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Pepsi [2]
1 year ago
8

check my workcheck my work button is now enableditem 1 north trails cinema, incorporated, operates movies and food concession co

unters throughout the united states. its income statement for the quarter ended june 30, 2019, reported the following (accounts are listed alphabetically in thousands): admissions revenue $ 490,100 concessions expenses 39,700 concessions revenue 311,500 film rental expenses 255,850 income tax expense 41,600 office expenses 255,400 rent expense 85,800 salaries and wages expense 74,000 net income (loss) ? required: solve for the missing amount by preparing an income statement for the quarter ended june 30, 2019. (enter your answers in thousands.)
Business
1 answer:
UNO [17]1 year ago
7 0

The Net Income for the quarter is give as: $90,850. See the attached for more explanation.

<h3>What is an Income Statement?</h3>

An income statement summarizes a company's sales, costs, and profitability over time. It is sometimes referred to as a profit-and-loss (P&L) or earnings statement.

It displays your revenue from the sale of goods or services expenditures to produce income and run your company

It is important to note that when there is a short fall between expense and income, it is referred to as Net Loss. The net financial position is derived by removing the sum of all expenses from the sum of all income streams.

The three main parts of an income statement is:

  • Revenue
  • Expenses; and
  • Profit.

Learn more about Net Income:
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False

Explanation:

Suppose a firm's CFO thinks that an externality is present in a project, but that it cannot be quantified with any precision ¾ estimates of its effect would really just be guesses. In this case, the externality should be ignored ¾ i.e., not considered at all ¾ because if it were considered it would make the analysis appear more precise than it really is. This is a false statement.

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Q 6.20: Switzer, Inc. has 8 computers which have been part of the inventory for over two years. Each computer cost $600 and orig
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Sage Company had cash receipts from customers in 2020 of $137,920. Cash payments for operating expenses were $84,990. Sage has d
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Answer:

sales revenue for the period: $  143,900

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We solve for sales using the account recievable identity:

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12,330 + sales - 137,920 = 18,310

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Then, for operating expenses, we have a prepaid expenses thus unexpired and therefore, not expenses under accrued accounting.

we solve like this:

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We now subtract the prepaid (unexpired) to get the amount accrued for the period:

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3 years ago
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Answer: C. separation of legal ownership and management control

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