average total assets = (Total assets (beg),…
Q: Please help me solve for the blanks and show steps
A:
Q: A company requires $500,000 in assets and will be 100% equity financed. If the Earnings Before…
A:
Q: not use ai please don't
A: In an experiment to determine if there is a relationship between cell phone use and performance in…
Q: Bramble Inc. had the following condensed balance sheet at the end of operations for 2024. Bramble…
A: Cash Flows from Operating Activities Net Income 30,000Adjustments: Depreciation Expense 13,600…
Q: Need help with this question
A: (a) Maturity datethe maturity date of the note is 90 days after its issuance date (or in this case,…
Q: please provide excel formulas
A: Example Excel FormulasAssuming the following values in your Excel sheet:Cell references for Units in…
Q: Give me accurate answer ASAP
A: Step 1:Cost of goods sold includes all direct manufacturing cost of sold units. Given sold units =…
Q: In 2024, Delta Innovations has long-term debt of $35 million with an interest rate of 7%. The…
A: Let's solve this problem step by step, starting with the WACC calculation for Delta Innovations,…
Q: Don't use ai
A: Direct materials 1.20 Direct labor 0.55 Factory overhead 0.25…
Q: 37. If this statement accurate concerning capital gains and losses. A. Capital loss may be used…
A: Capital gains and losses are incurred when an individual sells a capital asset such as stocks,…
Q: Acheson Corporation, which applies manufacturing overhead on the basis of machine-hours, has…
A: The predetermined overhead rate is calculated as follows:Predetermined overhead rate = Estimated…
Q: Ans
A: Step 1:Return on asset=(Net income/ average total assets)*100 Average asset=( beginning asset+…
Q: Hi expart Provide solution
A:
Q: Want answer with detailed explanation & calculation don't skipp any step
A: Solution Part 1: Weighted Average Cost of Capital (WACC) for Stellar Technologies Step 1:…
Q: Sheila Williams, a medical secretary, earns $2,689 monthly for a 36-hour week. For overtime work,…
A: First, we need to calculate Sheila's regular semimonthly earnings. Since she earns $2,689 monthly,…
Q: Answer provide Accurate
A: Step 1: Understand to the Variable Cost:Variable costs are one of the key economic elements of any…
Q: no ai use
A: 1. Direct Materials Purchases Budget for 2020Given the production data for Samano Industries and the…
Q: Firm Z, a corporation with a 21 percent tax rate, has $100,000 to invest in year 0 and two…
A: Step 1:Calclate NPV for investment 1 Step 2:Calclate NPV for investment 1 Step 3:Analyse the results…
Q: Solve
A: Part 1: Net Present Value (NPV) CalculationGiven:Initial investment (C0) = $83Cash flow in Year 1…
Q: The balance sheet is a financial statement that measures the flow of funds into and out of various…
A: Hello student! There are three major financial statements, namely: Balance Sheet - this is a…
Q: In a one-page memo, in good form, respond to your supervisor, detailing the quantitative thresholds…
A: The importance of understanding the quantitative thresholds for operating segments as established by…
Q: Need help
A: Step 1: Find the total manufacturing cost (TMC)= raw materials + direct labor + manufacturing…
Q: Don't give ai ans
A: Step 1: Direct Materials$3,675Step 2: Direct LaborDirect Labor = Direct labor hours * Wage rate per…
Q: Changing the Cost Formula for a Month to the Cost Formula for a Year During the past year, the high…
A: Requirement 1: Annual cost formula Airplane depreciation: $18,300,000 is the fixed cost per month…
Q: I want to correct answer
A: Step 1: Introduction to the Operating cash flowThe amount of funds produces by a firm throughout…
Q: Need help
A: The problem requires the determination of the OCF or the Operating Cash Flows. Operating cash flow…
Q: Do not use ai
A: Step 1: Define Accrual BasisAs per the accrual basis of accounting, revenue should be recognized…
Q: Give me answer
A: Question: 1Explanation of Sales Revenue:Sales revenue refers to the total amount of money generated…
Q: None
A: To solve this problem, we need to calculate the equivalent units of production for each cost…
Q: Don't use Ai
A: 1. Determining Essential Factors:Revenue Expansion Rate: This indicates the expected annual increase…
Q: 1 New Exercise Bank Content Qu. 01-08 Paste Font Alignment Number Format as Cell Styles 14.28 points…
A: 1. Define the variables:Selling Price (Revenue per unit): R = 400 Variable Cost per unit: (VC = 320…
Q: No AI strictly
A: Approach to solving the question: Key Concept The key concept here is the calculation of direct…
Q: Do not use Ai
A: 1. Quarterly Dividend on Preferred SharesCurrent Situation:- Pharoah Ltd. distributed its 21,200…
Q: 12
A:
Q: ??
A: 1. Green Apparel's Degree of Operating Leverage (DOL)We need to find the Degree of Operating…
Q: Jill Connor is employed as a salesperson in the men's department of Fashion Line. In addition to her…
A: Step 1: Introduction to accountingAccounting is defined as the process of recording business…
Q: 17. A taxpayer is an occasional Gambler who won $15,000 at the casino for the tax year 2023 over the…
A: According to the Internal Revenue Service (IRS), all gambling winnings are considered taxable…
Q: Do not use ai
A: 1. Given: * The firm's total book value of equity is $300,000. * The market-to-book ratio is 0.33…
Q: ??
A: Cost of Goods sold is the cost of the finished goods sold. These are "manufacturing costs" incurred…
Q: correct answer needed
A: Question: 1Explanation of Direct Materials Purchases Budget:A Direct Materials Purchases Budget is a…
Q: Need answer the question
A: Step 1: Introduction to the Overhead costOverheads are expenses that cannot be easily found or…
Q: Provide solution
A: GrossMargin=(Price−MarginalCost)/Price×100Given:Price = $1.7 millionMarginal Cost = $1.3…
Q: Need help with this question
A: Step 1: Define Cash DisbursementCash disbursement refers to the cash outflow during the period. This…
Q: JTM Enterprises has an issue of preferred stock with a par value of $200. The preferred stock pays a…
A: Price of Preferred Stock=Dividend/Required Rate of ReturnGiven information:Par value of the…
Q: Calculate accounts receivables
A: In the given balance sheet, the accounts receivable is listed under the current assets as 'Net…
Q: Select the account classification that matches with the description. Descriptions a. Sales of…
A: Sales of products or services refer to the money a company earns from its core business activities,…
Q: Problem 14-12 (Algo) Noninterest-bearing installment note [LO14-3] At the beginning of 2024, VHF…
A: 1. Computation of the effective rate of interest implicit: 2 to 4: Journal Entries 2. Issuance of…
Q: Help
A: Direct materials 1.20 Direct labor 0.55 Factory overhead 0.25…
Step by step
Solved in 2 steps with 2 images
- The following transactions occurred last year at Jost Company: Issuance of shares of the company's own common stock $170,00o; Dividends paid to the company's own shareholders $7,000; Dividends received from investments in other companies' shares $4,000; Interest paid on the company's own bonds $11,000; Repayment of principal on the company's own bonds $40,000; Proceeds from sale of the company's used equipment $23,000; Purchase of land $120,00. Based solely on the above information, the net cash provided by financing activities for the year on the statement of cash flows would be: $112,000 $123,000 $375,000 $19,000Toco Ltd has sought your assistance with recording some transactions it undertook in the financial year to June 30, 2022. At the start of the financial year, the entity's retained earning balance was $61.3 million, while its share capital, which comprised solely of ordinary shares with a par value of $0.80 each, amounted to $324 million. At the end of its first quarter, the entity declared and paid dividends of four cents per share. Shortly after this dividend declaration, on December 1, 2022, it undertook a rights issue of two shares for every five held at $1.15 per share. This was followed two months later by a bonus issue of one share for every seven held. The entity's policy in relation to equity restructuring is to preserve retained earnings insofar as is possible. Required: Prepare the journal entries for each of the three adjusting equity transactions outlined above, supported with the necessary workings. You are required to show the number of shares in issue before each…The following transactions occurred last year at Jost Company: Issuance of shares of the company’s own common stock $170,000 ; Dividends paid to the company’s own shareholders $7,000; Dividends received from investments in other companies’ shares $4,000; Interest paid on the company’s own bonds $11,000; Repayment of principal on the company’s own bonds $40,000; Proceeds from sale of the company’s used equipment $23,000; Purchase of land $120,000 . Based solely on the above information, the net cash provided by financing activities for the year on the statement of cash flows would be: a.$112,000 b. $123,000 c. $375,000 d. $19,000
- please explain to me in clear steps how to solve this question.Son Toco Ltd has sought your assistance with recording some transactions it undertook in the financial year to June 30, 2022. At the start of the financial year, the entity's retained earning balance was $61.3 million, while its share capital, which comprised solely of ordinary shares with a par value of $0.80 each, amounted to $324 million. At the end of its first quarter, the entity declared and paid dividends of four cents per share. Shortly after this dividend declaration, on December 1, 2022, it undertook a rights issue of two shares for every five held at $1.15 per share. This was followed two months later by a bonus issue of one share for every seven held. The entity's policy in relation to equity restructuring is to preserve retained earnings insofar as is possible. Required: Prepare the journal entries for each of the three adjusting equity transactions outlined above, supported with the necessary workings. You are required to show the number of shares in issue before each…Terrance Company reported $20,000 retained earnings at the beginning of the year. The company repurchased 200 shares at $50 per share during the year for the first time. Later, during the year the company sold 100 shares of these treasury shares for $45 per share. Terrance earned $15,000 net income during the year. The company also declared and paid dividends on 500 outstanding 4% preferred stock with $100 par value. Based on this information alone, compute the retained earnings balance at the end of the year. O $34,500 O $35,000 O $32,500 O $32,000 O $37,500
- Please answer thank you!Sarasota Ltd. was incorporated on January 1, 2024. During the year the company entered into the following transactions: Jan. 5 Issued 58,000 common shares for $2.50 per share. Jan. 20 Issued 3,000 common shares to settle legal expenses. The value of the legal expenses was $9,940. Feb. 10 Issued 15,000 preferred shares for $35.00 per share. Aug. 12 Repurchased 17,400 common shares for $2.40 per share. Oct. 1 Issued 4,100 common shares for $2.25 per share. Dec. 15 Repurchased 21,000 common shares for $2.72 per share. Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Round per share calculations to 2 decimal places, e.g. 5.75 and final answers to 0 decimal places, e.g. 5,275.) Date Jan, 5 Jan 20 # Account…During the year, Cellular Land, Inc. issued 1,500 shares of its $0.50 stated value common stock for $15 per share, and declared and paid cash dividends totaling $0.25 per share. By what amount does contributed capital increase as a result of these events? $22,500 $750 $21,750 $22,125
- On January 1, 2024, Lawn Corporation had 87,000 common shares, recorded at $626,400, and retained earnings of $1 million. During the year, the following transactions occurred: Apr. 2 June 15. Aug. 21 Nov. 1 Dec. 20 (a) Issued 5,000 common shares at $20 per share. Declared a cash dividend of $0.15 per share to common shareholders of record on June 30, payable on July 10. Declared a 5% stock dividend to common shareholders of record on September 5, distributable on September 20. The shares were trading for $21 a share on August 21, $24 on September 5, and $26 on September 20. Issued 3,100 common shares at $25 per share. Declared a cash dividend of $0.20 per share to common shareholders of record on December 31, payable on January 10. Record the above transactions for 2024. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no…Clair, Inc. reports net income of $700,000. It declares and pays dividends of $100,000 for the year, one-half of which relate to the preferred shares. The weighted average number of ordinary shares outstanding during the year is 200,000 shares, and the weighted average number of preferred shares outstanding during the year is 10,000 shares. Rounded to the nearest cent, earnings per share for Clair, Inc. is O $2.95. O $3.00. O $3.25. O $3.18.An analyst has gathered the following information about a company: 110,000 shares of common outstanding at the beginning of the year. The company repurchases 20,000 of its own common shares on July 1. Earnings are $300,000 for the year. 10,000 shares of existing 10 percent cumulative $100 par preferred outstanding that is not in arrears at the beginning or ending of the year. The company also has $1 million in 10 percent callable bonds outstanding. The company has declared a $0.50 dividend on the common.What is the company's diluted earnings per share?