Answer:
Miller Company
The actual interest for Miller Company is:
= $4,688,000.
Explanation:
a) Data and Calculations:
Expenditures:
March 1 $12,800,000
June 1 $10,560,000
Dec. 31 $16,000,000
Notes Payable: Amount Actual Interest
January 1: 5-year, 12% Construction Loan = $6,400,000 $768,000
Year's: 3-year, 10% Note Payable = 12,800,000 1,280,000
Year's: 4-year, 11% Note Payable = 24,000,000 2,640,000
Total $43,200,000 $4,688,000
Income Taxes Using appropriate headings and subtotals prepare a multiple-step consolidated income statement.
An Income tax is a tax imposed on people or entities in admire of the income or profits earned by way of them. income tax generally is computed because the manufactured from a tax price instances the taxable earnings. Taxation fees can also vary by using the kind or characteristics of the taxpayer and the type of profits.
Consolidated Income statement
Particulars Amount
Net Sales $ 5,864. 6
Less: Expenses
Cost of Products sold = $ 3,6594.4
Gross Profit = $2,205.2
Less: Operating expenses
Selling general, and administrative expenses $ 1,515.3
Other expenses $ 432.7
Operating Income = $ 275
Less: Non-operating expenses
Interest and other non-operating expenses $ 104.7
Income before Taxes = 152.5
Less: Income Tax expense $ 17.9
Income after Taxes = $134.6
Less: Loss on sale of Discontinued Operations
(net of income taxes) $9.4
Net Income $ 125.2
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The net worth is considered to be the number of money you actually have on your bank account/in your wallet. The net worth is the amount of money one actually has. This is the amount of money you have after taxes and after paying all contributions/expenses.
Answer: Ending equity is $286,000
We have:
Beginning Equity (BE) = $265000
Net Income (NI) = $55000
Dividends (D) = $44000
Stockholder Investments (SI) = $10000