User Account

All Pages

Prepare an income statement for the shop

Assignment Help Financial Accounting
Reference no: EM133012113

The owner of a bicycle repair shop forecasts revenues of $172,000 a year. Variable costs will be $53,000, and rental costs for the shop are $33,000 a year. Depreciation on the repair tools will be $13,000.

Problem a. Prepare an income statement for the shop based on these estimates. The tax rate is 20%.

Reference no: EM133012113

Questions Cloud

Social perception in interpersonal relations of organization : How can you minimize the negative impact of stereotypes and other barriers to accurate social perception in interpersonal relations of an organizations
Determine the amounts at which dunbar ltd would recognise : Distinguish between the inception date of a lease and the commencement date of a lease. What activities does a lessee undertake on the commencement
What the cost of units transferred out of the department : Beginning work in process inventory: (10,000 units; materials 100% complete, conversion 60% complete) $17,500. What the cost of units transferred out
Calculate the operating cash flow for the repair shop : Calculate the operating cash flow for the repair shop using the three methods given Add back depreciation tax shield and Dollars in minus dollars out.
Prepare an income statement for the shop : Variable costs will be $53,000, and rental costs for the shop are $33,000 a year. Prepare an income statement for the shop based on these estimates.
What is the balance of direct origination cost on December : Lunox Bank granted a 12%, P5,000,000 loan to Nana Company.What is the balance of direct origination cost on December 31, 2020
How the bank is run to borrowers and depositors : Which type of bank provides a vote on how the bank is run to borrowers and depositors? Savings and loan association./ Mutual savings bank
What would be the firm return on equity for the year : What would be the firm's return on equity for the year if the action is taken? It's the last day of the fiscal year of I-Hope-You' re-Not-Too-Desperate
What is the payback period for this project : Jobby Ltd is considering whether to purchase a new machine. It will cost $360,000 to purchase and $40,000 to install. What is the payback period

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine dividends per share for common stock for each year

Compute the dividends per share for preferred and common stock for each year. Seacrest Company has 25,000 shares of cumulative preferred 1% stock, $150 par.

  Question in the current fiscal year ended 63015 the

question in the current fiscal year ended 63015 the harriscity engaged in the following transactions.required assume

  What al must invest today

What Al must invest today? Al Miler, the owner of Al's Garage, estimates that he will need $29,000 for new equipment in 15 years.

  Carrying value of the bond

A $750,000 bond was retired at 103 when the carrying value of the bond was $777,500. The entry to record the retirement would include a

  What the dividend yield for the company is

Carbonetti Company paid $1.64 per share in common dividends in 2017. Its net market price per common share was $2.73. The dividend yield for the company is

  What is the balance at the beginning of the seventh month

What is the balance at the beginning of the seventh month if only the minimum payment is made each month during the introductory period?

  Discuss some challenges the organisation is facing to comply

Discuss some challenges the organisation is facing to comply with these standards. (Support your research findings with any companies or private organization)

  Calculate the projected dividend payment 7 years

The Abbott Company just paid a dividend of $1.35 per share. Dividends are expected to grow at 27% for the next 5 years, and then 3% forever.

  Labor cost would be included in company flexible budget

Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $8.00 per pound $ 40.00 Direct labor: W..

  How much will account be worth at the end of the five-year

Assuming the compounding rate does not change for 4 additional years, how much will your account be worth at the end of the 5-year period?

  How much is the depreciation expense recorded for machine

How much is the depreciation expense recorded for the machine in 2020? Maja Corporation bought a drilling machine in 2010 for $240,000.

  What should be the strike price of the put option

What should be the strike price of the put option and the face value of the risk free bond in the replicating portfolio? What should be the maturity of the bond

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd