Answer:
Year 1
b. Cost of goods sold
= Sales revenue - Gross profit
= 76,050 - 32,700
= $43,350
d. Operating expenses:
= Gross profit - Net income
= 32,700 - 14,130
= $18,570
Year 2
c. Gross Profit
= Sales revenue - Cost of goods sold
= 111,100 - 74,400
= $36,700
e. Operating expenses:
= Gross profit - Net income
= 36,700 - 30,070
= $6,630
Year 3
a. Sales revenue
= Cost of goods sold + Gross profit
= 74,970 + 111,190
= $186,160
f. Net income
= Gross profit - Operating expense
= 111,190 - 49,980
= $61,210
<em>Note: Attached photo is for a similar question. It was used to understand the format. </em>
Answer:
a.
January 1 Cash 720000 Dr
Discount on Bonds Payable 30000 Dr
Bonds Payable 750000 Cr
b.
January 1 Cash 772500 Dr
Bonds Payable 750000 Cr
Premium on Bonds Payable 22500 Cr
Explanation:
a.
When the bonds are issued at 96, this means that they are issued at 96% of the face value of the bond which is 750000 * 0.96 = 720000
So, the cash received from issuing the bonds is 720000. As the face value of the bonds is 750000 which will be recorded as bonds payable, the difference between the cash received and the face value is the discount amount which will be debited.
b.
When the bonds are issued at 103, this means that they are issued at 103% of the face value of the bond which is 750000 * 1.03 = 772500
So, the cash received from issuing the bonds is 772500. As the face value of the bonds is 750000 which will be recorded as bonds payable, the difference between the cash received and the face value is the premium amount which will be credited.
Answer:
A. The client installed a new security system to protect the building
Explanation:
The client is experiencing slow down in sales is an example of qualitative materiality factor as it can lead to misstatement. Sales turnover and payment, Percentage (%) of expenses to income and Percentage (%) of inventory to assets are all example of quantitative materiality factor. Whereas installation of new security system is not material which could lead to misstatement.
Answer: blocking for gender
Explanation: Blocking refers to a experimental research procedure which involves splitting experimental variables into separate units. This speration is performed in other to avoid bias or effect this separately identified varibales may bring into our experiment if not tested separately. The blocks may be referred to as known categories upon which variables in an experiment may be divided such that treatment is applied to independently to the separate blocks or experimental unit. In the scenario above, the personnel director is blocking for gender by splitting the variables or participants based on gender.
