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2 years ago

The income statements for four consecutive years for Colca Company reflected the following summarized amounts:

Business

1 answer:

Alla [95]2 years ago

5 0

CORRECTED INCOME STATEMENTS

2011 ($) 2012 ($) 2013 ($) 2014 ($)

Sales revenue 60,000 63,000 65,000 68,000

COGS (39,000) (41,000) (46,000) (46,000)

Gross profit 21,000 22,000 19,000 22,000

Expenses (16,000) (17,000) (17,000) (19,000)

Pretax Income 5,000 5,000 2,000 3,000

Income Tax Expense (30%) (1,500) (1,500) (600) (900)

Net Income 3,500 3,500 1,400 2,100

An income statement is a financial statement detailing a company's income and expenses during a reporting period. Also known as the Income Statement (P&L), it is typically produced quarterly or annually. An income statement shows the financial performance of a company over a period of time.

There are four major degrees. (1) Balance Sheet. (2) Income Statement. (3) Cash Flow Statement. (4) Statement of Shareholders' Equity.

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While _______ decisions will generally need to be processed via the ______ system in our brains in order for us to reach a good

Jet001 [13]

Answer:

Nonprogrammed; reflective; programmed; reactive

Explanation:

Programmed decisions can be regarded as decision which involves well understood criteria when making it,. nonprogrammed decisions on the other hand can be explained as decisions which are novel, they are decision that does not have clear guidelines when trying to reach solution. rules as well as guidelines can be set up for programmed decisions by Managers when known fact is available because this will enhance in reaching

decisions quickly. It should be noted that While non programmed decisions will generally need to be processed via the reflective system in our brains in order for us to reach a good decision, with programmed decisions, heuristics can allow decision-makers to switch to the quick, reactive system.

5 0

3 years ago

Marvin sold 2,300 units of inventory during the month. ending inventory assuming weighted-average cost would be (round weighted-

juin [17]

Cost of Ending Inventory = $5,087

Ending inventory is the entire price of products you have available on the market at the quit of an accounting length, just like the stop of your economic year. it's an stock accounting approach that facilitates retailers benchmark net profits, acquire financing, and run accurate inventory assessments.

The basic formula for calculating ending inventory is: beginning inventory + internet purchases – cost of goods = finishing inventory. Our beginning inventory is the last length's ending stock. The net purchases are the gadgets you've got sold and brought for your inventory rely

Number of units sold = 2,300

Number of units in ending inventory = Number of units available for sale - Number of units sold

Number of units in ending inventory = 3,000 - 2,300

Number of units in ending inventory = 700

Cost of Ending Inventory = Number of units in ending inventory * Cost per unit

Cost of Ending Inventory = 700 * $7.267

Cost of Ending Inventory = $5,087

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7 0

2 years ago

Suppose the demand for good X is given by Qdx = 10 + axPx + ayPy + aMM. From the law of demand we know that ax will be: less tha

diamong [38]

Answer:

less than zero

Explanation:

According to the law of demand, an increase in price reflects in a decrease in demad. That is, price and demand are inversely proportional. Since ax is associated with the price of good X, it must be negative to accurately describe that behavior in the demand function.

Thus, ax will be: less than zero.

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4 years ago

Halsted, Inc., has outstanding 10,000 shares of $200 par value, 7% nonparticipating, cumulative preferred stock and 10,000 share

solniwko [45]

Answer:

Preferred stock holders' dividend = $280000

Common stock holders' dividend = $8000

Explanation:

A cumulative preferred stock is one whose dividends are accumulated in arrears and are to paid in the following year(s), if the company fails to pay or partially pay the dividends in a certain year. The yearly dividend on preferred stock is,

Preferred stock dividend = 10000 * 200 * 0.07 = $140000

As the dividends on preferred stock are in arrears for one year, the company will pay a dividend this year on preferred stock of,

Preferred stock dividend to be paid = 140000 + 140000 = $280000

Thus, out of the announced dividend of $288000, $280000 will be paid to the preferred stock holders while the remaining $8000 will be paid to the common stock holders.

6 0

3 years ago

The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 2/9, n/30 will include a:

nikdorinn [45]

Answer:

B) credit to Accounts Receivable for $1500.

Explanation:

The journal entry to record the given transaction is as follows

Cash $1,470

Sales discounts $30 ($1,500 × 2%)

To Account receivable $1,500

(Being the receipts of payment is recorded)

While recording this transaction we debited the cash as it increased the assets plus the sales discount is also debited and at the same time we credited the account receivable as it decreased the asset

4 0

3 years ago