Business, 03.06.2021 15:30, angellynn50
The chief financial officer (CFO) of Skysong, Inc. requested that the accounting department prepare a preliminary balance sheet on December 30, 2017, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to maintain a current ratio of at least 2:1. The preliminary balance sheet is as follows. GRIENKE CORP. Balance SheetDecember 30, 2014Current assets Cash $26,581 Accounts receivable 31,869 Prepaid insurance 6,630 $ 65,080Equipment (net) 201,570Total assets $266,650Current liabilities Accounts payable $ 21,581 Salaries and wages payable 11,869 $ 33,450Long-term liabilities Notes payable 81,630 Total liabilities 115,080Stockholders’ equity Common stock 100,000 Retained earnings 51,570 151,570Total liabilities and stockholders’ equity $266,650The chief financial officer (CFO) of Grienke CorpoThe chief financial officer (CFO) of Grienke CorpoCalculate the current ratio and working capital based on the preliminary balance sheet. (Round Current Ratio to 1 decimal place, e. g. 0.7 : 1)Current ratio :1Working capital $LINK TO TEXTThe chief financial officer (CFO) of Grienke CorpoThe chief financial officer (CFO) of Grienke CorpoBased on the results in (a), the CFO requested that $21,581 of cash be used to pay off the balance of the accounts payable account on December 31, 2014. Calculate the new current ratio and working capital after the company takes these actions. (Round Current Ratio to 1 decimal place, e. g. 0.7 : 1)Current ratio :1Working capital $
Answers: 2
Business, 21.06.2019 22:50, carolineepoolee84
The winston company estimates that the factory overhead for the following year will be $1,250,000. the company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. the total machine hours for the year were 54,300. the actual factory overhead for the year were $1,375,000. determine the over- or underapplied amount for the year.
Answers: 1
Business, 22.06.2019 04:10, maddylaugh
Lynch company manufactures and sells a single product. the following costs were incurred during the company’s first year of operations: variable costs per unit: manufacturing: direct materials $ 12 direct labor $ 6 variable manufacturing overhead $ 1 variable selling and administrative $ 1 fixed costs per year: fixed manufacturing overhead $ 308,000 fixed selling and administrative $ 218,000 during the year, the company produced 28,000 units and sold 15,000 units. the selling price of the company’s product is $56 per unit. required: 1. assume that the company uses absorption costing: a. compute the unit product cost. b. prepare an income statement for the year. 2. assume that the company uses variable costing: a. compute the unit product cost. b. prepare an income statement for the year.
Answers: 1
The chief financial officer (CFO) of Skysong, Inc. requested that the accounting department prepare...
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