The adjusted trial balance for Tybalt Construction as of December 31, 2017, follows.
TYBALT CONSTRUCTION
Adjusted Trial Balance
December 31, 2017
No. Account Title Debit Credit
101 Cash $ 6,500
104 Short-term investments 22,000
126 Supplies 8,000
128 Prepaid insurance 8,300
167 Equipment 50,000
168 Accumulated depreciation—Equipment $ 25,000
173 Building 162,000
174 Accumulated depreciation—Building 54,000
183 Land 68,020
201 Accounts payable 16,500
203 Interest payable 3,000
208 Rent payable 3,200
210 Wages payable 2,400
213 Property taxes payable 1,200
233 Unearned professional fees 7,400
251 Long-term notes payable 68,000
301 O. Tybalt, Capital 132,800
302 O. Tybalt, Withdrawals 10,000
401 Professional fees earned 100,000
406 Rent earned 15,500
407 Dividends earned 2,000
409 Interest ear 2,400
606 Depreciation expense—Building 11,880
612 Depreciation expense—Equipment 7,500
623 Wages expense 28,500
633 Interest expense 4,800
637 Insurance expense 7,300
640 Rent expense 11,600
652 Supplies expense 7,100
682 Postage expense 3,500
683 Property taxes expense 3,100
684 Repairs expense 7,800
688 Telephone expense 2,100
690 Utilities expense 3,400
Totals $ 433,400 $ 433,400
O. Tybalt invested $6,500 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $126,300). Tybalt Construction is required to make a $8,500 payment on its long-term notes payable during 2018.
Required:
1a. Prepare the income statement for the calendar-year 2017.
1b. Prepare the statement of owner's equity for the calendar-year 2017.
1c. Prepare the classified balance sheet at December 31, 2017.
2. Prepare the necessary closing entries at December 31, 2017.
Answers
Answer and Explanation:
According to the scenario, The presentation are presented below:
1a. Income Statement
Particular Amount ($)
Professionals fees earned 100,000
Add - Rent earned 15,500
Add - Dividends Earned 2,000
Add - Interest earned 2,400
Total Revenue 119,900
Less - Building depreciation expenses 11,880
Less - Equipment depreciation expenses 7,500
Less - Wages expenses 28,500
Less - Interest expenses 4,800
Less - Insurance expenses 7,300
Less - Rent expenses 11,600
Less - Repair expenses 7,800
Less - Property taxes expenses 3,100
Less - supplies expenses 7,100
Less - Telephone expenses 2,100
Less - Postage expenses 3,500
Less - Utilities expenses 3,400
Net income 21,320
1 b Statement of Owner’s Equity
Particular Amount ($)
Tybalt capital on 31 Dec. 2016 126,300
Add-Additional invested cash 6,500
Add - Net income 21,320
Less - withdrawals 10,000
Tybalt capital on 31 Dec. 2017 144,120
1 c Balance Sheet
Assets Amount ($) Liabilities Amount ($)
Cash 6,500 Accounts payable 16,500
Short term
investment 22,000 Interest payable 3,000
supplies 8,000 Rent payable 3,200
Prepaid insurance 8,300 Wages payable 2,400
Equipment
($50,000-$25,000 25,000 Property taxes payable 1,200
Building
($162,000-$54,000) 108,000 Unearned professional fees 7,400
Land 68,020 Long term notes payable 68,000
Tybolt capital on 31 Dec. 2017 144,120
Total 245,820 Total 245,820
2.
Journal Entry
31, Dec. Rent earned A/c Dr. $100,000
Professional fees earned A/c Dr. $15,500
Dividends earned A/c Dr. $2,000
Interest earned A/c Dr. $2,400
To Income summary A/c $119,900
(Being the closing of revenue account is recorded)
31 Dec. Income summary A/c Dr. $98,580
To Building Depreciation expenses A/c $11,880
To Equipment Depreciation expenses A/c $7,500
To Wages expenses A/c $28,500
To Interest expenses A/c $4,800
To Insurance expenses A/c $7,300
To Rent expenses A/c $11,600
To Supplies expenses A/c $7,100
To Postage expenses A/c $3,500
To Property taxes expenses A/c $3,100
To Repairs expenses A/c $7,800
To Telephone expenses A/c $2,100
To Utilities expenses A/c $3,400
(Being the closing of expense account is recorded)
31 Dec. Income Summary A/c Dr. $21,320
To Tybalt capital A/c $21,320
(Being the closing of income summary is recorded)
31 Dec. Tybalt capital A/c Dr. $10,000
To Tybalt withdrawals A/c $10,000
(Being the closing of withdrawals account is recorded)
Related Questions
7. Prepaid expenses require what type of adjusting entry?
A. Matched
B. Accumulated
C. Accrued
D. Deferral
Answers
Answer:
Positive feedback occurs to increase the change or output: the result of a reaction is amplified to make it occur more quickly. Negative feedback occurs to reduce the change or output: the result of a reaction is reduced to bring the system back to a stable state.
Explanation:
a matced with cs for you are the most
PLEASE GIVE ME AN EXPLANATION ON HOW TO DO THIS OR DO IT FOR ME I REALLY NEED THIS SO I CAN PASS
You will assist four of the affected patients or their family members with their concerns regarding the lack of heating, ventilation, and air
conditioning (HVAC) in the maternity ward.
• For each interaction, note the time, describe who is voicing a concern, what the problem is, and the approach you are taking to
assist the customer. Be sure to include in the interaction any source of conflict, and the ultimate resolution.
• You may describe each encounter by writing in a short paragraph format, covering all points of the interaction. Or, you may
describe by using dialogue parts, as you would find in a play.
Answers
Answer:
hii can we be friends
अनुपात के लिए प्रतिशत कैसे प्राप्त करें
अनुपात अक्सर एम: एन या एम / एन के रूप में व्यक्त किए जाते हैं। अनुपात को प्रतिशत के रूप में परिवर्तित करने के लिए, केवल m को n से विभाजित करें और फिर परिणाम को 100 से गुणा करें।
अनुपात को प्रतिशत में बदलने के लिए कदम
रूपांतरण में तीन सरल चरण होते हैं:
चरण 1: पहली संख्या को दूसरी संख्या से विभाजित करें
चरण 2: प्रतिशत में बदलने के लिए 100 से गुणा करें
चरण 3: प्रतिशत प्रतीक जोड़ें (%)
उदाहरण के लिए , यदि अनुपात 12: 4 है, तो इसे प्रपत्र 12/4 में बदल दें, जो एक समीकरण है जिसे हम हल कर सकते हैं। उसके बाद, प्रतिशत प्राप्त करने के लिए परिणाम को 100 से गुणा करें।
12 3 4 = 3 3 × 100 = 300%अनुपात के लिए प्रतिशत को हल करने के लिए समीकरण
Which situation best illustrates an effect of the law of supply?
A. A car company sells a lot more cars after it lowers its prices.
B. A theater sells more tickets when income rise across a country.
C. A store stocks more phones when it learns that their selling price has gone up.
D. A restaurant increases the number of items on the menu to attract customers.
Answers
The situation best illustrates the effect of the law of supply A store stocks more phones when it learns that its selling price has gone up. Thus teh correct option is C.
What is Supply?Supply is referred to as making the availability of the demanded object in the market. This can be goods, commodities, or currencies as well. If the supply of demanded goods is not fulfilled it reflects scarcity.
According to the law of demand, when a good's price increases, fewer people will buy it. The amount requested for a good will increase as its price declines in the market.
The amount supplied and price fluctuations for a product are related by the law of supply. Unlike the law of demand, the law of supply has a direct relationship.
Therefore, option C is appropriate.
Learn more about the Law of Demand, here:
brainly.com/question/1105224
#SPJ5
Consider a firm redesigning its logistics network. What are the advantages of having a small number of centrally located warehouses? What are the advantages of having a larger number of warehouses closer to the end customers?
Answers
Small centrally located warehouses offer cost efficiency and simplified inventory management, while larger warehouses closer to customers provide faster delivery, better customer service, and cost savings in shipping.
Having a small number of centrally located warehouses offers several advantages in a firm's logistics network:
Cost Efficiency: Centralized warehouses can lead to cost savings in terms of inventory management, transportation, and operational overheads. With fewer warehouses, the firm can benefit from economies of scale in procurement, storage, and distribution.
Simplified Inventory Management: Managing inventory becomes more streamlined when there are fewer warehouses. It allows for better control and visibility over stock levels, reducing the risk of stockouts or overstocking.
Faster Transit Times: With centrally located warehouses, products can be shipped more quickly to various regions since they are closer to major transportation hubs. This reduces lead times and improves overall customer satisfaction.
Improved Coordination: Centralized warehouses facilitate better coordination and synchronization of supply chain activities. It becomes easier to manage inbound and outbound logistics, optimize transportation routes, and consolidate shipments.
On the other hand, having a larger number of warehouses closer to end customers provides the following advantages:
Faster Delivery: Proximity to end customers enables faster order fulfillment and delivery. Products can reach customers more quickly, reducing transit times and improving responsiveness.
Enhanced Customer Service: Local warehouses allow for better customization and personalization of service. They can cater to specific regional preferences, offer faster response times to customer queries, and handle returns or exchanges more efficiently.
Lower Shipping Costs: By locating warehouses closer to customers, transportation costs can be reduced as products travel shorter distances. This can lead to cost savings in shipping expenses.
Flexibility and Redundancy: Having multiple warehouses distributed geographically provides redundancy and flexibility in the supply chain. It mitigates the risk of disruptions, such as natural disasters or transportation issues, as the firm can rely on alternative warehouse locations.
In summary, a small number of centrally located warehouses offer cost efficiency and streamlined inventory management, while a larger number of warehouses closer to end customers provide faster delivery, improved customer service, lower shipping costs, and increased flexibility.
For more question on warehouses visit:
https://brainly.com/question/23941356
#SPJ8
Write a paragraph on needs and wants of the ancient communities
Answers
Answer:
Introduction
Info on needs and wants of ancient communities
.Info on system practiced in exchanging their goods
Logical arrangement of facts
Conclusion
The adjusted trial balance of Sunland Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $903,400; Freight-Out $13,700; Sales Returns and Allowances $22,000; and Sales Discounts $15,400. Prepare the sales section of the income statement.
Answers
Net Sales Revenue for Sunland Company: $865,000 (Sales Revenue $903,400 - Returns $22,000 - Discounts $15,400).
Income Statement - Sales Section (For the fiscal year ended October 31, 2022)
Sales Revenue: $903,400
Less: Sales Returns and Allowances: $22,000
Less: Sales Discounts: $15,400
Net Sales Revenue: $903,400 - $22,000 - $15,400 = $865,000
The sales section of the income statement for Sunland Company reflects the following figures for the fiscal year ended October 31, 2022:
Sales Revenue: $903,400
Less: Sales Returns and Allowances: $22,000
Less: Sales Discounts: $15,400
Net Sales Revenue: $865,000
The Sales Revenue represents the total amount of sales generated by Sunland Company during the fiscal year.
Sales Returns and Allowances account for any merchandise returned by customers or allowances granted due to defective products or other reasons.
Sales Discounts account for the reduction in the selling price offered to customers for early payment or other negotiated discounts.
By subtracting the Sales Returns and Allowances and Sales Discounts from the Sales Revenue, we arrive at the Net Sales Revenue figure.
For Sunland Company, the Net Sales Revenue amounts to $865,000, which represents the total sales revenue after deducting returns, allowances, and discounts.
This figure is significant for assessing the company's performance and analyzing its sales activities.
For more such questions on Net Sales Revenue
https://brainly.com/question/32096169
#SPJ8
law of demand states that
Answers
Answer:
The higher the price the higher the quantity demand.
Explanation:
The law of demand states that the higher the price, the higher the quantity of goods and services demanded at a given period of time.
I work in a small shop in my country. The central government owns the shop, tells me what to sell, how many products to sell, and for how much to sell the products. What type of economy do I live in?
Group of answer choices
Command
Mixed
Market
Traditional
Answers
Answer:
Market
Explanation:
A market economy is a system where the laws of supply and those of demand direct the production of goods and services. 1 Supply includes natural resources, capital, and labor. Demand includes purchases by consumers, businesses, and the government. Businesses sell their wares at the highest price consumers will pay.
~Hope this helps
cube root of 9 rational or irrational
Answers
Please vote me as brainliest’n
A parking garage in downtown Baltimore offers its services to both monthly customers, who pay a fixed fee every month, and to visitors, who pay an hourly fee (assume that the hourly fee is the same regardless of the day or time of day). Each monthly customer gets an ID assigned by the garage, and the garage wants to maintain the customer’s basic contact information. The monthly fee paid is negotiated separately for each customer, and it changes periodically; it is important for the garage to maintain a history of the fee details for each customer. The garage has more than 700 parking spots, each of which is equipped with a sensor that recognizes whether there is a car in the spot; in addition, the sensor can read each monthly customer’s customer ID card with an RFID reader and, thus, knows which monthly visitor has parked at which spot and when. Each spot is also equipped with a camera that is able to take a picture of each visitor’s license plate number; this information is stored to help locate any vehicle that an owner has misplaced. The system should keep track of each time a parking spot is used, including an image of the license plate, start and end times, and a link to the monthly customer, if appropriate.
1. Create a high-level ERD which shows only the cardinality and modality between the main entities.
2. Write out the tables including cardinalities, primary and foreign keys.
Answers
High Level Entity Relationship Diagram which shows only cardinality and modality between main entities:
Customer ------< Payment >------ Garage
Customer ------< Spot >------ Garage
1- High-Level ERD:
High Level ERD, or High Level Entity Relationship Diagram, is a visual representation of the relationships between different entities in a data model. It is used to illustrate how different entities interact with one another, and how they can be used to store and retrieve data. High Level Entity Relationship Diagram's are typically used to help define the structure of a database, and they can be used to help identify potential problems that may arise when designing a database.
Customer ------< Payment >------ Garage
Customer ------< Spot >------ Garage
2 - Tables:
Monthly Customer Table:
Primary key: Customer ID
Fields:
Customer ID
Name
Contact information
Fee details (history)
Monthly Parking Spot Table:
Primary key: Spot ID
Foreign key: Customer ID
Fields:
Spot ID
Customer ID
Parking Event Table:
Primary key: Event ID
Foreign key: Spot ID
Fields:
Event ID
Spot ID
License plate number
Start time
End time
Hourly Parking Spot Table:
Primary key: Spot ID
Fields:
Spot ID
Visitor Table:
Primary key: Visitor ID
Fields:
Visitor ID
Name
Contact information
Parking events (many-to-many link to Parking Event table)
To know more about Entity Relationship Diagram, click here:
https://brainly.com/question/30391958
#SPJ1
Shane is a newly hired inventory manager at a manufacturing firm. What can he do to avoid shortages or excess quantity of inventory?
Answers
Answer:
take inventory on how much product he has and how much he needs
Explanation:
Answer:
Honestly not sure but I personally put "C. plan appropriate order cycles for the inventory"
Explanation:
Plato
Suppose you have $5,000 as a gift from your parents just after they kicked you out of the house. You have a
car, your great grandfather's rare World War I commemorative badge collection and you quickly found a place
to rent for a while. You work in a factory that has a history of workplace injury and you work near the
conveyor belts and other giant machines. You are single and live by yourself.
Based on this information, what types of insurance would you need to purchase? List each type you would
need and explain in 1-2 sentenes why.
(4 different insurances to identify)
Answers
Because you have been said to work in a place that is known to have lot of workplace related incidents and other issues, the best type of insurance that you should get is the life insurance.
What is the life insurance?An insurance policy holder and an insurer or assurer enter into a contract for life insurance under which the insurer agrees to pay a predetermined beneficiary a certain amount of money in the event that the policyholder dies. Other occurrences, such critical illness or terminal disease, may also result in payment, depending on the terms of the contract.
A life insurance policy is simply a contract between a person and an insurance company, under which the firm agrees to pay a predetermined sum of money to the person's beneficiaries or family in exchange for a series of payments over time.
You are not ineligible for competitive life insurance if you work in a risky industry or are considered high-risk by the life insurance provider.
Read more on insurance here:https://brainly.com/question/25855858
#SPJ1
Prepare a comparative income statement for any company extracting their P&L statement for the years 2020-21 & 2021-22. Analyse the incline and decline in the different elements in the P&L Statement and provide detailed insights.
Answers
Answer:
this is my own answer
Explanation:
hi
How to Prepare a Comparative Income Statement?
Step 1: Specify absolute figures of items like goods sold, net sales, selling expenses, etc., relating to the accounting period under consideration for analysis.
Step 2: Calculate the absolute change in the items mentioned in the income statement.
Which best describes an employer of Consumer Services workers? O a manager of a retail store a principal of a private school O a worker in a spa an archbishop in a church
Answers
A manager of a retail store and a principal of a private school, Best describes an employer of Consumer Services workers.
What are customers?A client is a person who purchases goods, services, or ideas from a seller, vendor, or supplier in exchange for money or another useful consideration. This definition applies to sales, commerce, and economics.
An individual or business that purchases goods or services from another company is known as a customer. Customers are crucial to businesses because they generate income; without them, they would cease to exist.
Customers' queries and worries should be heard, and any necessary responses should be given. Describe items and services in detail. Take orders, compute costs, and handle invoicing or payment processing. Examine customer accounts and make any required adjustments.
Therefore, option (A) is correct.
Learn more about customers here:
https://brainly.com/question/13472502
#SPJ6
When is economic expansion occur
Answers
Answer:
The expansion occurs during times of economic stimulation, where there is a rise in employment, followed by consumer confidence and discretionary spending. The phase is also known as economic recovery.
Mary Smith is the owner and operator of smiths costruction. at the end of the company's accounting period, December 31st 2020 Smith's construction has assets totaling $760,000 and liabilities totaling $240,000 use the accounting equation to calculate what Mary's owner Equity would be as of December 31st 2020
Answers
hi I'm from Philippines and you?
Which of the following encourages creativity and innovation. Flexibility, realistic expectations, persistence or organized planning
Answers
Flexibility fosters invention and creativity.
what is flexibility?If we take corporate work into consideration.
Instead, workplace flexibility is fostering an environment where workers may balance work and personal obligations while still performing at a high level. Options for when, where, and how the work is completed are part of flexible work arrangements.
Creative thinking demands flexibility, which makes it easier to come up with original and creative ideas. If someone is flexible, they will have creative thoughts.
In that we are working with ideas, flexibility is similar to fluency. Yet, while fluency focuses on producing as many ideas as possible, flexibility focuses on producing concepts that are unique from one another.
to know more about the creative visit:
https://brainly.com/question/17211896
#SPJ1
45) Tomas goes to work, gets his job done, and then goes home. This is an example of which type of membership?
A) in-group
B) out-group
C) task
D) supportive
Which is correct?
Answers
Tomas goes to work, gets his job done, and then goes home. This is an example of which type of membership is A) in-group.
Membership packages are a means of incentivizing giving and involvement within nonprofit groups and institutions. The agency extends additional engagement opportunities to individuals in trade for donations in the form of membership prices.
A club card is a physical or digital card that proves a member's club is together with your organization. It is able to be used when admitting individuals into occasions and to provide them access to different member blessings.
Membership status means the designation of a member as either full Member, Alert Member, or Probationary Member.
Learn more about Membership here https://brainly.com/question/2203554
#SPJ1
Problem 8, MacroSoft Inc. has capitalized $600,000 of software costs. Sales from this product were $360,000 in the first year. MacroSoft estimates additional revenues of $840,000 over the product’s economic life of 5 years.
Instructions
Prepare the journal entry to record software cost amortization for the first year. Show all computations.
Answers
Journal Entry:
Date: [First year-end date]
The amortization expense for the first year is $120,000.
Debit: Amortization Expense - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Credit: Accumulated Amortization - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Explanation:To record the software cost amortization for the first year, we need to allocate a portion of the capitalized software costs as an expense. Since the software has an estimated economic life of 5 years, we divide the total software cost ($600,000) by 5 to determine the annual amortization expense. In this case, the amortization expense for the first year is $120,000. We debit the Amortization Expense - Software Cost account to recognize the expense and credit the Accumulated Amortization - Software Cost account to accumulate the amortization over time.For more such questions on Journal Entry
https://brainly.com/question/28390337
#SPJ8
Dynamo Industries sold 80 packages of fireworks at a market price of $30 per package. If the firm earned a $2,000 profit, then what is the firm's average total cost?
Answers
An average package of fireworks from Dynamo Industries costs $5 overall. Since we know the profit was $2,000, we can deduct that sum from the entire amount of total revenue :
What is the formula for total revenue?Total revenue is crucial because it provides organizations with a broad grasp of the link between pricing and the demand from customers for more units of a certain product anywhere at given time. The simple method for calculating total revenue is: Price * Quantity Sold.
The term "total revenue" has what meaning?A company's overall sales is the sum of money it earns through the sale of its products and services. In other words, businesses utilize this statistic to assess the success of their primary revenue-generating activities.
To know more about total revenue visit:
https://brainly.com/question/30529157
#SPJ1
As a landlord, Jason wants to protect himself in the event that taxes on his apartment complex increase. To do so, he most likely will add a(n) _____ clause to his rental agreements.
Answers
As a landlord, Jason wants to protect himself in the event that taxes on his apartment complex increase. To do so, he most likely will add a(n) escalator clause to his rental agreements.
Many aspects of your business, including revenue goals, marketing objectives, target audience, brand positioning, and product attributes, are taken into consideration in pricing strategies. External factors like consumer demand, competitor pricing, and overall market and economic trends also have an impact.
1914 saw the passing of the Federal Trade Commission Act (FTCA).It laid out the Government Exchange Commission (FTC), which had the power to uphold regulations pointed toward restricting unjustifiable strategies for rivalry.
Learn more about rental agreements here:
https://brainly.com/question/6034138
#SPJ4
Arianna is setting up an entertainment system. At this particular home, she needs to hold up a receiver while moving
wires around and reaching for tools. Arianna is using
physical strength and dexterity.
O problem-solving skills.
accuracy and attention to detail.
planning and organization skills.
оооо
Answers
Answer: Physical Strength and Dexterity
Explanation:
I just took the test
Answer:
A. physical strength and dexterity.
Explanation:
Cristóbal recently purchased a new Ford F150 pickup truck and is now trying to sell his used truck with 180,000 miles on the odometer on eBay. He has created a listing including photos, and he decides to use eBay's "Buy It Now" feature rather than an auction. The truck has been listed for several weeks, but so far no one has contacted him about it. Which condition of exchange most directly relates to Cristóbal's eBay listing for his truck?
Answers
Answer:
a. There must be at least two parties
Explanation:
Option Includes: a. There must be at least two parties, b. Each party is free to accept or reject the exchange offer c. Each party has something that might be of value to the other party, d. Each party believes it is appropriate or desirable to deal with the other party.
Since Cristobal has listed its Ford F150 truck on eBay for weeks now but no one has so far contacted him about the truck, it means that there is no exchange taking place because of the absence of the other party. As there must be at least two parties for the condition of exchange to sell the product which is found absent here.
All the other options such as desirable item to deal or something valuable for both to offer will be relevant only when the other part approaches cristobal in response of his offer and then discuss the terms to see whether the deal meets desired needs and whether the deal will be valuable for both will be also determined only after two parties discuss the terms.
Which of the following is not a measure of central tendency?
Answers
Answer:
Standard deviation is not a measure of central tendency
Explanation:
Deviation means change or distance. But change is always followed by a reference. Hence standard deviation is a measure of change from central tendency i.e. mean. It is not itself a measure of central tendency.
Click to review the online content. Then answer the question(s) below, using complete sentences. Scroll down to view additional
questions.
Online Content: Site 1
What is the main difference in the way that "earned income" and "capital gains (or portfolio income)" are acquired?
Answers
The main difference in the way that "earned income" and "capital gains (or portfolio income)" are acquired is:
Earned income is money gained though occupation.Capital additions are medium of exchange gained though investment(s).Salary, bonuses, commissions, and tips that you receive from an employer or the company are examples of earned money.
Capital gains are funds received as a result of the sale of an investment such as stocks or real estate. Earned income is often taxed more heavily than gains from investments, which are taxed less heavily.
As a result, the significance of the main difference in the way that "earned income" and "capital gains (or portfolio income)" are acquired are the aforementioned.
Learn more about on earned income, here:
https://brainly.com/question/31313769
#SPJ1
9.
How is nominal GDP converted into real GDP?
O by eliminating the effects of price increases on GDP growth
O by adding all incomes earned to total expenditures by consumers, businesses, and government
O by adding the contributions of American-owned factories in foreign countries
O by adding up all of the real purchases made in the economy
Answers
Answer:
by eliminating the effects of price increases on GDP growth
Explanation:
To correct for an increase in prices, economists establish a set of constant prices by choosing one year as a base year and using this base year to calculate real GDP for other years.
Megazone Limited is well known for its focus on innovation and this is highlighted in the company’s website. The website
also tells a story of growth and success in the marketplace. This, combined with the excellent quality products offered,
has made Megazone Limited a leader in the marketplace. At the end of 2021 the plant and equipment (at carrying value)
totalled R5 000 000, a long-term investment was valued at R400 000, inventories amounted to R2 050 000, R1 750 000
was owed by trade debtors, cash in the bank amounted to R350 000, the ordinary share capital balance was R3 100 000,
the accumulated undistributed profits amounted to R2 500 000, an amount of R3 350 000 was owed to Vap Bank in
respect of a long-term loan, R270 000 was owed to the trade creditors, R250 000 was owed to shareholders for the final
dividend and R80 000 was owed to SARS for income tax.
At the end of 2022 the plant and equipment (at carrying value) totalled R6 250 000, the long-term investment was valued
at R350 000, inventories amounted to R2 150 000, R1 900 000 was owed by trade debtors, cash in the bank amounted to
R500 000, the ordinary share capital balance was R3 100 000, the accumulated undistributed profits amounted to R3
000 000, an amount of R3 600 000 was owed to Vap Bank in respect of the long-term loan, R1 200 000 was owed to the
trade creditors, R200 000 was owed to shareholders for the final dividend and R50 000 was owed to SARS for income
tax. The depreciation, operating profit, interest expense and income tax for the year ended 31 December 2022 amounted
to R750 000, R1 650 000, R450 000 and R400 000 respectively. Dividends paid and recommended amounted to
R300 000.
In keeping with the company’s growth strategy, the directors have identified two possible investment opportunities for
2023 viz. Project X and Project Y. An investment of R1 000 000 is required for each project. The useful life of each
project is estimated to be five years. Project X is expected to generate net cash flows of R350 000 (Year 1), R340 000
(Year 2), R330 000 (Year 3), R230 000 (Year 4) and R280 000 (Year 5). Project Y is expected to generate net cash flows
of R330 000 per year over its useful life. A scrap value of R100 000 (not included in the figures above) is anticipated for
Project X only. The company’s cost of capital is predicted to be 15%. The straight-line method of depreciation is used by
the company.
Answer ALL the questions in this section.
QUESTION 1 (15 Marks)
Prepare the financial statement for the year ended 31 December 2022 that provides details about the cash inflows and
cash outflows of Megazone Limited..
Answers
The financial statement for the year ended December 31, 2022 is Net Cash Provided by Operating Activities R (150,000), Net Cash Used in Investing Activities (1,600,000) and Net Cash Used in Financing Activities (250,000).
To prepare the cash flow statement for Megazone Limited for the year ended December 31, 2022, we need to analyze the information provided and categorize the cash flows into three main sections: operating activities, investing activities, and financing activities. Here's the breakdown:
Operating Activities:
Cash received from customers (trade debtors) R1,900,000Cash paid to trade creditors (1,200,000)Interest paid to Vap Bank (450,000)Income tax paid to SARS (400,000)Net Cash Provided by Operating Activities R (150,000)Investing Activities:
Purchase of plant and equipment (1,250,000)Purchase of long-term investment (350,000)Net Cash Used in Investing Activities (1,600,000)Financing Activities:
Long-term loan from Vap Bank 250,000Dividends paid to shareholders (300,000)Final dividend to shareholders (200,000)Net Cash Used in Financing Activities (250,000)Net Increase/(Decrease) in Cash (2,000,000)
Cash at the Beginning of the Year 350,000
Cash at the End of the Year R (1,650,000)
The cash flow statement shows that Megazone Limited had a net decrease in cash of R2,000,000 during the year. The operating activities resulted in a net cash outflow of R150,000, primarily due to payments to trade creditors, interest expense, and income tax.
The investing activities resulted in a net cash outflow of R1,600,000, mainly due to the purchase of plant and equipment and a long-term investment.
The financing activities resulted in a net cash outflow of R250,000, mainly due to dividends paid to shareholders.
For such more question on financial:
https://brainly.com/question/989344
#SPJ8
What is 30% of 3/5
Answers
Answer: Solution for What is 30 percent of 3/5
30 percent *3.50 =
(30:100)*3.50 =
(30*3.50):100 =
105:100 = 1.05
Now we have: 30 percent of 3.50 = 1.05
Question: What is 30 percent of 3.50?
Percentage solution with steps:
Step 1: Our output value is 3.50.
Step 2: We represent the unknown value with $x$x.
Step 3: From step 1 above,$3.50=100\%$3.50=100%.
Step 4: Similarly, $x=30\%$x=30%.
Step 5: This results in a pair of simple equations:
$3.50=100\%(1)$3.50=100%(1).
$x=30\%(2)$x=30%(2).
Step 6: By dividing equation 1 by equation 2 and noting that both the RHS (right hand side) of both
equations have the same unit (%); we have
$\frac{3.50}{x}=\frac{100\%}{30\%}$
3.50
x=
100%
30%
Step 7: Again, the reciprocal of both sides gives
$\frac{x}{3.50}=\frac{30}{100}$
x
3.50=
30
100
$\Rightarrow x=1.05$⇒x=1.05
Therefore, $30\%$30% of $3.50$3.50 is $1.05$
Explanation:
Answer: 2
Explanation:
30% 0f that number works out to be 3/5
30/100 * x = 3/5
isolate x by multiplying on both sides by 100/30
100/30 * 30/100 *x = 100/30 * 3/5
x = 20/10 = 2
Treat it as direct proportion
3/5 = 0.6
so,
x/100 = 0.6/30
x = 100*0.6/30
x = 2
Hello, I need help with a problem please, and thank you.
Answers
a. Using equation method,Break-Even Point is 13,249 units
b. Using contribution margin per unit approach,Break-Even Point is 13,249 units.
What is method ?A method is a set of instructions that are used to achieve a specific task. It is a sequence of steps that are followed to solve a problem or complete a task. Methods may be used in any field, including mathematics, science, engineering, medicine, finance, business, and computer science. Methods are often used to streamline processes and reduce complexity.
c. Preparing contribution margin income statement -Even Sales Volume (in units): 13,249,Sales Revenue: 13,249 x $140 = $1,854,560,Variable Costs: 13,249 x $73 = $967,477,Contribution Margin: $1,854,560 - $967,477 = $887,083,Fixed Costs: $468,000 + $271,200 = $739,200
To learn more about method
https://brainly.com/question/29511126
#SPJ1
What is one benefit of buying bonds? a. bonds provide monthly interest payments to investors., b. bonds guarantee the investor will be repaid the bond's principal., c. bonds rise and fall less dramatically than stocks., Bonds offer a higher rate of return than stocks.
Answers
Bonds provide investors with a stable, predictable source of income. Bonds typically pay a fixed rate of interest until the bond matures, when the investor is repaid the bond's principal.
What is investors?Investors are individuals or organizations that provide capital to businesses, organizations, and governments in exchange for financial or other returns. These entities often take on large amounts of risk in order to achieve higher returns than those available from traditional forms of investments such as stocks and bonds. Investors can be categorized as either passive or active, depending on their level of involvement in the investment decision-making process.
This makes bonds an attractive investment for those looking for steady, reliable returns over time. Bonds also tend to be less volatile than stocks, meaning they don't rise and fall as dramatically. As such, they are generally seen as a safer investment than stocks. Finally, bonds typically offer higher rates of return than stocks, making them an attractive choice for those looking to maximize their returns.
To learn more about investors
https://brainly.com/question/28426415
#SPJ1