Bad Burgers recorded food and drink sales of $350,000 for the financial year.The expenses amounted to $150,000,the owner's withdrew $50,000 for personal use and business purchase supplies for $17,500(recorded as an asset initially).What was the restaurant's profit for the year?
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Bad Burgers recorded food and drink sales of $350,000 for the financial year.The expenses amounted to $150,000,the owner's withdrew $50,000 for personal use and business purchase supplies for $17,500(recorded as an asset initially).What was the restaurant's profit for the year?
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- the business is a trading business. for the period, it purchased goods for sale valued at 120,000. for the sale only 10% was received as down payment, 60% were collected, and at the end of the year, 30% are still for collection. How much is the business income?During the year, the Senbet Discount Tire Company had gross sales of $1.09 million. The company's cost of goods sold and selling expenses were $578,000 and $231,000, respectively. The company also had notes payable of $700,000. These notes carried an interest rate of 6 percent. Depreciation was $108,000. The tax rate was 23 percent. a. What was the company's net income? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) b. What was the company's operating cash flow? (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e.g., 1,234,567.) a. Net income b. Operating cash flowDuring its first year of operations, Mack’s Plumbing Supply Co. had sales of $3,250,000, wrote off $27,800 of accounts as uncollectible using the direct write-off method, and reported net income of $487,500. Determine what the net income would have been if the allowance method had been used and the company estimated that 1% of sales would be uncollectible.
- During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses were as follows: cost of goods sold of $35000 and operating expenses of $4500. The company also had rent revenue of $1000 and a loss on the sale of a delivery truck of $1700. Sheffield’s operating income for the month of August 2020 is $20600.$21600.$19900.$25100.Alpaca Corporation had revenues of $220,000 in its first year of operations. The company has not collected on $19,800 of its sales and still owes $27,000 on $90,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $10,500 in salaries. Owners invested $16,000 in the business and $16,000 was borrowed on a five-year note. The company paid $2,200 in interest that was the amount owed for the year, and paid $7,200 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 30%. Compute net income for the first year for Alpaca Corporation.During the year, the Senbet Discount Tire Company had gross sales of $558,400. The company's cost of goods sold and selling expenses were $190,100 and $110,700, respectively. The company also had debt of $497,000, which carried an interest rate of 7 percent. Depreciation was $66,000. The tax rate was 22 percent. a. What was the company's net income? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What was the company’s operating cash flow? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
- The Happy Auto Shop has the following annual information: Gross Sales, $700,000; Net Sales, $696,000; Gross Profit, $448,000. What are the shop’s returns and allowances and cost of goods sold? Give an overall detailed response.Alpaca Corporation had revenues of $275,000 in its first year of operations. The company has not collected on $19,400 of its sales and still owes $27,500 on $98,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $13,200 in salaries. Owners invested $16,500 in the business and $16,500 was borrowed on a five-year note. The company paid $4,200 in interest that was the amount owed for the year, and paid $8,200 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 40%. (Assume taxes are paid in the same year). Compute the cash balance at the end of the first year for Alpaca Corporation.Johnson Foods Company had a before-tax profit of $250,000 after deducting interest expenses of $18,000. The company’s total assets is $1,875,000. What is the return on assets before finance costs and taxation for the company? 13.33%. 0.9%. 12.37%. 14.29%.
- Prisha has not kept accurate accounting records during the financial year. She had opening inventory of $6,700 and purchased goods costing $84,000 during the year. At the year-end she had $5,400 left in inventory. All sales were made at a mark-up on cost of 20%. What is Prisha’s gross profit for the year?Alpaca Corporation had revenues of $255,000 in its first year of operations. The company has not collected on $19,000 of its sales and still owes $27,100 on $96,500 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,800 in salaries. Owners invested $14,500 in the business and $14,500 was borrowed on a five-year note. The company paid $3,900 in interest that was the amount owed for the year, and paid $7,900 for a two-year insurance policy on the first day of business. Alpaca has an effective income tax rate of 36%. Compute the cash balance at the end of the first year for Alpaca Corporation. Can you pleae explain answerAndre's Bakery has sales of $613,000 with costs of $479,000. Interest expense is $26,000 and depreciation is $42,000. The tax rate is 25 percent. What is the net income?