Marcus is the owner of four Pizza Pizzazz restaurants in Santa Fe. Although the employee selection and training aspects of his b

In this scenario, the handler company receives a $21.85 discount (1% of the amount borrowed) for settling their payment within 15 days. Consequently, rather than sending the full sum of $2,185 to Ellen Co., they will only remit $2,163.15, which is $21.85 less than the initial amount due, taking advantage of the 1% discount.

​The donation of​ 5% of Target's annual revenue towards community initiatives exemplifies​ social responsibility.

This concept of social responsibility involves ethical obligations and civic duty. Through these contributions, Target enhances societal well-being while balancing its growth with community welfare.

Answer:

0.00573

Explanation:

Today's bond cost is $99.43

The bond's value at the year's end is $100

The difference calculates to: $100 - $99.43 = $0.57

This amount of $0.57 indicates the bond's yield. Therefore, the yearly yield is computed as $0.57/$99.43 = 0.00573

This yield represents the one-year discount rate applicable for a future value of $100, where its present value is $99.43.

Final Answer

0.00573

I believe it’s option d, but consider looking it up for confirmation D

Answer:

1. Create a statement for retained earnings.

Net income = $943,400

Retained earnings as of May 31, 2018 = $3,792,500

2. Construct a balance sheet, assuming a current portion of the note payable is $50,000.

Total Net Assets = Stockholder’s equity = $4,292,500

Explanation:

1. Create a statement for retained earnings.

The first step is preparing the income statement to find the net income as shown below:

Clairemont Co.

Income Statement

for the fiscal year ended May 31, 2018

Details                                                         $            

Sales                                                   11,343,000

Cost of goods sold                           (7,850,000)

Gross Income                                      3,493,000

Selling and Distribution expenses:

Sales salaries expense                        (916,000)

Advertising expense                           (550,000)

Depreciation expense - Store equipment        (140,000)

Miscellaneous selling expense            (38,000)

Administrative expenses:

Office salaries expense                     (650,000)

Rent expense                                        (94,000)

Insurance expense                               (48,000)

Depreciation expense - Office equipment   (50,000)

Office supplies expense                       (28,100)

Miscellaneous administrative expense         (14,500)  

Operating income                                964,400

Interest expense                                   (21,000)

Net income                                          943,400

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Clairemont Co.

Retained Earnings Statement

for the fiscal year ended May 31, 2018

Details                                                             $            

Retained earnings at June 1, 2017         2,949,100

Net income for the year                            943,400

Dividends                                                  (100,000)

Retained earnings at May 31, 2018       3,792,500  

2. Construct a balance sheet, assuming a current portion of the note payable is $50,000.

Clairemont Co.

Balance sheet

for the fiscal year ended May 31, 2018

Details                                                     $                         $      

Fixed Assets

Office equipment                             830,000

Accumulated depreciation - office equip   (550,000)            280,000      

Store equipment                            3,600,000

Accumulated depreciation - store equip    (1,820,000)         1,780,000

Net Fixed Assets                                                        2,060,000

Current Assets

Cash                                                    240,000

Accounts receivable                          966,000

Inventory                                           1,690,000

Estimated returns inventory                 22,500

Office supplies                                       13,500

Prepaid insurance                                   8,000  

Total current assets                         2,940,000

Current Liabilities

Accounts payable                               (326,000)

Customer refunds payable                   (40,000)

Salaries payable                                     (41,500)

Note payable                                         (50,000)

Working Capital                                                               2,482,500

Long-term Liability

Note payable (300,000 - 50,000)                                 (250,000)

Net Total Assets                                                            4,292,500

Financed by:

Common stock                                                                 500,000

Retained earnings at May 31, 2018                                 3,792,500  

Stockholder’s Equity                                                     4,292,500

Note:

Since both the Total Net Assets and Stockholder’s equity are equal at $4,292,500, this indicates the financial statement is correctly prepared as both values are meant to coincide.

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