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1 day ago

St. Pierre Enterprises reported the following information in its financial statements: Amounts are as of or for the year ended P

rior Year Current Year Inventory $ 55,000 $ 80,000 Accounts Receivable 68,000 103,000 Accounts Payable 34,500 40,000 Sales Revenue 305,000 375,000 Cost of Goods Sold 203,000 250,000 What is the amount of cash collected from customers during the current year?

Business

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Tenpenny Tower was built in 1985. However, the building has been constantly maintained and remodeled. In valuation terms, the bu

Free_Kalibri [3773]

Answer: effective age, chronological age

Explanation:

Effective age refers to an approximation of how old a specific structure is, generally determined by its condition and functionality.

Chronological age relates to the total time elapsed from the construction date of the building until now.

6 0

1 month ago

Sidewinder, Inc., has sales of $634,000, costs of $328,000, depreciation expense of $73,000, interest expense of $38,000, and a

arsen [3447]

Answer:

$154,050

Explanation:

The following shows how net income for the business is calculated:

Total Sales $634,000

Subtract: costs -$328,000

Subtract: depreciation -$73,000

EBIT -$233,000

Subtract: interest -$38,000

EBT 195,000

Subtract: tax(195,000 × 21%) -$40,950

Net income $154,050

The calculation involves deducting all costs, interest, and taxes from the total sales revenue to arrive at the net income.

5 0

2 months ago

On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the go

marusya05 [3725]

Response:

Dec. 28, 20Y3

Dr Accounts Receivable - Beasley Co. 18,500

Cr Sales Revenue 18,500

Dec. 28, 20Y3

Dr Cost of Goods Sold 11,200

Cr Inventory 11,200

Jan. 3, 20Y4

Dr Sales Returns and Allowances 4,000

Cr Accounts Receivable - Beasley Co. 4,000

Jan. 3, 20Y4

Dr Inventory 2,350

Cr Cost of Goods Sold 2,350

C. Jan. 7, 20Y4

Dr Cash 14,210

Dr Sales Discount 290

Cr Accounts Receivable - Beasley Co. 14,500

Explanation:

A. Recording the entry for the sale on December 28, 20Y3, using a perpetual inventory system’s net method.

Dec. 28, 20Y3

Dr Accounts Receivable - Beasley Co. 18,500

Cr Sales Revenue 18,500

Dec. 28, 20Y3

Dr Cost of Goods Sold 11,200

Cr Inventory 11,200

B. Journals to record the returns of merchandise

Jan. 3, 20Y4

Dr Sales Returns and Allowances 4,000

Cr Accounts Receivable - Beasley Co. 4,000

Jan. 3, 20Y4

Dr Inventory 2,350

Cr Cost of Goods Sold 2,350

C. Journal entry to document the receipt of amount owed

Jan. 7, 20Y4

Dr Cash 14,210

[(18,500-4,000)-(18,500-4,000)*2% ]

Dr Sales Discount 290

[(18,500-4,000)*2% ]

Cr Accounts Receivable - Beasley Co. 14,500

(18,500-4,000)

8 0

2 months ago

Slush Corporation has two bonds outstanding, each with a face value of $2 million. Bond A is secured on the company’s head offic

stepan [3596]

Answer:

$1 million

Explanation:

The anticipated payout for holders of bond B is the total recoverable amount from asset liquidation, minus the secured bond A's valuation which stands at $2 million.

The recoverable figure includes the office building valued at $1 million alongside $2 million worth of additional assets.

This is justified as bond A is secured against the office building worth $1 million, making both bonds equal in standing at $1 million each from the proceeds available afterwards.

6 0

3 months ago