The owners' equity of Pure Air, Inc. is dollar 600,000 on December 31, 2020, and is equal to two-fifth of total liabilities. What is the amount of total assets?
Q: Bal Engineering has $60,000 in assets. They also have $25,000 in liabilities and $5,000 in expenses,…
A: Concept of Assets: Assets are resources owned by a business that hold economic value and are…
Q: Genral account
A: The Dec 30 sale of 15 units will come from the beginning inventory since FIFO method is used. The…
Q: How many hours were worked during the year on these general accounting question?
A: Step 1: Define Predetermined Overhead RateThe Predetermined Overhead Rate (POHR) is a rate…
Q: Correct answer
A: To calculate the cash paid for rent during 2022, we use the following relationship: Cash Paid for…
Q: Please given answer general accounting
A: To solve the problem using the high-low method, follow these steps: Step 1: Identify the high and…
Q: Calculate the firm's annual cash flows associated with the new project?
A: The question requires the determination of the cash flow from an investment.Cash flows associated…
Q: Madison Corporation began 2025 with $24,000 in stockholders' equity. Of this amount, $15,000 was in…
A: Step 1: Analysis of information givenBeginning Equity: $24,000Ending Equity: $28,000Dividends Paid:…
Q: Compute total manufacturing costs and total cost?
A: Explanation of Total Manufacturing Costs: Total manufacturing costs represent all costs directly…
Q: Solve this financial accounting
A: Explanation of Price-Earnings (P/E) Ratio:The Price-Earnings (P/E) Ratio is a financial metric used…
Q: At the beginning of the year, manufacturing overhead for the year was estimated to be $800,000. At…
A: Explanation of Predetermined Overhead Rate (POHR):The predetermined overhead rate is a standard rate…
Q: Poonam has a standard of 1.5 pounds of materials per unit, at S6 per pound. In producing 2,000…
A: Concept of Standard Material Usage per Unit:Standard material usage per unit refers to the…
Q: A company has a total cost of $50.00 per unit at a volume of 100,000 units. The variable cost per…
A: Given Data:Total Cost per Unit at 100,000 units: $50.00Variable Cost per Unit: $20.00Markup: 50%New…
Q: General accounting
A: Part (a): Rate on Stockholders' Equity• Step 1: Identify the Net Income and Average Stockholders'…
Q: Beginning inventory was $4,000, purchases totaled $31,000, and sales were $20,000. What is the…
A: Concept of Beginning Inventory: Beginning inventory refers to the value of goods available for sale…
Q: ??!!
A: Explanation of Variable Product Cost: Variable product cost represents all manufacturing costs that…
Q: What is your capital gain or loss on these financial accounting question?
A: Step 1: Define Capital Gain or LossA Capital Gain or Loss refers to the profit or loss realized from…
Q: During its first year of operations, a company granted employees vacation privileges and pension…
A: Concept of Vacation Pay: Vacation pay refers to the amount a company sets aside to compensate…
Q: A company has a total cost of $50.00 per unit at a volume of 100,000 units. The variable cost per…
A: The question requires the determination of the price with a markup. Pricing with a markup is a…
Q: What is the estimated variable order filling cost component per order? General accounting
A: To estimate the variable cost per order using the high-low method, we first need to identify the…
Q: Y Company purchased an asset for $73,000 on January 1, Year 1. The asset was expected to have a…
A: To calculate the depreciation expense for Year 1 using the double-declining balance (DDB) method,…
Q: The following transactions of Weber Company occurred during the current year: The company acquired a…
A: The company acquired a tract of land in exchange for 1,000 shares of $10 par value common stock. The…
Q: ??!!!
A: Explanation of High-Low Method: This is a cost analysis technique that uses the highest and lowest…
Q: Collection of a $1,000 Accounts Receivable
A: Option A: This option is correct because collection of $1,000 causes increase in cash (an asset) and…
Q: Provide correct solution and accounting
A: a) Loan Amount CalculationHome Price: $259,000Down Payment Percentage: 10% = 0.10Down Payment…
Q: The predetermined overhead rate for the year must have been closet to:
A: To calculate the predetermined overhead rate (POHR), use the formula: POHR = Estimated Total…
Q: Can you solve this general accounting problem?
A: Step 1: Define Period Costs Under Variable CostingPeriod Costs (Variable Costing) Under the variable…
Q: Equipment that costs $110,000 and on which $50,000 of accumulated depreciation has been recorded was…
A: Concept of Equipment Cost:The equipment cost represents the original purchase price of the asset.…
Q: Don't use ai to answer I will report you answer
A: 1. Furniture (7-year, HY Convention):Original Basis$100,000Year 5 (2024) Depreciation %: 8.93%…
Q: Question: The 2020 balance sheet of Serena's Sports Gear, Inc., showed long-term debt of $4.5…
A: Cash Flow to Creditors: Core Concepts and CalculationFormula:Cash Flow to Creditors = Interest Paid…
Q: General Accounting
A: Step 1: Define Sale of EquipmentThe sale of equipment involves transferring the ownership of the…
Q: Mason Corporation issued its own Solve this question
A: Formula for Discount:Discount = Face Value × Discount Rate × Time (in years)Identify the values:Face…
Q: Marin Company is a manufacturer of smartphones. Its controller resigned in October 2025. An…
A: Step 1:First calculate the cost of goods manufactured: Formula table: Result of the above formula…
Q: Gale Corporation owns 15% of the common stock of Troy Enterprises and uses the fair-value method to…
A: Explanation of Fair-Value Method: This accounting method is used when an investor owns less than 20%…
Q: 5 POINTS
A: Explanation of Budgeted machine hours: Budgeted machine hours refer to the anticipated or planned…
Q: General accounting
A: Part (a): Loan AmountThe home price is $259,000, and you plan to make a 10% down payment. The down…
Q: Which of the following would be correct on these general accounting question?
A: To determine the correct answer, we need to calculate whether manufacturing overhead was…
Q: Give true answer this general accounting question
A: Step 1: Define Manufacturing Cycle Time (Throughput Time)Manufacturing cycle time (or throughput…
Q: How much long term debt did the firm have? General accounting
A: Step 1: Define Accounting EquationThe accounting equation describes the relationship between the…
Q: What is the net income for this firm?
A: Step 1: Definition of Net IncomeNet income is the amount of profit a business earns after deducting…
Q: None
A: a. Rate on Stockholders' Equity• Step 1: Identify the Net Income and Average Stockholders' Equity•…
Q: Financial Accounting
A: Step 1: Define High-Low MethodThe high-low method is used to separate fixed and variable costs from…
Q: Need Your Answer
A: The Capital Asset Pricing Model (CAPM) is primarily used to calculate the required rate of return on…
Q: $240 Assume that a company produced 10,000 units and sold 8,000 units during its first year of…
A: Absorption costing includes all manufacturing costs—direct materials, direct labor, variable…
Q: Why does sustainability integration affect measurement choices? (1) Integration creates problems (2)…
A: 1. Why is this correct?Sustainability integration involves incorporating environmental, social, and…
Q: In your point of view, what are the main steps involved in the accounting cycle, and how do they…
A: Detailed explanation: • A business requires a systematic approach known as the accounting cycle for…
Q: Which of the following would be classified as a current liability ?
A: Explanation of Current Liability: A current liability is a company's financial obligation that is…
Q: Can you please answer this financial accounting question?
A: Step 1: Define Materials Cost per Equivalent UnitThe materials cost per equivalent unit is…
Q: Compute the total cost for the gallbladder surgery?
A: a. Predetermined overhead rate for the operating room = Estimated overhead costs / Estimated…
Q: None
A: Here is the step-by-step solution to the question:Given Data:Beginning inventory: 120 units at 15%…
Q: ?!!
A: The accounting equation is: Assets = Liabilities + Stockholders' Equity Stockholders' Equity =…
What is the amount of total assets?
Step by step
Solved in 2 steps
- Balance Sheet Calculations Cornerstone Development Companys balance sheet information at the end of 2019 and 2020 is provided in random order, as follows: Additional information: At the end of 2019, (a) the amount of long-term liabilities is twice the amount of current liabilities and (b) there are 2,900 shares of common stock outstanding. During 2020, the company (a) issued 100 shares of common stock for 25 per share, (b) earned net income of 20,600, and (c) paid dividends of 1 per share on the common stock outstanding at year-end. Required: Next Level Fill in the blanks lettered (a) through (p). All of the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)Athenian Venues Inc. just reported the following selected portion of its financial statements for the end of 2020. Your assistant has already calculated the 2020 end-of-year net operating working capital (NOWC) from the full set of financial statements (not shown here), which is 13 million. The total net operating capital for 2019 was 50 million. What was the 2020 net investment in operating capital? Athenian Venues Inc.: Selected Balance Sheet Information as of December 31 (Millions of Dollars)If current assets are $112,000 and current liabilities are $56,000, what is the current ratio? A. 200 percent B. 50 percent C. 2.0 D. $50,000
- Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000Brower Co. is considering the following alternative financing plans: Income tax is estimated at 40% of income. Determine the earnings per share of common stock, assuming that income before bond interest and income tax is 2,000,000.The Kretovich Company had a quick ratio of 1.4, a current ratio of 3.0, a days’ sales outstanding of 36.5 days (based on a 365-day year), total current assets of $810,000, and cash and marketable securities of $120,000. What were Kretovich’s annual sales?
- LONG-TERM FINANCING NEEDED At year-end 2019, total assets for Arrington Inc. were 1.8 million and accounts payable were 450,000. Sales, which in 2019 were 3.0 million, are expected to increase by 25% in 2020. Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. Arrington typically uses no current liabilities other than accounts payable. Common stock amounted to 500,000 in 2019, and retained earnings were 475,000. Arrington plans to sell new common stock in the amount of 130,000. The firms profit margin on sates is 5%; 35% of earnings will be retained. a. What were Arringtons total liabilities in 2019? b. How much new long-term debt financing will be needed in 2020? (Hint: AFN - New stock = New long-term debt.)Frost Company has accumulated the following information relevant to its 2019 earningsper share. 1. Net income for 2019: 150,500. 2. Bonds payable: On January 1, 2019, the company had issued 10%, 200,000 bonds at 110. The premium is being amortized in the amount of 1,000 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 3. Bonds payable: On December 31, 2017, the company had issued 540,000 of 5.8% bonds at par. Each 1,000 bond is currently convertible into 11.6 shares of common stock. To date, no bonds have been converted. 4. Preferred stock: On July 3, 2018, the company had issued 3,800 shares of 7.5%, 100 par, preferred stock at 108 per share. Each share of preferred stock is currently convertible into 2.45 shares of common stock. To date, no preferred stock has been converted and no additional shares of preferred stock have been issued. The current dividends have been paid. 5. Common stock: At the beginning of 2019, 25,000 shares were outstanding. On August 3, 7,000 additional shares were issued. During September, a 20% stock dividend was declared and issued. On November 30, 2,000 shares were reacquired as treasury stock. 6. Compensatory share options: Options to acquire common stock at a price of 33 per share were outstanding during all of 2019. Currently, 4,000 shares may be acquired. To date, no options have been exercised. The unrecognized compens Frost Company has accumulated the following information relevant to its 2019 earnings ns is 5 per share. 7. Miscellaneous: Stock market prices on common stock averaged 41 per share during 2019, and the 2019 ending stock market price was 40 per share. The corporate income tax rate is 30%. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Indicate which earnings per share figure(s) Frost would report on its 2019 income statement.DIVIDENDS Brooks Sporting Inc. is prepared to report the following 2019 income statement (shown in thousands of dollars). Prior to reporting this income statement, the company wants to determine its annual dividend. The company has 320,000 shares of common stock outstanding, and its stock trades at 37 per share. a. The company had a 25% dividend payout ratio in 2018. If Brooks wants to maintain this payout ratio in 2019, what will be its per-share dividend in 2019? b. If the company maintains this 25% payout ratio, what will be the current dividend yield on the companys stock? c. The company reported net income of 1.35 million in 2018. Assume that the number of shares outstanding has remained constant. What was the companys per-share dividend in 2018? d. As an alternative to maintaining the same dividend payout ratio. Brooks is considering maintaining the same per-share dividend in 2019 that it paid in 2018. If it chooses this policy, what will be the companys dividend payout ratio in 2019? e. Assume that the company is interested in dramatically expanding its operations and that this expansion will require significant amounts of capital. The company would like to avoid transactions costs involved in issuing new equity. Given this scenario, would it make more sense for the company to maintain a constant dividend payout ratio or to maintain the same per-share dividend? Explain.
- Roseau Company is preparing its annual earnings per share amounts to be disclosed on its 2019 income statement. It has collected the following information at the end of 2019: 1. Net income: 120,400. Included in the net income is income from continuing operations of 130,400 and a loss from discontinued operations (net of income taxes) of 10,000. Corporate income tax rate: 30%. 2. Common stock outstanding on January 1, 2019: 20,000 shares. 3. Common stock issuances during 2019: July 6, 4,000 shares; August 24, 3,000 shares. 4. Stock dividend: On October 19, 2019, the company declared a 10% stock dividend that resulted in 2,700 additional outstanding shares of common stock. 5. Common stock prices: 2019 average market price, 30 per share; 2019 ending market price, 27 per share. 6. 7% preferred stock outstanding on January 1, 2019: 1,000 shares. Terms: 100 par, nonconvertible. Current dividends have been paid. No preferred stock issued during 2019. 7. 8% convertible preferred stock outstanding on January 1, 2019: 800 shares. The stock was issued in 2018 at 130 per share. Each 100 par preferred stock is currently convertible into 1.7 shares of common stock. Current dividends have been paid. To date, no preferred stock has been converted. 8. Bonds payable outstanding on January 1, 2019: 100,000 face value. These bonds were issued several years ago at 97 and pay annual interest of 9.6%. The discount is being amortized in the amount of 300 per year. Each 1,000 bond is currently convertible into 22 shares of common stock. To date, no bonds have been converted. 9. Compensatory share options outstanding: Key executives may currently acquire 3,000 shares of common stock at 20 per share. The options were granted in 2018. To date, none have been exercised. The unrecognized compensation cost (net of tax) related to the options is 4 per share. Required: 1. Compute the basic earnings per share. Show supporting calculations. 2. Compute the diluted earnings per share. Show supporting calculations. 3. Show how Roseau would report these earnings per share figures on its 2019 income statement. Include an explanatory note to the financial statements.If current assets are $100,000 and current liabilities are $42,000, what is the working capital? A. 200 percent B. 50 percent C. 2.0 D. $58,000Pinecone Company has plan assets of 500,000 at the beginning of the current year and expects to earn 12% on its plan assets during the year. Pinecones service cost is 230,000, and its interest cost is 55,000. Compute Pine-cones pension expense for the current year.
