Answer the following questions: a. How well did ShineBrite perform during its fi rst month of operations?
Question:
Answer the following questions:
a. How well did ShineBrite perform during its fi rst month of operations?
b. Where does ShineBrite stand fi nancially at the end of April?
❙ Requirement 2
a. ShineBrite performed rather well in April. Net income was $7,300—very good in relation to service revenue of $10,000. The company was able to pay cash dividends of $2,100.
b. ShineBrite ended April with cash of $33,300. Total assets of $57,000 far exceed total liabilities of $1,800. Shareholders’ equity of $55,200 provides a good cushion for borrowing. The business’s fi nancial position at April 30, 20X6, is strong.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Financial Accounting International Financial Reporting Standards
ISBN: 9780273777809
1st Global Edition
Authors: Walter T Harrison, Charles Horngren, Bill Thomas, Themin Suwardy
Question Posted: