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Question - You have recently been hired as a Manager by FishQueen Corp, a major multination corporation, after graduating from Humber College. You got this job as a result of being a very ethical student who never cheated on any mid term exam. You find it shameful when students cheat, as it devalues the program.
The following is the most recent Statement of Comprehensive Income for FishQueen Corp.
Sales $47,000
Cost of Goods 31,300
Taxable Income 15,700
Taxes 5,495
Net Income $10,205
Dividends $2,900
Retained Earnings $7,305
The CFO asks you to put together a forecasted income statement for next year projecting a 20% increase in sales. The CFO instructs you to assume that costs will vary with sales and that the dividend payout ratio will remain constant, with the tax rate increasing to forty five percent next year.
Required -
- What is the projected addition to retained earnings? Show all your work by completing a Statement of Comprehensive Income for next year, in good form with proper dates and titles.
- If the CFO wants to have $8,000 in addition to Retained Earnings next year, what should the Dividend Payout Ratio be?
Calculate the annual average growth rate in dividend payable by X over the 3 year period. X is financed by 450,000 equity shares (nominal value of £1)
Chris had $80,000 in investments.Calculate the amount of stocks, bonds and cash equivalents in his portfolio today. What is Chris's average return for the year?
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to compute product cost and calculating break-even point of sales.wakefield inc. offers a cpa review course in cities
Using the following information, create a bank reconciliation for Cole Co. for May 31 of the current year: The bank statement balance is $3,012
Services provided for cash are recorded in the revenue journal. The primary difference between a periodic and perpetual inventory system is that a. Using a perpetual inventory system, the entry to record the sale of merchandise on account includes a
Accounts receivable decreased $2,000, while inventories increased $4,000. What is the net cash flows used by operating activities
A company has a 70-day operating cycle, with 15 payable days, 25 receivable days and 45 inventory days. What is their cash conversion cycle
Accounting short answer- What trends do you see on the balance sheet?
to classify costs associated with manufacturing firms merchandising firms or service firms as 1product or period costs
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