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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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Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2017. The sales price includes an insta
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Answer:

Explanation:

a. The journal entries are shown below:

Accounts receivable A/c Dr $410,000

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b.  The recognized revenue would be

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Total revenue $390,000

The service revenue would be

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3 years ago
A group of products within a product class that are closely related because they perform a similar function, are sold to the sam
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Answer:

Explanation:

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Most businesses replace their computers every two to three years. Assume that a computer costs $2,000 and that it fully deprecia
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Answer:

$2000=Z/(1+i)^1+Z/(1+i)^2+Z/(1+i)^3

Explanation:

let Z be the annual minimum cash flow

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In year 1, present value of cash =X/discount factor

year 1 PV=Z/(1+i)^1

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Z can be computed thus:

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