Flower, Inc. has 30 employees who work Monday through Friday each week; each employee earns $200 per day and is paid every Friday. The end of the accounting period is on a Wednesday. How much wages expense should the firm accrue at the end of the period?
A firm's net income is $330,000 on sales of $31.5 million. Average assets for the period were $7 million. For the year, what was the firm's:margin,turnover,and ROI?
In January 1, 2015, the balance in Big River Co.'s Allowance for Bad Debts account was $5,500. During the year, a total of $3,600 of delinquent accounts receivable were written off as bad debts. The balance in the Allowance for Bad Debts account at December 31, 2014, was $7,500. What was the total amount of bad debts expense recognized during the year?
Yoste, Inc. is in the process of liquidating and going out of business. The firm has $35,000 in cash, inventory totaling $100,000, accounts receivable of $75,000, plant and equipment with a $195,000 book value, and total liabilities of $300,000. It is estimated that the inventory can be disposed of in a liquidation sale for 70% of its cost, all but 10% of the accounts receivable can be collected, and plant and equipment can be sold for $215,000. Calculate the amount of cash that would be available to the stockholders if the accounts receivable are collected, the other assets are sold as described, and the liabilities are paid in full. (Use the formula Assets = Liabilities + Owners Equity)
At the beginning of the current fiscal year, ABC Corp.'s balance sheet showed assets of $650,000 and liabilities of $550,000. During the year, liabilities decreased by $45,000. Net Income for the year was $150,000, and net assets at the end of the year were $195,000. There were no changes in paid-in capital during the year.
a. Calculate the dividends, if any, declared during the year.
b. Calculate the total assets at the end of the year.