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Misha Larkins [42]
3 years ago
11

Misty Company reported the following before-tax items during the current year: Sales revenue $ 1,200 Selling and administrative

expenses 620 Restructuring charges 20 Loss on discontinued operations 40 Misty's effective tax rate is 25%. What is Misty's net income for the current year? Multiple Choice $460. $390. $420. $380.
Business
1 answer:
DaniilM [7]3 years ago
7 0

Answer:

 $420

Explanation:

The computation of the net income for the current year is shown below:

Sales revenue                                              $1,200

Less: Selling and administrative expense  -$620

Less: Restructuring charges                        -$20

Less: Income tax expense at 25%               - $140

Net income                                                    $420

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Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the
Reika [66]

Answer:

Instructions are below.

Explanation:

<u>We were provided with the activity rates. To calculate the total cost, first, we need to allocate overhead to both product lines:</u>

<u></u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Product K425:

Allocated MOH= (6*80) + (4*100) + (50*1) + (90*1) + (14*1) + (9*80)

Allocated MOH= $1,754

Product M67:

Allocated MOH= (6*500) + (4*1,500) + (50*4) + (90*4) + (14*10) + (9*500)

Allocated MOH= $14,200

<u>Now, we can calculate the unitary cost:</u>

Product K425:

Unitary cost= 13 + 5.6 + (1,754/200)

Unitary cost= $27.37

Product M67:

Unitary cost= 56 + 3.5 + (14,200/2,000)

Unitary cost= $66.6

7 0
3 years ago
On January 1, 2012, Coronado Industries purchased for $762000, equipment having a useful life of ten years and an estimated salv
kari74 [83]

Answer:

$45,800

Explanation:

Coronado Industries

Cost of Equipment $762,00

Accumulated Depreciation

( $762,000 - 45,000 ) /10*9 years

=$717,000/10×9 years

=71,700×9 years

=$645,300

Therefore Dec 31,2012 book value of equipment will be:

= $762,000 - $645,300

= $116,700

Equipment sold $162,500

The gain to be recognize will be

= $162,500 - $116,700

= $45,800

1 January ,2012 to 31 December,2020 will give us 9 years

4 0
2 years ago
Read 2 more answers
Read the article "Organizational Characteristics and Use of Balanced Scorecard Measures in Executive Compensation" by Pollanen a
Gnoma [55]

Answer:

Consider the following explanation

Explanation:

Executive compensation depends on the overall performance of the company sequentially. It depends on various factors which determine the success of the organization. There has being a tool where the overall performance of the company and its overall standpoint is mentioned explaining in detail the occurrence of various events. Balanced score card is nothing but a report card explaining performance. Executive compensation attracts a clause of payment of a certain percentage only after achieving certain specific performance targets. Balanced score cards includes following things

Learning and growth perspective: it includes what the employees learn from the system, their training which is an essential aspect to increase their productivity.

Business perspective: determines how business are performing with regards market capitalization or client conversion ratios, also concerns about the region the business is growing into.

customer perspective: what customer wants, and what is being delivered to him, it helps company to close the gap to increase quality of delivery

Financial perspective: explains ratios, profits, losses, analysis regarding the financial position of the company.

8 0
3 years ago
In the current year, Borden Corporation had sales of $2,190,000 and cost of goods sold of $1,295,000. Borden expects returns in
NNADVOKAT [17]

Answer:

The entries are as follows

To record estimated returns on Sales

Debit: Sales Refund Payable Account $131,400

Credit: Accounts Receivables $131,400

To record estimated Cost of Sales returns

Debit: Inventory Returns Estimated Account $77,700

Credit: Inventory on Sales on Returns $77,700

Explanation:

To derive the figure for Sales Refund payable for the year

6% of $2,190,000

= \frac{6}{100} * 2,190,000 = $131,400

To derive the figure for Inventory cost on Sales Refund payable for the year

6% of $1,295,000

= \frac{6}{100} * 1,295,000 = $77,700

3 0
3 years ago
A company purchased a commercial dishwasher by paying cash of $4,200. The dishwasher's fair value on the date of the purchase wa
kogti [31]

Answer:

$4,760

Explanation:

The value a company will record for the dishwasher will be the amount that was used to purchase the dishwasher plus the associated cost of transporting and installing the dishwasher.

The price of the dishwasher to be used is the actual amount it was bought and not the fair value.

Amount recorded for dishwasher= Price + Transportation + Installation fees

Amount recorded for dishwasher= 4,200 + 330 + 230

Amount recorded for dishwasher= $4,760

Note the fee for illegal parking is not considered because it is not a direct cost related to purchase of the dishwasher

5 0
3 years ago
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