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skad [1K]
3 years ago
13

Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2013.

Business
1 answer:
Alchen [17]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

Sales Revenue $492,000  

Interest Revenue $6,000  

Gains on Sale of Investment $8,000  

        To Profit or Loss $506.000

(being the closing of revenue accounts is recorded)  

Profit or Loss $440,000  

   To Salaries Expense      $80,000

   To Advertising Expense $10,000

   To Cost of Goods Sold  $284,000

   To Insurance Expense  $12,000

   To Interest Expense  $4,000

   To Income Tax Expense  $30,000

   To Depreciation Expense $20,000

(being the closing of expenses accounts is recorded)  

Net Income $66,000    ($506,000 - $440,000)

   To Profit or Loss $66,000

(being Recording of profit earned)

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Based on the expected sales, net profit margin, and dividend payout ratio, the projected increase in retained earnings for Khadimally Inc, is $33,181.71.

<h3>What is the projected increase in retained earnings?</h3>

First find the expected profit:

= Sales x Net profit margin

= 763,500 x 5.3%

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The projected increase is:

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Find out more on retained earnings at brainly.com/question/25998979.

3 0
2 years ago
Consider the market for socks. The current price of a pair of plain white socks is $6.00. Two consumers, Jeff and Samir, are wil
muminat

Answer:

consumer surplus = $3.5

producer surplus = $2

Explanation:

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.

Consumer surplus = willingness to pay – price of the good

Jeff's consumer surplus = $7 - $6 = $1

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total consumer surplus = $1 + $2.50 = $3.50

Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product

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Manufacturer 2's producer surplus = $6 - $5.50 = $0.50

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3 years ago
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3 years ago
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3 years ago
has 17,500 shares of stock outstanding along with $408,000 of interest-bearing debt. The market and book values of the debt are
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Answer:

$926,073

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