Answer:
Concord Co.
Income Statement
For the Year Ended December 31, 2020
Revenues:
Sales revenue $555,600
Expenses:
Cost of goods sold ($320,200)
Salaries and wages expense ($120,100)
Other operating expenses ($11,210)
Income tax expense ($25,590)
Net income: $78,500
Earnings per share: $0.74
Increase in value of company reputation and unrealized gain on value of patents are not included in this income statement.
Answer:
Gain from the sale of this machine = $54
Explanation:
Sales price for the equipment = $497
Carrying amount of the equipment = $443
Lease term = 1 year
Estimated remaining useful life = 10 years
This is a type of Sale and lease back transaction. It is not a capital lease as the lease term (1 year) is not for the major period of remaining useful life (10 years) of equipment. No consideration will be given to annual lease payment and all the gain will be recognized immediately without deferment.
Gain from the sale of this machine = Sales price for the equipment - Carrying amount of the equipment
= $497 - $443
= $54.
When you mix raw meat with cooked meat
Answer:
$35,323
Explanation:
Present value = Future value * PVF of single sum(n=3, i=9%)
Present value = $240,000 * 0.77218
Present value = $185,323
Book value = Cost of building - Accumulated depreciation
Book value = $250,000 - $100,000
Book value = $150,000
Gain on sale of building = Present value of note - Book value
Gain on sale of building = $185,323 - $150,000
Gain on sale of building = $35,323
<span>Shopping.
To make shopping a worthwhile experience one need to make sure that he has been offered the best item/service available for the amount of money he/she is willing to spend in order to fulfil a desired need; This is all what a shopping experience is all about. Kendra is probably making sure that the backpack contains all the necessary compartment and also very durable for the journey, so there is the need to look through every other backpack in order to choose the best one.</span>