The following selected information is taken from the records of Winston-Salem, Inc. Calculate the total amount for Net Income. Rent Expense 20,000 Accounts Payable 1,000 Accounts Receivable 5,000 Fees Earned 110,000 Wages Expense 55,000 Prepaid Insurance 4,000 Dividends 300 Supplies 500 Utilities Expense 2,000 Unearned Fees 3,000 Cash 100,000 Notes Payable 12,000
Q: Baxter Enterprises predicts production of 30,000 units, with fixed costs totaling $200,000 and…
A: Explanation of Fixed Costs: Fixed costs are business expenses that remain constant regardless of…
Q: Don't use ai given answer accounting questions
A: Calculation of Operating Cash FlowOperating Cash Flow = Net Income + Depreciation + Interest Expense…
Q: Cross Collectibles currently fills mail orders from all over the U.S. and receipts come in to…
A:
Q: Determine Sherman Corporation's dividend yield on these financial accounting question
A: Step 1: Define Corporate DividendA "corporate dividend" is defined as the dividend declared by the…
Q: Tanner Corporation estimated that machine hours for the year would be 25,000 hours and overhead (all…
A: Estimated machine hours = 25,000 hoursEstimated overhead (all fixed) = $100,000Overhead application…
Q: Financial Accounting MCQ
A: Concept of Sustainability Impact MeasurementSustainability Impact Measurement refers to the process…
Q: Please need answer the general accounting question
A: Step 1: Define Overhead Allocation Using Direct Labor HoursOverhead allocation using direct labor…
Q: Provide answer
A: Explanation of Accounts Receivable:Accounts receivable represents the amount of money a company is…
Q: Don't use aii solve this question financial accounting
A: Step 1: Formulas Dividend Yield = Dividend per share/Market value per sharePrice Earnings ratio =…
Q: Silverline Properties has a debt-equity ratio of 0.92. Return on assets is 8.4 percent, and total…
A: Step 1: Identify Given Values Step 2: Calculate Total Debt Step 3: Calculate Total Assets Step 4:…
Q: What is the earnings yield of a single share on these financial accounting question?
A: Step 1:First calculate the earning per share (EPS): P/E ratio = Market price per share / Earnings…
Q: 4 PTS
A: Explanation of Payment Terms (3/10, net 45): Payment terms represent the conditions under which a…
Q: Please provide answer this financial accounting question
A: Step 1: Define Earnings Per ShareThe metrics that help determine the earnings per share include net…
Q: What was juniper natural dyes gross profit percentage for this period?
A: Step 1: Define Computing Gross Profit MarginThe gross profit represents the difference between the…
Q: Correct Answer
A: Explanation of Forensic Accounting:Forensic accounting is a specialized area of accounting that…
Q: Calculate the amount of cash Trump general accounting
A: Step 1: Definition of Cash Collected from CustomersCash collected from customers represents the…
Q: Hi expert provide answer general accounting
A: Step 1: Define Return on Assets (ROA)ROA is an important metric for investors, as it helps evaluate…
Q: Please give me answer general accounting question
A: Step 1: Definition of Contribution MarginThe contribution margin is the amount remaining from sales…
Q: Doverly Co. has total assets of $9,200,000 and a total asset turnover of 2.10 times. Assume the…
A: Explanation of Profit Margin:Profit margin is a financial ratio that measures the percentage of…
Q: Your firm has an average collection period of 27 days. The current practice is to factor all…
A: The question requires the determination of the effective cost of borrowing. Effective cost of…
Q: Need help this question
A: Step 1: Definition of High-Low MethodThe high-low method is a cost estimation technique that…
Q: Hello teacher please help me this question
A: Step 1: Definition of Acquisition Cost of an AssetThe acquisition cost of an asset includes all…
Q: General accounting
A: Step 1: Definition of Cost of Goods Manufactured (COGM)The cost of goods manufactured (COGM) is the…
Q: I need help with accounting
A: Given Data:Earnings before Interest and Taxes (EBIT) = $75,000Net Income = $40,000Interest Expense =…
Q: Arlington Corp.'s stock was purchased six months ago at a price of $38.20 per share. You bought 100…
A: Step 1: Understanding Capital GainsCapital gain is the profit made from selling an asset at a higher…
Q: General Accounting question
A: The P/E ratio (Price-to-Earnings ratio) is calculated by dividing the stock's price by its earnings…
Q: Need correct answer general Accounting question
A: Step 1: Define Cost Of CapitalCompanies must ensure that the investment's profits outweigh the cost…
Q: What was the company's accrual basis net income for the month
A: To determine Dark World's accrual basis net income, we use the accrual accounting method, which…
Q: Total overhead applied is?
A: Explanation of Machine Hours: Machine hours represent the amount of time that manufacturing…
Q: What is the price earning ratio? General accounting
A: Given Information:Sales = $823,000Profit Margin = 4.2% (which is 0.042 in decimal form)Shares…
Q: ?!
A: Here's how to calculate Hassan's Madhatter's total assets: 1. Calculate Net Income:Given: Profit…
Q: What were the liabilities at December 31 ? General accounting
A: Step 1: Define Accounting EquationThe accounting equation is the basis for determining and analyzing…
Q: Provide correct answer this general accounting question
A: Step 1: Define Total EquityTotal equity represents the residual interest in the assets of a company…
Q: Accurate Answer
A: To calculate the change in total liabilities, we can use the basic accounting equation: Assets =…
Q: General accounting and question
A: Explanation: In the given case, we are required to calculate the amount of cost of goods sold from…
Q: UNESCO Mining Co. acquired mineral rights for $55,500,000. The mineral deposit is estimated at…
A: Concept of DepletionDepletion is an accounting method used to allocate the cost of extracting…
Q: Give true answer this financial accounting question
A: Step 1: Define New Issue of StockEquity financing is a costly source of funding and a company…
Q: Find out
A: The correct answer is:Business cycle alignment improves temporal relationshipsExplanation:…
Q: What is the budgeted manufacturing overhead for July ?
A: Explanation of Budgeted Manufacturing Overhead:Budgeted manufacturing overhead represents the…
Q: None
A: To calculate Spritzer Company's gross profit percentage and rate of inventory turnover for 2019,…
Q: I want the correct answer with accounting question is solution
A: The question requires the determination of the difference between an investment in a annuity due and…
Q: Need help this question
A: Use the formula for the present value of money:…
Q: Need help with this financial accounting question
A: To find Carpetto Technologies Inc.'s cost of common equity, we will use two different methods: (a)…
Q: What were Lory's net new stock issues in that year on this financial accounting question?
A: Lory Bookstore had to finance its total capital needs in 2011. A company can finance its needs in…
Q: Get correct answer general accounting question
A: Step 1: Define Materials Price and Quantity VariancesIn cost accounting, materials variances help…
Q: What is the net income?
A: 1. Compute for Total DebtTotal Debt= Debt- Equity Ratio x Total Equity=0.92 x 520,000= $478, 400 2.…
Q: Cross Collectibles currently fills mail orders from all over the U.S. and receipts come in to…
A: The question requires the determination of the net annual savings from implementing a lockbox…
Q: What is the firm's price earnings ratio? General accounting
A: Step 1: Definition of Price-Earnings RatioThe price-earnings (P/E) ratio is a valuation metric used…
Q: York Enterprises had credit sales of $820,000 during the year. The end-of-year accounts receivable…
A: Explanation of Credit Sales:Credit sales refer to transactions where goods or services are sold, but…
Q: Please solve this question general accounting
A: Step 1: Definition of Capital GainCapital gain refers to the increase in the value of an asset or…
None
Step by step
Solved in 2 steps
- Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 9,710 7,990 475 $ 1,245 114 $ 1,131 396 $ 735 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 2021 Total assets What is the days' sales in receivables for 2022? Cash Accounts receivable Inventory Total $ 3,290 $ 3,025 3,530 4,050 Net fixed assets $ 6,820 $ 7,075 $ 270 $ 300 Accounts payable $ 1,550 1,080 1,940 1,745 980 Long-term debt Common stock Retained earnings Total liabilities & equity $ 6,820 $ 7,075 1,160 3,460 650 2022 $ 1,785 1,330 3,060 900What is average payment period using balance sheet below? BALANCE SHEET INCOME STATEMENT ($ in millions) ($ in millions) ASSETS LIABILITIES Revenue 28,681.10 Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Cost Of Goods Sold 20,768.80 Accounts Receivable 954.80 Salaries Payable 225.20 Gross Profit 7,912.30 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Operating Expenses: Total Current Assets 5,166.50 Selling, General & Admin. 5,980.80 Other Liabilities 693.40 Depreciation 307.30 Machinery & Equipment 1,688.90 Operating income 1,624.20 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Interest - Depreciation (575.60) SHAREHOLDER'S EQUITY Other Expense (Income) (13.10) Property, Plant & Equip. - Net…Required: Compute the asset turnover ratio for 2021. (Re Asset turnover ratio
- The following financial information is for Annapolis Corporation for the fiscal years ending 2018 and 2019 (all balances are normal): Cost of Accounts Net Sales Net Item/Account Inventory Goods Receivable (all credit) Income Sold 2019 2018 $44,000 $42,000 $410,000 $154,000 $27,200 $34,000 $38,000 $350,000 $152,000 $24,800 Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 days a year. Round your answers to one decimal place.)The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…What is the financial performance summary for this balance sheet? BALANCE SHEET INCOME STATEMENT ($ in millions) ($ in millions) ASSETS LIABILITIES Revenue 28,681.10 Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Cost Of Goods Sold 20,768.80 Accounts Receivable 954.80 Salaries Payable 225.20 Gross Profit 7,912.30 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Operating Expenses: Total Current Assets 5,166.50 Selling, General & Admin. 5,980.80 Other Liabilities 693.40 Depreciation 307.30 Machinery & Equipment 1,688.90 Operating income 1,624.20 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Interest - Depreciation (575.60) SHAREHOLDER'S EQUITY Other Expense (Income) (13.10) Property, Plant & Equip. - Net…
- saritabenUse the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts receivable Inventory Total Net fixed assets Total assets What is the quick ratio for 2022? $ 8,750 7,310 420 $ 1,020 86 $ 934 327 $ 607 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 $ 140 $ 170 820 1,540 720 1,560 $2,500 $2,450 3,230 3,700 $ 5,730 $ 6,150 Accounts payable Lon term debt Common stock Retained earnings Total liabilities & equity 2021 $ 1,010 1,010 3,160 550 2022 $ 1,160 1,210 2,980 800 $ 5,730 $ 6,150The following information (in $ millions) comes from the Annual Report of Saratoga Springs Company for the year ending 12/31/2024: Year ended 12/31/2024 $ 8,139 4,957 2,099 Net sales Cost of goods sold Selling and administrative expense Interest expense Income before taxes Net income Cash and cash equivalents Receivables, net Inventories Land, buildings and equipment at cost, net Total assets Total current liabilities Long-term debt Total liabilities Total stockholders' equity 606 477 648 Profit margin on sales 12/31/2024 $ 1,165 1,200. 1,245 13,690 $ 17,300 $ 5,937 5,781 $ 11,718 $5,582 Required: Compute the profit margin on sales for 2024. Note: Round your answer to 1 decimal place, e.g., 0.1234 as 12.3%. 12/31/2023 $ 83 854 709 4,034 $ 5,680 $ 2,399 2,411 $ 4,810 $ 870
- The following information is available from the annualreport of Frixell, Inc.: Currentliabilities . . . . $300,000Operatingincome . . . . . 240,000Net income . . . . 80,000 Currentassets . . . . $ 480,000Average totalassets . . . . 2,000,000Average totalequity . . . . 800,000Which of the following statements are correct? (More thanone statement may be correct.)a. The return on equity exceeds the return on assets.b. The current ratio is 0.625 to 1.Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement ($ in thousands) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets Total assets 2020 $ 150 1,150 1,825 $ 3,125 3,860 $ 6,985 $ 6,270 4,640 400 $ 1,230 46 $ 1,184 249 $935 Bayside, Incorporated 2020 and 2021 Balance Sheets ($ in thousands) 2021 $ 255 990 2,140 $ 3,385 3,680 $ 7,065 Total liabilities & equity Accounts payable Long-term debt Common stock Retained earnings BOLSA- How many dollars of sales were generated from every dollar of fixed assets during 2021? دا 2020 $1,735 890 3,400 960 $ 6,985 2021 $ 1,805 690 3,360 1,210 $ 7,065Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement ($ in thousands) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets Total assets 2020 $150 1,150 1,825 $ 3,125 3,860 $ 6,985 $ 6,270 4,640 400 $ 1,230 46 $ 1,184 249 $935 Bayside, Incorporated 2020 and 2021 Balance Sheets ($ in thousands) 2021 $255 990 2,140 $ 3,385 3,680 $7,065 Accounts payable Long-term debt. Common stock. Retained earnings Total liabilities & equity. How many dollars of sales were generated from every dollar of fixed assets during 2021? 2028 $ 1,735 899 3,400 960 $ 6,985 2021 $ 1,805 690 3,360 1,210 $ 7,965
