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2 years ago

The following data were provided by Mystery Incorporated for the year ended December 31:

Business

1 answer:

hjlf2 years ago

4 0

Answer:

Mystery Incorporation

Multi step Income Statement

For the year ended December 31

Merchandise Sales (gross revenue) for Cash 238,000

Merchandise Sales (gross revenue) on Credit 41,600

Less Sales Returns and Allowances 6,990

Net Sales $ 272,610

Less Cost of Goods Sold $ 164,000

Gross Profit $ 108,610

Less Salaries and Wages Expense 39,800

Office Expenses + 18,900 = 58,700

Income Before Tax 49,910

Less Income Tax Expense 17,470

Net Income 32,440

Gross Profit Percentage = Gross Profit / Sales *100

Gross Profit Percentage = $ 108,610/ $ 272,610 *100= 39.840= 39.8%

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2 years ago

On January 1, 2019, Shields, Inc., issued $800,000 of 9%, 20-year bonds for $879,172, yielding a market (yield) rate of 8%. Semi

Ghella [55]

Answer:

cash 879,172 debit

bonds payble 800,000 credit

premium on BP 79,127 credit

--to record issuance--

Interest expense 35,166.84 debit

premium on BP 833.16 debit

cash 36,000 credit

--to record first interest payment--

Interest expense 35133.52 debit

premium on BP 866.48 debit

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--to record second interest payment--

Financial Statement effect:

Cash flow:

financing:

proceed from bonds 879,172

interest paid 72,000

Net income

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Balance sheet

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Premium on Bonds 77,471

Explanation:

The price will be the discounted future coupon and maturity payment at market rate

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$

C 36,000.000 (800,000 x 9% x 1/2)

time 40 ( 20 years x 2)

rate 0.04 (8% x 1/2)

$36000 \times \frac{1-(1+0.04)^{-40} }{0.04} = PV\\$

PV $712,539.8598

$\frac{Maturity}{(1 + rate)^{time} } = PV$

Maturity 800,000.00

time 40.00

rate 0.04

$\frac{800000}{(1 + 0.04)^{40} } = PV$

PV 166,631.24

PV c $712,539.8598

PV m $166,631.2357

Total $879,171.0955

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the cash outlay will be the same for each period:

principal x coupon rate x half-year as payment are semiannual.

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Answer:

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Explanation:

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The Mars Climate Orbiter was destroyed when a navigation error caused the probe to be improperly elevated as it entered orbit. The vehicle was destroyed by the friction and stresses in Mars' atmosphere. An investigation showed that some data for the rocket system were calculated in English units (pound-force-second) while the navigation team expected SI units (Newton-second).

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Answer:

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Answer:

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