Answered: A company's total revenues for the year…

A company's total revenues for the year were $150,000, and its total expenses were $90,000. What is the Net Income? a) $60,000 b) $240,000 c) $90,000 d) $150,000 @@@ This question already posted

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please share an explanation with each journal entry. Also, please do not cut and paste answer from another question as some just did. If JE#1 is $30,000 entry, and the question states 10,000 entry please explain. Thank you.
Instructions: 1. Do not use comma and peso sign (i.e. if your answer is P200,500, encode it as 200500) 2. If your answer is loss use the open and close parenthesis to denote negative, i.e. if your answer is -50,000, encode it as (50000) Problem: Partners Coleen and Norlyn received a salary of P150,000 and P300,000 and will share profit and loss in a 2:1 ratio, respectively. If the partnership suffered a P1500,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn. 1. Coleen's share on profit or loss 2. Norlyn's share on profit or loss 3. How much is the total amount to be distributed using the 2: 1 ratio?
In cell B10, enter a formula using the IF and AND functions to indicate whether the revenue goal has been met that month: a. Enter the logical test using the AND Function to determine if the Fundraisers amount in cell B7 equals 0 and the Total in cell B8 is greater than 20,000. b If the logical test is true, display Yes (using "Yes" for the value_if_true argument). c. If the logical test is false, insert a nested IF function. d. Enter the logical test of the nested IF function using the AND function to determin if the Fundraiser amount in cell B7 is greater than 0 and the Total in cell B8 is greater than 200,000. e. If the logical test for the nested IF function is true, display YES ( using "Yes" for the value_if_true argument). f. If the logical test if false, display No (using "No" for the value_if_false argument) I have tried to figure this excel formula out for about an hour now, this is what I have. but this is only half of the formula. I need the correct formula please.…
Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who are looking for tutoring services, and TiX, which can be used to buy, sell, or exchange event tickets. For the following year, SMI expects the following results. Toot! TiX Total Users 10,700 18,100 28,800 Revenues $ 1,600,000 $ 1,440,000 $ 3,040,000 Engineering hours 8,200 6,200 14,400 Engineering cost $ 516,500 $ 635,500 $ 1,152,000 Administrative costs $ 921,600 Required: Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the number of usersto allocate administrative costs. Based on the rates computed in requirement (a), what is the profit for each service?
Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who are looking for tutoring services, and TiX, which can be used to buy, sell, or exchange event tickets. For the following year, SMI expects the following results. Toot! TiX Total Users 9,500 17,100 26,600 Revenues $ 1,500,000 $ 1,280,000 $ 2,780,000 Engineering hours 7,650 5,650 13,300 Engineering cost $ 439,125 $ 558,375 $ 997,500 Administrative costs $ 798,000 The company is considering using a two-stage cost allocation system and wants to assess the effects on reported product profits. The company is considering using Engineering Hours and Users as the allocation base. Additional information follows. Toot! TiX Total Engineering hours 7,650 5,650 13,300 Users 9,500 17,100 26,600 Engineering-hour related administrative cost $ 114,380 User-related…
Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who are looking for tutoring services, and TiX, which can be used to buy, sell, or exchange event tickets. For the following year, SMI expects the following results. Toot! TiX Total Users 12,500 19,600 32,100 Revenues $ 1,750,000 $ 1,460,000 $ 3,210,000 Engineering hours 12,200 8,200 20,400 Engineering cost $ 295,000 $ 415,000 $ 710,000 Administrative costs $ 1,123,500 Required: a. Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the revenue to allocate administrative costs. b. Based on the rates computed in requirement (a), what is the profit for each service?
Social Media, Inc. (SMI) has two services for users. To ot!, which connects tuters with students who are looking for tutoring services, and TiX, which can be used to buy, sell, or exchange event tickets. For the following year, SMI expects the following results. Toot! TiX Total Users 13,100 20,100 33,200 Revenues $ 1,800,000 $ 1,760,000 $ 3,560,000 Engineering hours 9,300 7,300 16,600 Engineering cost $ 687,750 $ 806,250 $ 1,494,000 Administrative costs $ 1,195,200 Required: a. Compute the predetermined overhead rate used to apply administrative costs to the two services assuming SMI uses the number of users to allocate administrative costs. b. Based on the rates computed in requirement (a), what is the profit for each service?
Abiti D'marchio Enterprise sells brand clothing. The company operates at three different booths allocated at the My Town, Sunway Velocity and 1Shamelin Mall. However, the management is concerned about the continued losses shown by the 1Shamelin Mall Booth and wants a recommendation as to whether or not the operation should be discontinued. A summarized income statement for the booths, for the most recent month is given below: SUNWAY 1SHAMELIN MY TOWN воотH VELOCITY воотн MALL воотH ТOTAL RM RM RM RM Sales revenues Less: Cost of sales 500,000 250,000 250,000 350,000 175,000 175,000 885,000 442,500 442,500 35,000 17,500 Contribution margin 17,500 Less: Fixed Expenses: Booth Assistant Salaries 3,000 3,000 3,000 9,000 Advertising 10,000 14,000 8,000 32,000 Booth rent 10,000 10,000 7,000 27,000 Depreciation of fixtures General expense Total fixed expenses Net operating income (loss) 6,000 5,000 3,000 14,000 12,000 41,000 209,000 13,000 45,000 130,000 10,000 31,000 (13,500) 35,000 117,000…
Consider the revenues and costs in 2019 for Spruce Decor Inc., an Alberta-based furniture company entirely owned by Mr. Harold Buford. Furniture Sales $600,000 Catalogue Salos Labour Costs $13,500 $345,000 $162,000 Materials Costs Advertising Costs Debt-Service Costs $26,000 $34,900 a. What would accountants detormine Spruce Decor's profits to be in 2019? Spruce Decor's profits in 2019 equal $ 45600 b. Suppose Mr. Buford has $375,000 of capital invested in Spruce Decor. Also suppose that oqually risky enterprises ean an 18 percent rate of return on capital. What is the opportunity cost for Mr. Buford's capital? The opportunity cost for Mr. Buford's capital is $ 67500 c. What are the economic profits for Spruce Decor in 2019?
Read the following information and answer questions that follow.Brian Ndlovu is employed as a manager in Gaborone. During the year ended 30 June 2020, hehad the following incomes and expenditures:Amount (P)Salary 1,40,000Performance related award 50,000Entertainment allowance 60,000Barclays Bank Interest 40,000Commission 70,000Interest from BBS Subscription shares 10,000Other Investment Income 20,000Medical aid contributions from the employer 5,000Compensation for injury at work 6,000Rental Income 1,60,000Expenses incurred during the year:Approved Pension contributions 10,000Contributions to approved retirement annuity fund 15,000Annual subscriptions to ACCA 1,500Contributions to an unapproved fund 20,000Contributions to life assurance policy 15,000P.A.Y.E. deducted 40,000Additional Information:(1) During the year, the company paid a total of P10 000 to Brian for private telephone andelectricity bills(2) Brian had the use of a company car that cost P100 000 for which he paid for his…
Social Media, Inc. (SMI) has two services for users. Toot!, which connects tutors with students who are looking for tutoring services, and TIX, which can be used to buy, sell, or exchange event tickets. For the following year, SMI expects the following results. Toot! Tix Total Users 15,500 22,100 37,600 Revenues $2,000,000 $2,080,000 $4,080,000 Engineering hours 10,4000 8,400 18,800 Engineering cost $ 881,000 $ 999,000 $1,880,000 Administrative costs…
Do not copy from bartleby. Otherwisw i will give you dislike When DeSoto Water Works purchased equipment at the end of 2020 at a cost of $64,000, the company debited Buildings and credited Cash $64,000. The error was discovered in 2021. Prepare the journal entry DeSoto will use to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record entry to correct error. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal