answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Lapatulllka
20 days ago
8

Prepare financial statements from an adjusted trial balance (LO3-5) [The following information applies to the questions displaye

d below.]
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below.
Accounts Debit Credit
Cash $ 11,200
Accounts Receivable 142,000
Prepaid Rent 5,200
Supplies 26,000
Equipment 320,000
Accumulated Depreciation $ 127,000
Accounts Payable 11,200
Salaries Payable 10,200
Interest Payable 4,200
Notes Payable (due in two years) 32,000
Common Stock 220,000
Retained Earnings 52,000
Service Revenue 420,000
Salaries Expense 320,000
Rent Expense 16,000
Depreciation Expense 32,000
Interest Expense 4,200
Totals 847,800 876,600
Required:
Prepare an income statement for the year ended December 31, 2021.
FIGHTIN' BLUE HENS CORPORATION
Income Statement
For the Year Ended December 31, 2021
Expenses:
Total expenses
Business
1 answer:
Nady [3.6K]20 days ago
6 0

Response:

Fightin' Blue Hens Corporation

Income Statement

For the fiscal year ending December 31, 2021

Service Revenue                                             $420,000

Operating expenses:

  • Salaries Expense $320,000
  • Rent Expense $16,000
  • Depreciation Expense $32,000           ($368,000)

Operating income                                            $52,000

Other revenues and expenses:

  • Interest Expense $4,200                         ($4,200)

Net income before taxes                                 $47,800

*The total of the trial balance sheet was miscalculated; both debits and credits total $876,600.

You might be interested in
A store open 24 hours per day is interested in determining store traffic. It found that customers arrive uniformly at the rate o
Mariulka [3825]
The average number of customers present in the system is 5. Explanation: Given information includes a customer arrival rate of 10 per hour and an average processing time of 5 minutes per customer. To determine the average number of customers, the servicing rate per hour is calculated as 60 minutes divided by 5 minutes, resulting in 12 customers per hour. Consequently, the average number of customers in the system can be deduced as 10 divided by 2, equaling 5 customers.
5 0
1 month ago
The specific collection of values, norms, beliefs, and attitudes shared by people and groups in a company is commonly referred t
arsen [3447]

Response:

C. organizational culture

Clarification:

Organizational culture encompasses the values, philosophies, and aspirations of a company that steer its members’ behaviors. Culture is reflected in how members interact internally and communicate externally. It is founded on shared beliefs, attitudes, customs, and both documented and unwritten rules that have evolved over time.

This culture is exhibited through various aspects, such as modes of communication, messages circulated internally, behavior of leaders, and company celebrations. To summarize, organizational culture is the distinctive manner in which an organization operates.

8 0
1 month ago
A small college employs two economists. Rob has been employed by the college for 15 years and Bill has been employed for one yea
soldi70 [3635]

Answer:

E. efficiency wages

Explanation:

This situation does not represent discrimination, as Rob has a solid history with the company (15 years). Even though their productivity levels might seem comparable, Rob’s extensive experience warrants the higher compensation.

This exemplifies the efficiency wage hypothesis, which posits that higher salaries can enhance employee productivity. Consequently, this creates an incentive for Rob to remain with the company.

5 0
1 month ago
Dividends on CCN corporation are expected to grow at a 9% per year. Assume that the discount rate on CCN is 12% and that the exp
marusya05 [3725]

Answer:

P14 = $55.69545045394 rounded to $55.70

Explanation:

The dividend discount model (DDM) based on constant growth can help determine the current stock price. It assesses a stock’s price using the present value of the anticipated future dividends. The formula for determining today's price with a constant growth DDM is,

P0 = D1 / (r - g)

Where,

  • D1 represents the expected dividend for Year 1 or the following year
  • g denotes the constant growth rate for dividends
  • r signifies the discount rate or the required rate of return

To find the stock price today, we will utilize the dividend expected in Year 1. Consequently, to compute the stock price 14 years into the future, we calculate D15. D15 can be figured out as follows,

D15 = D1 * (1+g)^14

D15 = 0.50 * (1+0.09)^14

D15 = $1.67086351362 rounded to $1.67

Now applying the DDM formula for the price,

P14 = 1.67086351362 / (0.12 - 0.09)

P14 = $55.69545045394 rounded to $55.70

6 0
2 months ago
Work Breakdown Structures typically include one or more intermediate levels. Which of the following statements correctly describ
marusya05 [3725]

Answer:

c. Typically, they illustrate the elements that must be developed to generate the final deliverables.

Explanation:

The Work Breakdown Structure (WBS) serves as a method employed by project managers to systematically break down deliverables into smaller parts. It provides a structure that can be utilized for additional planning tasks. These are presented in an indented outline layout.

6 0
1 month ago
Other questions:
  • The term for a vindictive type of aggressive driving is road rage.
    13·1 answer
  • The improvement in the value of the objective function per unit increase in a right-hand side is the a. sensitivity value. b. du
    13·1 answer
  • Shue, a partner in the Financial Brokers Partnership, has a 30 percent share in partnership profits and losses. Shue's capital a
    14·1 answer
  • Giada is at an extracurricular activity fair for her high school and is trying to decide which clubs to join. Her hobbies includ
    12·1 answer
  • Jennifer's two favorite flavors of soda are cola and lemon-lime. On a normal week, Jennifer bought 3 cola
    5·1 answer
  • Calista is researching a career in nursing. Which career resource would most likely help improve her chances of getting a job in
    11·2 answers
  • Investors expect that Amalgamated Aircraft Parts, Inc. will pay a dividend of $2.50 in the coming year. Investors requirea 12% r
    14·1 answer
  • You purchased a ticket to the musical Hamilton through a verified reseller for $457.00. When your ticket arrives, you see that t
    9·1 answer
  • Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1,20
    15·1 answer
  • Indicate whether each of the following transactions represents an increase in net exports, a decrease in net exports, an increas
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!