The balance sheet of SK Productions Inc. at December 31 showed assets of $75,000 and shareholders' equity of $50,000. What were the liabilities at December 31? a. $50,000 b. $25,000 c. $15,000 d. $75,000
Q: Determine the direct materials purchases
A: Explanation of Direct Materials Purchases Budget: The direct materials purchases budget is a…
Q: general account
A:
Q: Accurate Answer
A: Concept of Variable CostingVariable costing is a method of cost accounting where only variable costs…
Q: MCQ
A: Explanation of High-Low Method:The high-low method is a cost estimation technique used to separate…
Q: Actual return on plan assets for
A: The actual return on plan assets can be calculated as follows:Actual Return=Expected…
Q: Do fast of this question answer general accounting
A: Step 1: Define Net Realizable Value (NRV) and Inventory Write-DownNet Realizable Value (NRV) is the…
Q: What is the depreciation for year 2 ?
A: Explanation of Cost Basis: The cost basis of a depreciable asset represents the total amount…
Q: do fast answer of this General accounting question
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures a company's…
Q: Do fast answer of this accounting questions
A: Step 1: IntroductionNet Sales = $800,000Gross Profit = $240,000Gross profit percentage is the gross…
Q: Need answer
A: Depreciable Amount:Depreciable Amount = Cost − Residual ValueDepreciable Amount = $12,000 − $3,000 =…
Q: What amount is received as payment in full on March 24 for this accounting question?
A: Step 1: Define Cash DiscountA cash discount is a reduction in the invoice price granted by a seller…
Q: What is the estimated cost?
A: Explanation of Retail Method: The retail method is an inventory valuation technique used by…
Q: Hamilton Biotech has a profit margin of 8% and an equity multiplier of 2.8. Its sales are $150…
A: Calculate Total EquityEquity Multiplier = Total Assets / Total Equity Total Equity = Total Assets /…
Q: Calculate evergreen inc.'s ROA for 2023?
A: Step 1: Understanding the ROA FormulaReturn on Assets (ROA) is calculated as:ROA=Average Total…
Q: What was the variable cost per dog associated with Zarena's water bill?
A: To find the variable cost per dog, we need to calculate the difference in water bills and the…
Q: General accounting questions please help me
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that…
Q: Hito’s Auto Spa has $95,000 of fixed costs and variable costs equal to 65% of sales. How much total…
A: Step 1: Calculation of contribution margin ratioSales is the sum of variable costs and contribution…
Q: Cariveh Co sells automotive supplies from 25 different locations in one country. Each branch has up…
A: The independence of the internal audit department in Cariveh Co. is limited by several factors:The…
Q: During April, the production department of a process operations system completed and transferred to…
A: Step 1: DefinitionsEquivalent Units of Production (EUP) - Equivalent units of production represent…
Q: Want answer
A: Given Data:Initial Operating Income = $150,000Degree of Operating Leverage (DOL) = 3.1Expected Sales…
Q: Lao Enterprises is preparing its direct labor budget for June. Projections for the month are that…
A: Explanation of Direct Labor Budget: The direct labor budget is a detailed plan that estimates the…
Q: Calculate the debt Equity ?
A: The Debt-to-Equity Ratio is calculated using the formula:Debt-to-Equity Ratio=Total EquityTotal…
Q: None
A: To determine the market value per share, we use the Price-Earnings (P/E) Ratio formula:Market Value…
Q: A company provides the following data from its activity- based costing system: • Designing products:…
A: Step 1: Information givenFor the "designing products" activity cost pool:Total Cost = $420,000Total…
Q: If Ram Nation can give up one unit of future consumption and as a result increase its current…
A: To find the true rate of interest from the given data, let's consider the situation step by…
Q: What is the company's cost of goods manufactured for the year of this general accounting question?
A: Step 1: Define Cost of Goods Manufactured (COGM)The Cost of Goods Manufactured (COGM) is the total…
Q: Required information [The following information applies to the questions displayed below.] Kitimat…
A: Step 1:There are two methods to calculate the income of the business, i.e., variable costing and…
Q: A company has an accounts receivable turnover ratio equal to 15. What is its number of days' sales…
A: Explanation of Number of Days' Sales in Receivables:The Number of Days' Sales in Receivables is a…
Q: Determine Cash basis net income
A: Concept of Cash-Basis AccountingCash-Basis Accounting is a method of recording financial…
Q: Swift Enterprises has sales of $500,000, variable costs are 70% of sales, and operating income is…
A:
Q: What is the gain or loss realized of this financial accounting question?
A: Step 1: Define Realized Gain or LossA realized gain or loss occurs when an asset is sold, and it is…
Q: Please give me true answer this financial accounting question
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) measures a company's profitability…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Standard Cost per UnitThe Standard Cost per Unit is the total of all standard…
Q: Accounting
A: Concept of Net IncomeNet income refers to the total profit a company earns after deducting all…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Minimum Required ReturnMinimum required return is the minimum return a company…
Q: A company has a debt-equity ratio of 1.25. The return on assets (ROA) is 8.2%, and total equity is…
A: To calculate Net Income, we use the Return on Assets (ROA) formula: ROA=Total AssetsNet…
Q: provide correct answer of this General accounting question
A: Step 1: Define Days to Collect (Average Collection Period)The Days to Collect (Average Collection…
Q: Everest Ltd. wants to earn a pre-tax income of $75,000. The company has total fixed costs of…
A: Step 1: Definition of Target Sales in UnitsTarget Sales in Units refers to the number of units a…
Q: How much Total sales are required to achieve a net income of 160000?
A: Explanation of Fixed Costs:Fixed costs are business expenses that remain constant regardless of the…
Q: Newcombe & Associates, Inc. is considering the introduction of a new product. Production of the new…
A:
Q: Solve this Accounting Problem
A: Calculation of the Total Cost of the MachineTotal Cost of the Machine = Purchase price + shipping…
Q: I need help. General accounting
A: Step 1: Definition of Cost per Equivalent Unit for MaterialsThe cost per equivalent unit for…
Q: Need help with this financial accounting question not use ai and chatgpt
A: Step 1: Definition of Capital Gain or LossA capital gain or loss arises when a capital asset is sold…
Q: How much is total overhead cost
A: Explanation of Total Overhead Cost:Total overhead cost represents the sum of all indirect expenses…
Q: Calculate the dollar markup and cost
A:
Q: cost 0f goods (COGS) for 2023?
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…
Q: What is the average monthly return over those six months? General accounting
A: Thus, the correct answer is c) 3.43 percent.
Q: Provide correct answer general accounting question
A: Step 1: Define Depreciable Cost per Unit (per mile)In the units-of-activity depreciation method, the…
Q: ANSWER?
A: Concept of Budgeted CostsBudgeted Costs refer to the estimated expenses that a company plans to…
Q: What is the depreciation expense for the scanner ?
A: Provided Data:Cost of scanner: $12,000Residual value: $3,000Useful life: 6 yearsPurchase date:…
Hello tutor solve this problem and accounting
Step by step
Solved in 2 steps
- If total assets are $20,000 and total liabilities are $12,000, the amount of stockholders’ equity is: A. $32,000. B. $(32,000). C. $(8000). D. $8,000.The year-end financial statements of Calloway Company contained the following elements and corresponding amounts: Assets = $36,000; Liabilities = ?; Common Stock = $6,600; Revenue = $14,200; Dividends = $1,550; Beginning Retained Earnings = $4,550; Ending Retained Earnings = $8,600.The amount of liabilities reported on the end-of-period balance sheet was: a. $29,400 b. $27,400 c. $24,850. d. $20,800.Durable Plastics Company had the following total assets, liabilities, and equity as of December 31. Total Assets Total Liabilities Total Equity $440,000 133,000 307,000 What is the company's debt ratio as of December 31? (Round your percentage answer to two decimal places.) OA. 30.23% OB. 43.32% O C. 100.00% O D. 69.77%
- On January 1, year 1, Polk Corp. and Strass Corp. had condensed balance sheets as follows: Accounts Polk Strass Current assets $ 70,000 $20,000 Noncurrent assets 90,000 40,000 Total assets $160,000 $60,000 Current liabilities $ 30,000 $10,000 Long-term debt 50,000 -- Stockholders’ equity 80,000 50,000 Total liabilities and SHE $160,000 $60,000 On January 2, year 1, Polk borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, year 1. The excess cost of the investment over Strass’ book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 1, year 1, the fair…On January 1, year 1, Polk Corp. and Strass Corp. had condensed balance sheets as follows: Accounts Polk Strass Current assets $ 70,000 $20,000 Noncurrent assets 90,000 40,000 Total assets $160,000 $60,000 Current liabilities $ 30,000 $10,000 Long-term debt 50,000 -- Stockholders’ equity 80,000 50,000 Total liabilities and SHE $160,000 $60,000 On January 2, year 1, Polk borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Strass. This debt is payable in ten equal annual principal payments, plus interest, beginning December 30, year 1. The excess cost of the investment over Strass’ book value of acquired net assets should be allocated 60% to inventory and 40% to goodwill. On January 1, year 1, the fair…Prince Corp. and Sprite Corp. reported the following balance sheets at January 1, 20X1: Prince Sprite Current assets $ 30,000 $ 15,000 Noncurrent assets 55,000 25,000 Total assets $ 85,000 $ 40,000 Current liabilities $ 20,000 $ 10,000 Long-term debt 20,000 5,000 Stockholders’ equity 45,000 25,000 Total liabilities and stockholders’ equity $ 85,000 $ 40,000 On January 2, 20X1, Prince issued $36,000 of stock and used the proceeds to purchase 90% of Sprite’s common stock. The excess of the purchase price over Sprite’s book value of net assets was allocated 60% to inventory and 40% to goodwill. Required: Show the amounts that Prince will report on its January 2, 20X1, consolidated balance sheet for the following items under (a) the acquisition method and (b) the purchase method if the acquisition had taken place when that method was required under U.S. GAAP.
- Chartreuse Corporation reported the following information at the end of its firs Common stock: $40,000 Sales revenue: $210,000 Total assets: $170,000 Total liabilities: $70,000 Dividends: $30,000 What must have been the expenses for the year? Select one: A. $120,000 B. $150,000 C. $ 32,000 D. $130,000Hancock Company reported the following account balancesat December 31, 2027:Sales revenue $97,000Dividends. $11,000Supplies 13,000Accounts payable 41,000Patent $59,000Building Common stock.. $27,000Insurance expense .... $31,000Notes payable .. $39,000Income tax expense $42,000Cash . . $19,000Repair expense ?Copyright $20,000Equipment $14,000Utilities payable. $22,000Inventory $64,000Retained earnings. .. $87,000 (at Jan. 1, 2027)Interest revenue $55,000Cost of goods sold ..... .. $37,000Accumulated depreciation .... $23,000 $34,000Accounts receivable ? Trademark. ... $51,000Calculate the total intangible assets reported in HancockCompany's December 31, 2027 balance sheet. The following additional information is available:1) The note payable listed above was a 4- year bank loan taken out on September 1, 2024.2) The total P - P - E at Dec. 31, 2027 was equal to 75% of the total current liabilities at Dec. 31, 2027. ՄԴ Sa. What is the amount of total shareholders' equity?b. What is the balance of retained earnings at year-end?
- The balance sheet for Fanning Corporation follows: Current assets $232,000 763,000 Long-term assets (net) Total assets $995,000 Current liabilities $153,000 460,000 613,000 382,000 Long-term liabilities Total liabilities Common stock and retained earnings Total liabilities and stockholders' equity $995,000 Required Compute the following. (Round "Ratios" to 1 decimal place.) Working capital Current ratio % Debt to assets ratio Debt to equity ratioEquator Corporation has the following data available on December 31 for the year just ended:Average total assets for the year $ 800,000Total stockholders' equity at the beginning of the yearTotal stockholders' equity at the end of the year 600,000Net Income 250,000Interest expense 30,000Preferred dividends 50,000525,000The company’s return on assets for the year is closest toa. 21.25%.b. 25.00%.c. 31.25%.d. 44.44%.Financial Accounting