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Calculating Retained Earnings from Pro Forma Income
Consider the following income statement for the Heir Jordan Corporation:
HEIR JORDAN CORPORATION
Income Statement
Sales
$24,000
Costs
13,500
Taxable income
$10,500
Taxes (34%)
3,570
Net income
$ 6,930
Dividends
$2,426
Addition to retained earnings
4,504
A20 percent growth rate in sales is projected. Prepare a pro forma income statement assuming costs vary with sales and the dividend payout ratio is constant. What is the projected addition to retained earnings?
During the year, job 123 a firm fixed price contract for the production of 3,000 raincoats will be started and completed. Estimate the contract cost.
Companies often prioritize projects in the following four categories: Absolutely essential, Highly necessary, Economically justified, and All other. Provide one example for each category. Why do firms do this type of categorization?
Intrepid Inc. declared a $1,000,000 cash dividend. It currently has 15,000 shares of 6%, $100 par value cumulative preferred stock outstanding. It is one year in arrears on its preferred stock. How much cash will Intrepid distribute to the common ..
The Athletic Accountant Company produces exercise equipment for accountants. Its main product, the Pencil-Pusher Push-Up Platform, is sold with a three-year warranty against defects. amount that should have appeared in warranty obligation
What are the pros and cons to Toyota of issuing its financial statements according to U.S. GAAP?
bullwhy are paid-in-capital and retained earnings displayed separately in the stockholders equity section of the
How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
April--55K May--45K June--65K Production: 65K 55K 55K Cash-related production cost are budgeted at 7 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling..
Purchasing at the EOQ recommended level, what are the relevant total costs?
On January 16, 2011, Sorter Company determined that its receivable from Ordonez Company of $8,000 will not be collected, and management authorized its write-off. a) Prepare the journal entry for Sorter Company to write off the Ordonez receivable.
A purchasing agent makes a purchase and when the item is shipped it is delayed. Which department bears the cost of time lost in the plant due to the delay in shipment and should the plant manager be responsible?
Dunn Sporting Goods sells athletic clothing and footwear to retail customers. Dunn's accountant indicates that the firm's operating cycle averages six months. At December 31, 2011, Dunn has the following assets and liabilities.
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