Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Aug 2017 My Price 9.00

Nuclear Company

Assume that you are the president of Nuclear Company. At December 31, 2011, the end of the first year of operations, the following financial data for the company are available:

 

 
Cash $ 25,000
Receivables from customers (all considered collectable)   12,000
Inventory of merchandise (based on physical count and priced at cost)   90,000
Equipment owned, at cost less used portion   45,000
Payables to suppliers of merchandise   47,370
Salary payable for 2011 (on December 31, 2011, this was
owed to an employee who wasaway because of an emergency and
returned to work on January 10, 2012, at which time the payment was made)		   2,000
Total sales revenue   140,000
Expenses, including the cost of the merchandise sold (excluding income taxes)   89,100
Income taxes expense (at 30% of pretax profit); all paid during 2011   ?
Share capital, 7,000 shares outstanding   87,000
No dividends were declared or paid during 2011.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Aug 2017 10:08 AM My Price 9.00

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