Given these data, compute NET INCOME. • $3,400 . • $1,200 • $5,500 • $600 $800 .
Q: Instructions Complete this problem as shown. For Question 1, your answer options should be $141,800,…
A: Financial statement means the statement which include the income statement and the balance sheet.…
Q: Since about January 2, 2020, Mandan, Emeril, with Fontenot's partnership had the following capital…
A: It is a contract between two or more partners for establishing a business and dividing earnings and…
Q: Required information PA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three…
A: Depreciation expenses (Straight line)=Capitalized cost of asset-Residual valueUseful life
Q: Determine the following; A.)Depreciation rate, in %. B.)Value of A. C.)Value of B.
A: We use different methods of depreciation like the straight line method, double declining balance…
Q: Required information [The following information applies to the questions displayed below.] Ron and…
A: tax is an amount that is charged by the government from the individuals and the organizations on the…
Q: Kelton Incorporated reported net credit sales of $522.000 for the current year. The unadjusted…
A: Introduction: A bad debt expense is recognized when credit is no longer collectible because a…
Q: [The following information applies to the questions displayed below.] Onslow Company purchased a…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: 1. Calculate the contribution margin rate, the sales dollar breakeven point, and the unit sales…
A: Contribution margin the contribution of sales towards recovery of fixed costs of the company.…
Q: Segment data for Felicia’s Fast Food Restaurants for the current year appears below: Cajun…
A: In order to calculate the net effect on net profit from closure of a business segment we need to…
Q: Compute for the amount of reduction in capital of ABC in the first month
A: This question belongs to the liquidation of the partnership firm. The reduction in the capital…
Q: Instructions On January 2, Cohan Company acquired 44% of the outstanding stock of Sanger Company for…
A: Journal is the first step in the book-keeping of transactions using dual entity concept in…
Q: Net Sales Cost of Merchandise Sold Gross Profit on Operations Total Operating Expenses Net Income…
A: The comparative analysis is performed to compare the financial results of two different years. The…
Q: estion 15 The "matching principle" is used in the Income Statement to report dividends & deferred…
A: The accounting is based on various principles such as historical concept, matching principle, going…
Q: S1: Joint arrangements require investors to have equal interests in the joint arrangement. S2: Joint…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: estimated residual value of $15,000. Compute the depreciation charges for the first two years (2014…
A: Methods of Depreciation Straight Line Depreciation (SLM): Under SLM Method of Depreciation, a fixed…
Q: MULTIPLE OPTIONS The conditions of sale for Mulch Corporation are net/90. On average, their…
A: The average investment in receivables can be estimated with the help of days sales outstanding…
Q: Net income Preferred dividends Average stockholders' equity Average common stockholders' equity…
A: Return on stockholders' equity = Net incomeAverage stockholders' equity× 100
Q: Accrued wage for second worker
A: The total accrued wage is calculated by adding the normal wage amount and the overtime wage amount.…
Q: On January 1, Vermont Corporation had 46,700 shares of $10 par value common stock issued and…
A: A journal entry is used to record a business arrangement in a company's accounting records. A…
Q: The par value of ordinary share represents The liquidation value of the share •The book value of the…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Oak Mart, a producer of solid oak tables, reports the following data from its first year of…
A: The variable costing income statement considers variable cost as the product cost but the absorption…
Q: basis in his partnership interest
A: Answer (a) $0 According to IRS, no gain or loss is recognized by partners or partnership firm at the…
Q: Star, Inc. is a manufacturer and retailer of household furniture. Your audit of the company's…
A: As per PAS 1, Presentation of financial statements, Current liabilities are those liabilities that…
Q: A dump truck was bought for P30,000 six years ago. It will have a salvage value of 3,000 four years…
A: Depreciation is the reduction in the value of asset because of its use & obsolescence.…
Q: Required information PA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three…
A: In straight line method of depreciation the depreciation is being charged uniformly over the…
Q: Journalize the following transactions: i. ii. iii. iv. V. vi. February 1. Signed a 60-day, 10% note,…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: If the company sells 4,900 units, its total contribution margin should be closest to: (Do not round…
A: Introduction:- Contribution margin is the difference between sales revenue less its variable costs.…
Q: What is the balance of the Estimated Warranty Liability account as of January 31?
A: The balance of the estimated warranty liability account will be calculated by drawing a ledger…
Q: The following information is applicable to Shine Wholesalers for the year 2020: Budgeted sales: July…
A:
Q: The following merchandise transactions occured in december. Both companies use a perpetual inventory…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: s of the end of its accounting period, December 31, Year 1, Great Plains Company has assets of…
A: Year 1 Year 2 Assets $906,693 $983,394 Less: Liabilities $277,277 $237,080 Stockholders…
Q: If Lean production has been in use during 2020 and 2021, and the pre-determined overhead absorption…
A: Variable costing is a way of simply allocating variable costs to inventories. All overhead…
Q: A firm absorbs overheads on labour hours. In one period 11,500 hours were worked, actual over heads…
A: The overhead absorption rate is also called the Predetermined overhead rate . These rates are…
Q: Sadida (Pty) Ltd sells different grades of cheese to the general public as well as to other…
A: EOQ's full form is Economic Order Quantity. EOQ means that the quantity of inventory when purchased…
Q: A person is 71 and earning $23000 a year at a part time position, how much of their allotted $12000…
A: Earning before full retirement:- Full retirement age is after 65. But any earning before the full…
Q: Select whether each of the following would appear on the income statement, statement of owner's…
A: The financial statements of the business includes income statement and balance sheet and statement…
Q: MAKE A BASIS AND DISCUSSION ON THE SUMMARY OF FINANCIAL RATIOS OF NESTLE. MAKE AN INTERPRETATION AND…
A: Ratio Analysis - Ratio analysis is a tool for assessing and analysing a company's financial…
Q: GMA corporation is preparing to issue common stock. The Chief Financial Officer is attempting to…
A: Introduction:- Cost of equity is the cost of raising capital from the origin of equity. The…
Q: Let's say the government imposes a one-time, flat tax on each business operating in a fully…
A: Interest is added to loans made to individuals and businesses. The main source of revenue is this.…
Q: You have just been hired at ABC Manufacturing, and your supervisor has invited you to sit in on…
A: Budgetary slack is a built-in pillow in a budget that seeks to increase the probability that actual…
Q: Jasmine transferred land she held as an investment (fair market value $140,000; basis $110,000) in…
A: Given, Land held as investment which means land is a capital asset. Fair market value of land= $…
Q: On January 1, 2020, Parent Company acquired 80% of the common stock of Subsidiary Company for…
A: A fair value allocation and goodwill schedule is a schedule that presents the calculation of the…
Q: You have just been hired at ABC Manufacturing, and your supervisor has invited you to sit in on…
A: Answer:- Budget meaning:- A budget is a forecast of the revenue and expenses for a given period of…
Q: John and Sandy ferguson got married 8 years a go and have a 7 year old duaghter, Samantha. In 2019,…
A: Income tax: Income tax is the tax that an individual is responsible for on their earned income. It…
Q: The small firm wants a 1-year fixed-rate loan. A bank's base rate is 6.14 percent. Adjustment for…
A: Interest rate: The interest rate is the percentage of the amount charged on a principal amount by a…
Q: 2. Discuss in detail the taxation of interest income. 2 Dinquen th
A: Treatment regarding of the incomes for the purpose of taxation depends upon from which sources and…
Q: Question Content Area The accounts in the ledger of Monroe Entertainment Co. are listed below. All…
A: Lets understand the basics. Trial balance is a starting point of preparation of the financial…
Q: i. ii. iii. December 7. Wrote off Wilderness Park Accessories, Inc.'s past-due account as…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Tiny Tots Daycare Centre provides daycare for children Mondays through Fridays. The business had…
A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…
Q: MAKE AN INTERPRETATION AND ANALYSIS FOR THIS TABLE BELOW. I WILL UPVOTE. THANK YOU Formula 2020…
A: Lets understand the basics. Financial ratios are calcualted to compare the various years or various…
Step by step
Solved in 3 steps with 2 images
- Garrett Company provided the following information: Common fixed cost totaled 46,000. Garrett allocates common fixed cost to Product 1 and Product 2 on the basis of sales. If Product 2 is dropped, which of the following is true? a. Sales will increase by 300,000. b. Overall operating income will increase by 2,600. c. Overall operating income will decrease by 25,000. d. Overall operating income will not change. e. Common fixed cost will decrease by 27,600.Starling Co. manufactures one product with a selling price of 18 and variable cost of 12. Starlings total annual fixed costs are 38,400. If operating income last year was 28,800, what was the number of units Starling sold? a. 4,800 b. 6,400 c. 5,600 d. 11,200Lotts Company produces and sells one product. The selling price is 10, and the unit variable cost is 6. Total fixed cost is 10,000. Required: 1. Prepare a CVP graph with Units Sold as the horizontal axis and Dollars as the vertical axis. Label the break-even point on the horizontal axis. 2. Prepare CVP graphs for each of the following independent scenarios: (a) Fixed cost increases by 5,000, (b) Unit variable cost increases to 7, (c) Unit selling price increases to 12, and (d) Fixed cost increases by 5,000 and unit variable cost is 7.
- Use the following information for Multiple- Choice Questions 2-13 through 2-18: Last year, Barnard Company incurred the following costs: Barnard produced and sold 10,000 units at a price of 31 each. 2-15 Refer to the information for Barnard Company on the previous page. The cost of goods sold per unit is a. 7.00. b. 20.00. c. 15.00. d. 5.00. e. 27.60.Use the following information for Multiple-Choice Questions 2-13 through 2-18: Last year, Barnard Company incurred the following costs: Barnard produced and sold 10,000 units at a price of 31 each. 2-13Refer to the information for Barnard Company above. Prime cost per unit is a. 7.00. b. 20.00. c. 15.00. d. 5.00. e. 27.60.Jester Company had unit contribution margin on 3.60 and fixed costs of 29,664. Income was 2,520. What was the margin of safety in units? a. 630 b. 700 c. 8,940 d. 7,540
- Waskowski Company sells three products (A. B. and C) with a sales mix of 3:2:1. Unit sales price are shown. What is the sales price per composite unit? A. $17.00 B. $25.00 C. $35.00 D. $20.00Pietro expects to produce 50,000 units and sell 49,300 units. Beginning inventory of finished goods is 42,500, and ending inventory of finished goods is expected to be 34,000. Required: 1. Prepare a statement of cost of goods sold in good form. 2. What if the beginning inventory of finished goods decreased by 5,000? What would be the effect on the cost of goods sold?Use the following information for Multiple-Choice Questions 2-3 and 2-4: Wachman Company produces a product with the following per-unit costs: Last year, Wachman produced and sold 2,000 units at a price of 75 each. Total selling and administrative expense was 30,000. 2-3Refer to the information for Wachman Company on the previous page. Conversion cost per unit was a. 21. b. 25. c. 34. d. 40. e. None of these.
- Use the following information for Multiple-Choice Questions 2-13 through 2-18: Last year, Barnard Company incurred the following costs: Barnard produced and sold 10,000 units at a price of 31 each. 2-14Refer to the information for Barnard Company above. Conversion cost per unit is a. 7.00. b. 20.00. c. 15.00. d. 5.00. e. 27.60.Olivian Company wants to earn 420,000 in net (after-tax) income next year. Its product is priced at 275 per unit. Product costs include: Variable selling expense is 14 per unit; fixed selling and administrative expense totals 290,000. Olivian has a tax rate of 40 percent. Required: 1. Calculate the before-tax profit needed to achieve an after-tax target of 420,000. 2. Calculate the number of units that will yield operating income calculated in Requirement 1 above. (Round to the nearest unit.) 3. Prepare an income statement for Olivian Company for the coming year based on the number of units computed in Requirement 2. 4. What if Olivian had a 35 percent tax rate? Would the units sold to reach a 420,000 target net income be higher or lower than the units calculated in Requirement 3? Calculate the number of units needed at the new tax rate. (Round dollar amounts to the nearest dollar and unit amounts to the nearest unit.)The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000