otal current liabilities non-interest-bearing

Total current liabilities (non-interest-bearing)                                                              $450,000 Bonds payable, 6% (issued in 1982; due in 2010)                                                        750,000 Preferred stock, 5%, 100 par                                                                                          300,000 Common stock, $10 par                                                                                                 750,000 Premium on common stock                                                                                            150, 000 Retained earnings                                                                                                           600,000 Income before income tax was $200,000, and income taxes were $80,000 for the current year.… Continue reading otal current liabilities non-interest-bearing

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Identifying Accrual Basis Revenues

Identifying Accrual Basis Revenues: For following transactions of ZZZ Bowling Inc. in July, determine if revenue is recognized in July and indicate the amount. Otherwise, explain why revenue is NOT recognized in July: Activity Revenue recognized in   July? Amount or explain why   not recognized Company collected $12,000 from customers for services related to… Continue reading Identifying Accrual Basis Revenues

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Average Operating Assets and Return on Investment

Margin, Turnover, Return on Investment, Average Operating Assets Elway Company provided the following income statement for the last year: Sales $1,040,000,000 Less: Variable expenses 700,250,000 Contribution margin $ 339,750,000 Less: Fixed expenses 183,750,000 Operating income $ 156,000,000 At the beginning of last year, Elway had $28,300,000 in operating assets. At the end of the year,… Continue reading Average Operating Assets and Return on Investment

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