A company operates a solar installation in the desert in Western Australia. It is reviewing its operating practices with a view to making them more efficient. The solar installation generates electric power from sunlight and incurs operating costs for cleaning the solar modules (sometimes called solar panels) and replacing solar modules that have failed.
a) The annual revenue from the electric power is variable due to variable cloudiness and solar module failure and has a mean of $2.78m and a standard deviation of $0.32m. The annual operating costs have a mean of $0.51m and a standard deviation of $0.12m. Expected revenue varies systematically from one month to another, being higher in the summer when there is more sunshine. Monthly operating costs follow the same probability model regardless of the month (same mean and standard deviation apply to all months). Calculate, if possible, the mean and standard deviation of (i) monthly operating costs (ii) monthly profits. If a calculation is not possible, give the reason.
In: Math
Create a spreadsheet with 1. income statement. 2. balance sheet
|
Gin Yang, Culinary Academy Adjusted Trial Balance December 31 |
||
|
Cash |
$ 5,200 |
|
|
Accounts receivable |
1,100 |
|
|
Prepaid insurance |
1,200 |
|
|
Office supplies |
320 |
|
|
Office equipment |
3,000 |
|
|
Accumulated depreciation–office equipment |
$ 1,800 |
|
|
Buildings |
75,000 |
|
|
Accumulated depreciation–buildings |
26,000 |
|
|
Land |
135,000 |
|
|
Salaries Payable |
1,285 |
|
|
Property taxes payable |
3,200 |
|
|
Interest payable |
3,850 |
|
|
Unearned tuition revenue |
3,300 |
|
|
Notes payable |
85,000 |
|
|
Gin Yang, Capital Stock |
35,000 |
|
|
Gin Yang, Dividends |
5,000 |
|
|
Tuition revenue |
92,855 |
|
|
Salaries expense |
13,000 |
|
|
Utilities expense |
1,400 |
|
|
Property taxes expense |
1,975 |
|
|
Insurance expense |
1,300 |
|
|
Office supplies expense |
325 |
|
|
Depreciation expense–office equipment |
1,120 |
|
|
Depreciation expense–buildings |
4,850 |
|
|
Interest expense |
2,500 $252,290 |
________ $252,290 |
In: Accounting
Below is an alphabetical listing of all the accounts for T.O.'s Dance studio on 12/31/11. Assume all adjustments have been made and all balances are "normal." Accounts payable 3,000 Accounts receivable 8,000 accumulated depreciation-Equip. 3,000 Contributed capital 2,000 Cash 5,000 Depreciation expense 1,000 Dividends declared 1,000 Equipment 9,000 Income Tax expense 1,000 Income Taxes Payable 1,000 Service Revenue 18,000 Rent Expense 2,000 Retained Earnings(as of 1/1/11) 3,000 Unearned Revenue 1,000 wage expenses 4,000. Now prepare an Income Statement in good form for T.O.'s Dance Studio. Also prepare closing entries for T.O.'s Dance studio, Prepare The Statement of Retained Earnings for T.O.'s Dance Studio , & lastly Prepare the Classified Balance Sheet for T.O.'s Dance Studio.
In: Accounting
Use the following information to prepare a multi-step income
statement and a balance sheet for Sherman Equipment Co. for Year 2.
(Hint: Some of the items will not appear on
either statement, and ending retained earnings must be calculated.)
(Balance Sheet only: Items to be deducted must be indicated
with a minus sign.)
| Salaries Expense | $ | 85,000 | Operating Expenses | $ | 78,000 | |||
| Common Stock | 100,000 | Cash Flow from Investing Activities | 94,400 | |||||
| Notes Receivable (short term) | 40,000 | Prepaid Rent | 14,100 | |||||
| Allowance for Doubtful Accounts | 9,400 | Land | 56,000 | |||||
| Uncollectible Accounts Expense | 9,700 | Cash | 49,700 | |||||
| Supplies | 2,800 | Inventory | 99,900 | |||||
| Interest Revenue | 7,000 | Accounts Payable | 62,000 | |||||
| Sales Revenue | 384,000 | Salaries Payable | 28,000 | |||||
| Dividends | 5,100 | Cost of Goods Sold | 164,000 | |||||
| Interest Receivable (short term) | 3,100 | Accounts Receivable | 72,000 | |||||
| Beginning Retained Earnings | 89,000 | |||||||
In: Accounting
The following accounts and balances were drawn from the records of Barker Company at December 31, Year 2:
| Supplies | $ | 670 | Beginning retained earnings | $ | 20,000 | |||||||
| Cash flow from investing act. | (7,100 | ) | Cash flow from financing act. | (5,200 | ) | |||||||
| Prepaid insurance | 2,700 | Rent expense | 2,600 | |||||||||
| Service revenue | 80,000 | Dividends | 4,700 | |||||||||
| Other operating expenses | 41,000 | Cash | 12,300 | |||||||||
| Supplies expense | 250 | Accounts receivable | 20,000 | |||||||||
| Insurance expense | 1,100 | Prepaid rent | 5,100 | |||||||||
| Beginning common stock | 1,100 | Unearned revenue | 7,100 | |||||||||
| Cash flow from operating act. | 7,200 | Land | 35,000 | |||||||||
| Common stock issued | 5,300 | Accounts payable | 11,920 | |||||||||
Required
Use the accounts and balances from Barker Company to construct an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows (show only totals for each activity on the statement of cash flows).
In: Accounting
The following information was taken from Egeland Ltd.’s adjusted
trial balance as at July 31, 2020:
| Sales revenue | $2,777,000 | |||
| Interest expense | 45,000 | |||
| Cost of goods sold | 1,560,674 | |||
| Utilities expense | 17,000 | |||
| Depreciation expense | 216,000 | |||
| Distribution expenses | 410,000 | |||
| Administration expenses | 278,000 | |||
| Advertising expense | 60,000 | |||
| Interest revenue | 21,000 | |||
| Income tax expense | 78,000 | |||
| Dividends declared—Common shares | 27,000 | |||
| Dividends declared—Preferred shares | 14,526 |
Prepare a single-step statement of income for the year ended
July 31, 2020.
.
.
.
Prepare a multi-step statement of income for the year ended July 31, 2020.
.
.
.
Determine Egeland’s gross margin percentage for the year. (Round answer to 1 decimal place, e.g. 52.7%.)
.
.
.
If Egeland had 88,000 common shares outstanding throughout the year, determine the company's basic earnings per share. (Round answer to 2 decimal places, e.g. 52.75.)
In: Accounting
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2021, trial balances contained the following account information:
| Nov. 30 | Dec. 31 | ||||
| Dr. | Cr. | Dr. | Cr. | ||
| Supplies | 1,900 | 3,400 | |||
| Prepaid insurance | 6,400 | 4,700 | |||
| Salaries payable | 12,000 | 15,400 | |||
| Deferred rent revenue | 2,800 | 1,400 | |||
The following information also is known:
1. Using the above information for December, complete the
T-accounts below. The beginning balances should be the balances as
of November 30.
2. Using the above information, prepare the
adjusting entries Righter recorded for the month of December.
In: Accounting
Ashby clothing is a female clothing line selling high end winter apparel. The company has four brick and mortar locations in central Pa. All locations share the use of the professional back office staff personnel at the company's headquarters. In 2018 the cost of the marketing department was $133,500. The cost of the accounting department was $184,850. The cost of the information technology department was $61,155. Lastly, the customer service call center had a cost of $77,020. Below you will find information was provided about the operations about each store location. Question: Allocate the cost of the back office departments to each of the stores based on, (A) Total Revenue, (B) Gross Margin, and (C) Quantity of winter coats sold.
| East Mall | West Mall | South Mall | North Mall | |||
| Sales Revenue | $ 505,000 | $ 720,000 | $ 225,000 | $ 630,000 | ||
| Cost of Goods Sold | $ 115,000 | $ 470,000 | $ 100,000 | $ 400,000 | ||
| Quantity of Coats Sold | 1825 | 3000 | 800 | 2500 | ||
In: Accounting
The following information is related to Skysong Company for
2020.
| Retained earnings balance, January 1, 2020 | $1,372,000 | |
| Sales Revenue | 35,000,000 | |
| Cost of goods sold | 22,400,000 | |
| Interest revenue | 98,000 | |
| Selling and administrative expenses | 6,580,000 | |
| Write-off of goodwill | 1,148,000 | |
| Income taxes for 2020 | 1,741,600 | |
| Gain on the sale of investments | 154,000 | |
| Loss due to flood damage | 546,000 | |
| Loss on the disposition of the wholesale division (net of tax) | 616,000 | |
| Loss on operations of the wholesale division (net of tax) | 126,000 | |
| Dividends declared on common stock | 350,000 | |
| Dividends declared on preferred stock | 112,000 |
Skysong Company decided to discontinue its entire wholesale
operations (considered a discontinued operation) and to retain its
manufacturing operations. On September 15, Skysong sold the
wholesale operations to Rogers Company. During 2020, there were
500,000 shares of common stock outstanding all year.
Prepare a multi step income statement:
In: Accounting
I have to do an simple-step Income statement and I'm stuck on what comes after the expense part.
Accounting, Analysis, and Principles a1-a3 SheffieldInc. provided the following information for the year 2020. Retained earnings, January 1, 2020 $ 672,000 Administrative expenses 268,800 Selling expenses 336,000 Sales revenue 2,128,000 Cash dividends declared 89,600 Cost of goods sold 952,000 Loss on discontinued operations 123,200 Rent revenue 115,024 Unrealized holding gain on available-for-sale debt securities 19,040 Income tax applicable to continuing operations 209,440 Income tax benefit applicable to loss on discontinued operations 67,760 Income tax applicable to unrealized holding gain on available-for-sale debt securities 2,240 Prepare a single-step income statement for 2020. Shares outstanding during 2020 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.)
In: Accounting