Ledger of hixson company at the end
The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.
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Assume that the credit memorandum was received prior to payment and that the invoice is paid within the discount period. Determine the following.
Calculate the net present value and profitability index of each machine. Assume a 9% discount rate. (Round net present value to 0 decimal places, e.g. 125 and profitability index to 2 decimal places, e.g. 10.50.
On December 1, 2009, Lakeview Company collected rent of $3,600 for office space rented to another business. The rent collected was for two months from December 1, 2009, to January 31, 2010.
A newly created design business called Smart Art is just finishing up its first year of operations. During the year there were credit sales of 40,000 and collections of 36,000. One account for $650 was written off.
During 2010, Maverick Inc. became involved in a tax dispute with the IRS. Maverick's attorneys have indicated that they believe it is probable that Maverick will lose this dispute.
On January 1, 2010, Kloppenberg Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Sara Rogers Company.
The controller of Ruiz Co. believes that the yearly allowance for doubtful accounts for Ruiz Co. should be 2% of net credit sales. The president of Ruiz Co., nervous that the stockholders might expect the company to sustain its 10% growth rate.
Prepare an absorption costing income statement of the quarter ending march 31 as shown.Prepare a balance sheet as of march 31
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