Accounting Income Statement Question Answers Homework Help
- September 11, 2017
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1. Flip’s Company had $125,000 of net income in 2012 when the selling price per unit was $100, the variable costs per unit were $70, and the fixed costs were $475,000. Management expects per unit data and total fixed costs to remain the same in 2013. The president of Flip’s Company is under pressure from stockholders to increase net income by $60,000 in 2013.
Instructions:
a. Compute the number of units sold in 2012.
b. Compute the number of units that would have to be sold in 2013 to reach the stockholders’ desired profit level.
c. Assume that Flip’s Company sells the same number of units in 2013 as it did in 2012. What would the selling price have to be in order to reach the stockholders’ desired profit level.
2. Flip Corporation was organized on January 1, 2012, with authorized capital of 500,000 shares of $10 par value common stock. During 2012, Flip issued 20,000 shares at $12 per share, purchased 2,000 shares of treasury stock at $13 per share, and sold 2,000 shares of treasury stock at $14 per share. What is the amount of additional paid-in capital at December 31, 2012?
3. Outstanding stock of the Flip Corporation included 20,000 shares of $5 par common stock and 10,000 shares of 5%, $10 par noncumulative preferred stock. In 2011, Flip declared and paid dividends of $4,000. In 2012, Flip declared and paid dividends of
$12,000. How much of the 2012 dividend was distributed to preferred shareholders?
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4.Explain the major disadvantage resulting from the use of bonds ?
5.Flip Combines, Inc. has $40,000 of ending finished goods inventory as of December 31, 2012. If beginning finished goods inventory was $20,000 and cost of goods sold was $80,000, how much would Flip report for cost of goods manufactured?
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