Answer:
Explanation:
Before preparing the retained earning statement, First, we have to compute the ending balance of the retained earning account.
The formula to compute the retained earnings ending balance is shown below:
The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid
= $17,200 + $10,400 - $6,000
= $21,600
The ending balance of retained earnings is shown in the attached spreadsheet.
<u>Calculation of Return on Total Assets:</u>
Return on Total assets can be calculated using the following formula:
Return on Total Assets = Net Income / Total Assets
We can calculate Net income as follows:
Sales $2960
Less: Operating Costs $2675
Less: Interest charges $125
Income before tax = 160
Less: Tax (160*40%) = 64
Net Income = $96
Hence , Return on Total Assets = 96/2100 = 0.0457 =<u>4.57%</u>
The Answer is A) 1.1 Years and the equation for this is 560(1+.12)^? Then plug the answers into the equation and find the one that works 634.348 is what you get from 1.1 but since it’s the closest it’s the answer.
Answer:
$307
Explanation:
The computation of the interest expense is shown below:
= Principal × rate of interest × number of days ÷ (total number of days in a year)
= $80,000 × 6% × (23 days ÷ 360 days)
= $307
The 23 days is taking from July 8 to July 31
We simply applied the simple interest formula by multiplying the principal amount with the rate of interest and the time period
Answer:
C. $15,000
Explanation:
Given that
Finished goods inventory, January 1 $ 3,200
Finished goods inventory, December 31 4,000
Total cost of goods sold 14,200
So the cost of goods manufactured is
As we know that
Cost of goods sold = Opening balance of finished goods + Cost of goods manufactured - ending balance of finished goods
$14,200 = $3,200 + Cost of goods manufactured - $4,000
So, the cost of goods manufactured is $15,000
