1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ZanzabumX [31]
3 years ago
12

Swifty Corporation had net sales of $2,419,200 and interest revenue of $39,300 during 2020. Expenses for 2020 were cost of goods

sold $1,464,600, administrative expenses $216,400, selling expenses $294,800, and interest expense $46,000. Swifty’s tax rate is 30%. The corporation had 100,100 shares of common stock authorized and 71,940 shares issued and outstanding during 2020. Prepare a single-step income statement for the year ended December 31, 2020.
Business
1 answer:
damaskus [11]3 years ago
6 0

Answer:

Please find the income statement below;

Explanation:

<u>Single step Income statement</u>

Revenues

Net sales              2,419,200

Interest revenue        39,300

<em>Total revenues                                2,458,500</em>

Expenses

Cost of goods sold      1,464,600

Admin. expenses            216,400

Selling expenses            294,800

Interest expense               46,000

<em>Total expenses                                   2,021,800</em>

<em><u>Net Income  </u></em><em>                                         </em><u><em>436,700</em></u>

You might be interested in
To help developing countries expand their industrial base, some industrial countries have reduced tariffs on designated manufact
anzhelika [568]

Answer:

The correct answer is letter "B": generalized system of preferences.

Explanation:

Generalized System of Preferences or GSP is a set of preferential tariffs developed countries set to developing countries usually at a lower rate to boost the trade among those countries which mainly helps developing countries to increase the quality and number of their manufacturing companies.

3 0
3 years ago
A conservative investor has a portfolio that consists of diversified investments in equity securities, debt securities, and mone
satela [25.4K]

Answer:

Real Estate-Related Investments.

Explanation:

Real estate related investments involves the purchase, management, renting and sale of real estate properties with the aim of making profit.

Real estate investment is capital intensive and has low liquidity compared to other forms of investment.

This will be a good option for the conservative investor because real estate investment is stable and not prone to huge losses that can be incurred in the money markets. Also real estate is not affected by equities market. So will be a safety net in case of failure in the equity market.

4 0
3 years ago
Kendra worked in a library in missouri processing books and getting them ready for the shelves. her work was recently taken over
Katarina [22]

This is an example of outsourcing, which is when domestic jobs are sent to countries overseas to take advantage of the lower costs.

6 0
3 years ago
When it is reported that a nation is experiencing a "balance of payments deficit," this is best interpreted to mean that the nat
JulsSmile [24]
<span>When it is reported that a nation is experiencing a "balance of payments deficit," this is best interpreted to mean that the nation is experiencing? If it is reported that the nation is experiencing a balance of payments deific, the country is importing more goods, services and capital than it is exporting. When this happens, the nation has to borrow funds and items from other countries to help pay for what they are importing until the have the cash funds to pay for them, themselves. When this starts the happen, the nation that this is hurting should try and balance their payments and monitor transactions better to eliminate this in the future. </span>
8 0
3 years ago
Read 2 more answers
Felipe's uncle owns a large manufacturing business with offices in three states. This type of business would BEST be described a
lesya692 [45]

The type of business that the uncle is said to have would be described as an entrepreneurial business.

<h3>What is an entrepreneurship?</h3>

This is used to refer to the business that is owned by a single person. This person is called the entrepreneur who gets to enjoy either the profit or the loss that may occur in the business that he is operating.

The question says that the uncle has a chain of these businesses across three states, we can say that the uncle is an entrepreneur.

Read more on entrepreneurship here: brainly.com/question/353543

#SPJ1

3 0
2 years ago
Other questions:
  • An increase in​ income, holding prices​ constant, can be represented as A. a change in the slope of the budget line. B. a parall
    11·1 answer
  • " One of the difficulties in measuring the effectiveness of IMC efforts is the _______________, where consumers do not act immed
    15·1 answer
  • Ayan, the newly appointed team manager of the sales team, practices autocratic leadership in his team. However, his team members
    6·1 answer
  • ABC Company is structured so that one department services the military and another department services the medical community. Wh
    6·1 answer
  • he employees at Titanium Inc. have the freedom to plan their own schedules and are empowered to make decisions. They also believ
    7·1 answer
  • Innovation takes dedicated effort and resources, and organizations that are successful at it tend to be set up in ways that natu
    14·1 answer
  • Kết luận sự thích ứng tâm lý của sinh viên năm nhất
    10·1 answer
  • Based on the spreadsheet below, what is the net cash flow? A 2-column spreadsheet showing Cash Inflows and Cash Outflows. Total
    13·1 answer
  • A legal agreement that helps protect a lender if a borrower does not make required payments on notes or bonds is called a(n):
    11·1 answer
  • bastion borrows money from federico to purchase a car. federico has bastion sign a piece of paper indicating his agreement to pa
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!