The Nautical Co. Ltd. expects sales of $2.4 mill this year andthe same amount the following year. All sales are on credit and arespread evenly throughout the year. On the basis of the followinginformation, prepare a forecast income statement and balance sheetfor year ended December 31st, 2017.
• Cash : Minimum of 4 percent of annual sales
• Accounts Receivable : 60 day average collection based onannual sales.
• Inventories : Turnover of eight times a year.
• Net Fixed Assets : $500,000 now. Capital expenditure equal todepreciation.
• Accounts Payable : One month’s purchases.
• Accrued expenses : 3 percent of sales.
• Bank borrowing : $50,000 now. Can borrow as much as$250,000.
• Long Term Debt : $300,000 now; payable balance $75,000 at yearend.
• Common Stock : $100,000. No addition planned.
• Retained Earnings : $500,000 now ( the opening balance ).
• Net profit margin : 8% of sales
• Dividends : None
• Cost of Goods Sold : 60% of sales.
• Purchases : 50% of cost of goods sold.
• Income Taxes : 50% of before tax profits.
Most special classes for children with moderate to severe disordersa. use instructional strategies that focus on controlling children.b. have h...Dec 14 2019
Variable Factory Overhead Variances; Journal Entries The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct mater...Aug 24 2020
Use series to approximate the definite integral I to within the indicated accuracy. I = 6 * x3e-x? dx (Terror|Jun 03 2021
Which expression represents a cube root of 1 + ? O O 4 VI (cos(71) + sin() VE (cos() + sin(9 o VI (cos () + sin(3) vz(cos() sn(!:) O2 cosMay 12 2021
Peanut Company acquired 100 percent of Snoopy Company’s outstanding common stock for $300,000 on January 1, 20X8, when the book value of Snoopy’s net assets was equal to ...Apr 18 2020
Mr. Smith has the following demand equation for a certain product: Q = 30 - 2P. a. At a price of $7, what is the point elasticity? b. Between prices of S5 and $6, what is...May 07 2020
Con cord corporation is planning to sell 1300 boxes of ceramic tile, with production estimated at 970 boxes during May. Each box of tile requires 44 pounds of clay mix an...Aug 09 2021
Bea Jones (age 32) moved from Texas to Florida in December 2009. She lives at 654 Ocean Way, Gulfport, FL 33707. Bea’s Social Security number is 466-78-7359 and she is si...May 18 2020
1. prepare a partial income stmt through gross profit under the avg, FIFO, and LIFO cost methods. Round avg cost per unit to 4 decimal places and all other amounts to the...May 05 2018
Evaluate the following line integral along the curve C. х ds, where is the line segment from (1,1) to (15,15). с The value of the integral is (Type an exact answer, using...May 05 2021