Answer:
Sales Revenue 549,500
<em><u>Less</u></em> Cost of goods sold (325,600)
Gross Profit 221,900
<em><u>Less</u></em> Expenses
Salaries and wages expense (120,500)<em> </em>
Other operating expenses (11,970)
Income tax expense (29,130) (161600)
Net Income 60300
Explanation:
A single-step income statement
Does not give distinction to Operating Incomes and expenses and Non-operating Income and expenses. All expenses are deducted in the same category.
Unrealized gain on value of patents
Patents are Intangible Assets. The gain in Patents Is Adjasted in Income statement subject to previous revaluations if Fair Value Model was elected by Ivnhoe Co for its subsequent measurement of Intangible assets
Increase in value of company reputation
Company Reputation is a special Intangible Asset called Goodwill. The gain in Goodwill. Goodwill is Internally generated. Not Recognised in Ivanhoe Co unless if it is purchased.
Answer:
1. Sep 09
Dr Petty cash $410
Cr Cash $410
2. Sep 30
Dr Merchandise inventory $59
Dr Postage expense $74
Dr Miscellaneous expenses $144
Dr Cash short and over $13
Cr Cash $290
3. Oct 01
Dr Petty cash $30
Cr Cash $30
Explanation:
1-Preparation of the journal entry to establish the Petty Cash fund
Sep 09
Dr Petty cash $410
Cr Cash $410
2- Preparation of the journal entry to Record the reimbursement of the petty cash fund.
Sep 30
Dr Merchandise inventory $59
Dr Postage expense $74
Dr Miscellaneous expenses $144
Dr Cash short and over $13
Cr Cash $290
($59+$74+144+$13)
3- Preparation of the journal entry to Record the increase of the petty cash fund
Oct 01
Dr Petty cash $30
Cr Cash $30
($410-$440)
Answer: The Preamble
The Preamble introduces the purposes and goals of The Constitution. It lists the intents and purposes of the founding fathers of the United States for the Constitution.
Answer:
C. Net income overstated by $14,200
Explanation:
Effect of errors on 2017 net income = Overstated ending inventory + Understated insurance expense - Understated income on sale of machinery
Effect of errors on 2017 net income = $15,000 + $10,000 - $10,800
Effect of errors on 2017 net income = $14,200 Overstated.
So, the total effect of the errors on 2017 net income is overstated by $14,200
Answer:
$490,000.
Explanation:
To find out sales of Opal Company we will use below equation,
Sales = Variable cost + Fixed cost + Target profit
variable cost margin will be (1 - contribution margin)
= 0.7 (1 - 0.3)
we will consider sales as x,
x = 0.70x + $49,000 + 0.20x
x = 0.90x + $49,000
x - 0.90x = $49,000
x = $49,000 / 0.10
x = $490,000.
Sales = $490,000.
