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kykrilka [37]
3 years ago
9

QS 5-12 Preparing a multi-step income statement LO P4 Save-the-Earth Co. reports the following income statement accounts for the

year ended December 31. Sales discounts $ 790 Office salaries expense 2,400 Rent expense—Office space 1,900 Advertising expense 580 Sales returns and allowances 290 Office supplies expense 580 Cost of goods sold 9,800 Sales 28,000 Insurance expense 1,400 Sales staff salaries 2,900 Required: Prepare a multiple-step income statement for the year ended December 31.
Business
1 answer:
Rzqust [24]3 years ago
8 0

Answer:

Explanation:

Multi step income statement is a more detailed way of reporting profit and loss compared to the single step as it entails the use of series of equation to arrive at the net income.

Workings

      Income Statement for Save - the - Earth for the year Ended Dec. 31

Sales                                                   28,000

Sales discount             790

sales return                  290                 (1080)

and allowance

Net sales                                              26,920

Cost of goods                                        9,800

Gross profit                                            17,120

Expenses

Selling expenses

Staff Salary                  2900

Rent                             1900

Advertising                  580                    

Total Selling expenses                          5380

General admin expenses

Office salary                 2400

Insurance expenses    1400

Office supplies             580                    

Total general admin expenses               4380

Total expenses                                        9,760

Net income                                             7,360

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Feeney Furniture prepared the following sales budget: Month Cash Sales Credit Sales March $19,000​ $11,000​ April $40,000​ $11,0
marusya05 [52]

Answer:

total cash collections in June = $101050

so correct option is A. $101,050

Explanation:

given data

month              cash sales                    credit sale

march                $19,000                        $11,000

April                   $40,000                       $11,000

May                    $43,000                       $35,000

June                   $59,000                       $50,000

to find out

total cash collections in June at Feeney Furniture

solution

we find here total cash collections in June that is express as

total cash collections in June = cash sale in June  + ( credit sale in June × 62% ) + ( credit sale in May × 30%) +  ( credit sale in April × 5%)   .............1

put here value we get

total cash collections in June = $59000  + ( $50000 × 62% ) + ( $35000 × 30%) +  ( $11000 × 5%)

total cash collections in June = $101050

so correct option is A. $101,050

8 0
3 years ago
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According to Mercutio, what is the "real" Romeo like? whiny, moping outgoing, witty, and sociable complex, intelligent, and deep
Mumz [18]
The following choices are:

A. whiny, moping 
<span>B. outgoing, witty, and sociable </span>
<span>C. complex, intelligent, and deeply sensitive </span>
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Answer:

The correct answer is a) investments in new facilities.

Explanation:

Business investment is the main way to obtain benefits in the short, long or medium term. For this, it is necessary to invest a certain capital in business or activities that allow the investor to increase it over time.

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Which of the following approaches can help you mitigate the challenges of poor forecasts? a. Obtain and use the best, most recen
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A plant's fixed overhead costs total $500,000 for a year to produce 400,000 widgets, among other items. If machine‐hours are use
maxonik [38]

Answer:

$0.5

Explanation:

A plant's fixed total overhead cost is $500,000 for a year

400,000 widgets are required to be produced for this period

All processes require a 40,000 machine hours and the widgets use 16,000 hours out of the total hours

The first step is to calculate the fixed overhead application rate

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The fixed overhead that is applied to the widgets can be calculated as follows

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Therefore, the fixed overhead that is applied to each of the widgets produced can be calculated as follows

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Hence the fixed overhead that is applicable to each widgets is $0.5

7 0
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