In its income statement for the year ended December 31, 2022, Sunland Company reported the following condensed data.

Business

1 answer:

melomori [17]2 years ago

7 0

Sunland Company

Multi Step Income Statement

For the Year Ended December 31, 2022

Net sales $ 2,200,000

Less: Cost of goods sold ($ 1,257,000)

Gross margin / Profit $ 943,000

Less: Operating expenses ($ 722,000)

Income from operations $ 221,000

Other revenues and gains:

Interest revenue $ 35,000

Other expenses ans losses:

Interest expense ($ 72,000)

Loss on disposal of plant assets ($ 18,000) ($ 90,000)

Income before income taxes $ 166,000

Income taxes expenses ($ 46,000)

Net income $ 120,000

Sunland Company

Comprehensive Income Statement

For the Year Ended December 31, 2022

Net income $ 120,000

Add: Other comprehensive income $ 8,400

Comprehensive income $ 128,400

Net income (NI), also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is a useful number for investors to assess how much revenue exceeds the expenses of an organization. This number appears on a company's income statement and is also an indicator of a company's profitability.

Learn more about Net income (NI) here

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Trava [24]

Answer:

The answer is: $3.00

Explanation:

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3 years ago

he idea of increasing opportunity cost is reflected in the A. bowed in shape of the production possibilities frontier. B. positi

wel

Answer:

E) bowed out shape of the production possibilities frontier.

Explanation:

The production possibilities frontier curve is usually has a bowed out shape because as the production of one of the products increases, the opportunity cost of producing the other product also increases.

As shown in the attached image, as the production of Y increases, the opportunity cost of producing X will also increase, giving the curve a bowed shape. The same happens to the opportunity cost of producing Y when the production of X increases.