Prentice Company had cash sales of $89,275, credit sales of $86,450, sales returns and allowances of $1,900, and sales discounts of $3,875. Calculate Prentice's net sales for this period.
Q: Which of the following best describes the role of corporate governance in organizations? OA.…
A: Corporate governance refers to the system of rules, practices, and processes by which a company is…
Q: None
A: 1. Cost of Goods Sold StatementSUNSET FASHIONSCost of Goods Sold StatementFor the Quarter Ended June…
Q: Don't give me wrong answer otherwise u will get unhelpful rate
A: MetroTee Ltd. (Job TRX5):1. Direct materials: $18,500 2. Direct labor: $7,900 3. Overhead applied:…
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: During an internal audit of a university's procurement process, it is discovered that there is no…
A: The problem here is that the university's procurement process lacks a formal procedure for vendor…
Q: The primary reason the annual report is important in finance is that it is used by investors when…
A: An annual report is a comprehensive report on a company's activities throughout the preceding year.…
Q: . Could the following reduce a taxpayer AGI income A. Student loan interest
A: Adjusted Gross Income (AGI) is a measure of income calculated from your gross income and used to…
Q: On January 1, 2024, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year…
A: Step-by-Step Calculation:Determine Present Value of Lease Payments:Calculate the present value of…
Q: Please Provide answer as possible fast
A: 1. First, we need to determine the cost basis of the shares sold. We'll use the First-In-First-Out…
Q: Solve the problem
A: Question: 1 Explanation of Weighted Average Cost of Capital (WACC):WACC represents the average rate…
Q: Solve this problem
A: To determine the amount Cullumber Company should pay for the investment to earn a 12% return, we…
Q: Exhibit 7.5 describes the key financial ratios Standard & Poor's analysts use to assess credit risk…
A: Analyzing the Company's Credit Risk1. Did the company's credit risk increase or decrease over these…
Q: cary's carpet cleaning inc purchased $10,000 of carpet cleaning equipment paying $2,000 cash and…
A: The first transaction is the purchase of carpet cleaning equipment worth $10,000, of which $2,000 is…
Q: Casey Na's average workweek during the first quarter of the year (13 weeks) was 44 hours. As part of…
A: Step 1: Annual bonus amount = $962 Number of weeks in a year = 52 weeks Weekly bonus amount = Annual…
Q: 40. Does this situation accurately reflect the taxation of the items of miscellaneous and comfort…
A: According to the IRS, hobby losses are not deductible from 2018 to 2025. This is due to the Tax Cuts…
Q: Give me answer
A: Step 1: Determine the number of units to be produced.Global Box Co. plans to sell 18,000 boxes and…
Q: Need help
A: The problem involves the determination of the investment's total return. Total return represents the…
Q: Sun Company has an after-tax net income of $20,000, and the income tax rate is 35%. During the year,…
A: Comprehensive income is a measure of all revenues, expenses, gains, and losses recognized during a…
Q: not use ai please
A: Step 1:In given question it is given that Jefferson make journal entries at the end of each…
Q: not use ai please
A: To calculate the marginal cost when the 21st student enrolls, we need to find the difference in…
Q: not use ai please
A: The prompt instructs us to compute America's consolidated earnings and earnings per share, and then…
Q: Required information [The following information applies to the questions displayed below.] Morning…
A: Detailed explanation:Required 1 :Unit Variable Costs :Unit Variable Costs Direct Materials$ 1900…
Q: a. the taxpayer effective tax rate woulb be 16% if they ware a single taxpaye with income of 75,000…
A: a1. The given information: - Filing status: Single - Taxable income: $75,000 - Claimed effective…
Q: estion 14 t yet swered arked out of 00 Flag question Which of the following statements is not true…
A: Step 1: The first statement is true. Decision tree is a predictor that predicts the label while…
Q: If u don't want unhelpful rate then don't give wrong answer or inappropriate answer
A: PROBLEM 1.1 GROSS PROFIT Problem 1: Merchandise Sales and Gross Profit Calculation We need to…
Q: kindly give all questions answer with details
A: Question: 1 Step 1: Flexible Budget CalculationThe flexible budget adjusts the planning budget based…
Q: None
A: Step 1: Calculate Net Income for 2025Sales Revenue: $767,500Cost of Goods Sold: $505,000Operating…
Q: 21. A TAXPAYER IS FILING SINGLE AGE 34 WITH INCOME FROM A W-2 AND THEIR EMPLOYER DOES NOT FILE FOR…
A: Tax credits are indeed a dollar for dollar reduction of tax liability. This means that they reduce…
Q: I want to answer this question
A: Computation of cost per equivalent unit for material and conversion as follows:Resultant values:
Q: From an analysis of the T-accounts, reconstruct the adjusting journal entries that were made on…
A: Detailed explanation:Reconstructing of the adjusting entries recorded on October 31 can be made by…
Q: What is its level of inventory?
A: Step 1: Define Quick RatioQuick ratio is one of the liquidity ratios used to measure the business's…
Q: None
A: To calculate the total assembly fees for Part B, we need to use the cost allocation rate for the…
Q: Ans
A: To find the initial gross margin, we need to calculate the difference between the total price…
Q: In Orion Industrial, for the year 2021, what is the cost of goods manufactured if the beginning work…
A: Computation of the cost of goods manufactured as follows:Computation of Cost of Goods…
Q: Business Course Return to course Course Content / Chapter 3 Chapter 3 Quiz Onadjusted Hai Dalatice…
A: The question asks for the correct adjusting entry for the prepaid rent in scenario **(e)**, where…
Q: A village ordered supplies for its Fire Department at an estimated cost of $15,030. The supplies…
A: When the village orders the supplies, it creates an encumbrance, which is a commitment to spend…
Q: Need help
A: The problem requires the determination of the OCF or the Operating Cash Flows. Operating cash flow…
Q: None
A: Data Recap:Normal selling price per Ret: $42Fixed manufacturing overhead: $240,000 per year (within…
Q: Don't use ai
A: Let's break this down into two parts: calculating the WACC for Omega Solutions and the after-tax…
Q: None
A: Given information:- Capacity: 48,000 Rets per year- Regular selling price: $42 per Ret- Variable…
Q: give correct answer
A: The details regarding Direct Manufacturing Labor Costs are as follows:Flexible Budget: $80,000Direct…
Q: Provide answer the question
A: Step 1: Introduction to the Credit SalesCredit sales refer to the sales in which goods are sold in…
Q: Ans
A: Step 1:Return on asset=(Net income/ average total assets)*100 Average asset=( beginning asset+…
Q: what is the company's free cash flow ?
A: To find the company's free cash flow (FCF), we can use the following formula:Free Cash Flow (FCF) =…
Q: Problem 1.1 Gross profit: [8 Marks] During this year, merchandise is sold for $500,000 cash and…
A: Problem 1.1: Gross ProfitPart 1: Merchandise SoldSales:Cash sales: $500,000Credit sales:…
Q: Do not use Ai
A: During its first year of business, Trio Company used variable costing to calculate product costs.…
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: Brumlow Company has a contribution margin ratio of 25%. The company is considering a proposal that…
A: Step 1: Definition of Fixed Cost:A cost that doesn't rise or fall in response to any actions is said…
Q: Need answer please
A: Given information, Number of shares owned = 120Annual dividend per share = $5.50 Rate of return (r)…
Need answer the question
Step by step
Solved in 2 steps
- The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?Prince Company had cash sales of $94,900, credit sales of $83,825, sales returns and allowances of $1,950, and sales discounts of $3,725. Prince's net sales for this period equal:Sales?
- Forecast the accounts receivable for Bing Inc using the following annual information. Receivable days assumption = 55 days Payable days assumption = 69 days Forecasted revenue = $263,500 Forecasted cost of goods sold = $114,780Prentice Company had cash sales of $95,275, credit sales of $84,050, sales returns and allowances of $2,100, and sales discounts of $3,875. Prentice's net sales for this period equal: Multiple Choice $175,450 $177,225. $173,350. $179,325. $95,275.An analyst has obtained the following information regarding ABC, Inc. Using this information, he needs to estimate the company's Accounts Payable. Sales = $93,398Cost of Goods Sold (COGS) = $36,052Cash Cycle = 22 daysOperating Cycle = 86 daysAccounts Receivable Period = AR Period = Average Collection Period (ACP) = 40 daysWhat is the company's Accounts Payable balance?
- Camden Hardware’s credit sales for the year were $320,000. Accounts receivable at the beginning and end of the year were $50,000 and $70,000, respectively. Calculate the accounts receivable turnover ratio and the average collection period for the year.The financial statements of the Novak Corp. report net sales of $300000 and accounts receivable of $55200 and $27600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation.)Based on the following data for the current year, what is the number of days' sales in receivable? Net sales on account during year $495,046 Cost of goods sold during year 202,912 Accounts receivable, beginning of year 45,637 Accounts receivable, end of year 52,238 Inventory, beginning of year 94,359 Inventory, end of year 104,951 Round your answer up to the nearest whole day.
- Putman Company had cash sales of $75,950 (including taxes) for the month of June. Sales are subject to 8.5% sales tax.Prepare the entry to record the sale. Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amountHoyt Company provides this information for the month of November, 2022: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. HOYT COMPANY Income Statement (Partial) $ 69 $XYZ Company has the following information: Beginning accounts receivable: $50,000 Ending accounts receivable: $60,000 Credit sales: $200,000 Cash collections: $180,000 Calculate the company's accounts receivable turnover ratio and average collection period.
