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In: Accounting
do it by excel Bonuses to key employees based on net income for 2017 are estimated...
do it by excel
Bonuses to key employees based on net income for 2017 are estimated to be $150,000 On December 1, 2017, the company borrowed $600,000 at 8% per year. Interest is paid quarterly. Accounts receivable at December 31, 2017, is $10,000,000. An aging analysis indicates that Baylor's expense provision for doubtful accounts is estimated to be 3% of the receivables balance. On December 15, 2017, the company declared a $2.00 per share dividend on the 40,000 shares of common stock outstanding, to be paid on January 5, 2018. During the year, customer advances of $160,000 were received; $50,000 of this amount was earned by December 31, 2017.
What is the Current Liabilities ?
What is the total amount of Current Liabilities ?
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Solutions
ekkarill92 answered 1 year agoRelated Solutions
Sky-High, Inc. pays company management bonuses at the end of each year if net income is...
Sky-High, Inc. pays company management bonuses at the end of
each year if net income is equal to or greater than a specific
percentage of net sales. However, in the past five years, that
metric has not been reached. During these past five years, Sky-High
has been lowering the requirements for granting credit to customers
so that more sales can be generated. However, making those credit
changes has caused the company’s uncollectible accounts percentage
to rise substantially; for last year,...
Sky-High, Inc. pays company management bonuses at the end of each year if net income is...
Sky-High, Inc. pays company management bonuses at the end of
each year if net income is equal to or greater than a specific
percentage of net sales. However, in the past five years, that
metric has not been reached. During these past five years, Sky-High
has been lowering the requirements for granting credit to customers
so that more sales can be generated. However, making those credit
changes has caused the company’s uncollectible accounts percentage
to rise substantially; for last year,...
organizations link pay to performance, determine cash bonuses, recognize employees and determine equity-based rewards. An organization...
organizations link pay to performance, determine cash bonuses,
recognize employees and determine equity-based rewards. An
organization must determine what they are able to provide to
employees according to their strategic plan, mission and values.
Research to find a company that has thought through these different
types of performance incentives, how they came to their
conclusions, and if they are working. How do their incentives tie
to their mission, values, strategic goals?
Explain why historical cost-based net income is superior to current value-based net income as a performance...
Explain why historical cost-based net income is superior to
current value-based net income as a performance measure for the
purposes of managerial compensation.
Describe the key concepts of allocation and apportionment in the taxation of the net income of...
Describe the key concepts of allocation and apportionment in the
taxation of the net income of a multistate business.
Describe the key concepts of allocation and apportionment in the taxation of the net income of...
Describe the key concepts of allocation and apportionment in the
taxation of the net income of a multistate business.
Stellar manufactures and sells swimsuits for $40.00 each. The estimated income statement for 2017 is as...
Stellar manufactures and sells swimsuits for $40.00 each. The
estimated income statement for 2017 is as follows:
Sales: $2,000,000, Variable costs: 1,090,000, contribution
margin: 910,000. Fixed costs: 765,000. Pretax earnings: 145,000
1.Compute the contribution margin per swimsuit and the number of
swimsuits that must be sold to break even. (Round
contribution margin per swimsuit to 2 decimal places, e.g. 15.25
and break even swimsuits to 0 decimal places, e.g.
125.)
2.What is the margin of safety in the
number of...
Indigo manufactures and sells swimsuits for $40.00 each. The estimated income statement for 2017 is as...
Indigo manufactures and sells swimsuits for $40.00 each. The
estimated income statement for 2017 is as follows:
Sales
$2,000,000
Variable costs
1,040,000
Contribution margin
960,000
Fixed costs
790,000
Pretax earnings
$170,000
1) Compute the contribution margin per swimsuit and the number
of swimsuits that must be sold to break even. (Round
contribution margin per swimsuit to 2 decimal places, e.g. 15.25
and break even swimsuits to 0 decimal places, e.g.
125.)
2) What is the margin of safety in the...
Based on the Income statement of The Clothing Outlet Inc., provide the total Net Income for...
Based on the Income statement of The Clothing Outlet Inc.,
provide the total Net Income for the 12-month period ending
December 31, 2017.
The following account balances are available for The Clothing
Outlet, Inc., a discount retailer, as of and for the year ended
December 31, 2017, except for the retained earnings balance which
is stated below as of January 1, 2017:
Cash………………………………..….$5,500,000
Accounts
receivable……………………...$9,000,000
Marketable securities….……………..…$14,000,000
Prepaid insurance……..……………..……$400,000
Inventory………………..………………$4,000,000
Equipment………………..……………..$7,000,000
Accumulated depreciation: equipment….$3,000,000
Buildings……………………………….$20,700,000
Accumulated depreciation: buildings…...$5,000,000
Land…………………………………....$4,000,000...
The following information is for Polo Limited for 2017: Net income for the year ……………………………………………… $2,300,000...
The following information is for Polo Limited for 2017:
Net income for the year ……………………………………………… $2,300,000
8% convertible bonds issued at par ($1,000 per bond), with each
bond convertible into 30 common shares ……………………………………………………….
2,000,000
6% convertible, cumulative preferred shares, $100 par value, with
each share convertible into 3 common shares …………………………………………………
4,000,000
Common shares (600,000 shares outstanding)
………………………............................................................................................................................................6,000,000
Stock options (granted in a prior year) to purchase 75,000 common
shares at $20 per share ………………………………………………………………………… 750,000
Tax rate for...
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