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4 years ago

Prepare a multi-step income statement for Clarkston Motorsports for the fiscal year ended. Include earnings per share.

Business

1 answer:

BigorU [14]4 years ago

5 0

Answer:

Clarkston Motorsports

Income statement Year ended November 30,2016

$ $

Net Sales Revenue 863,000

Cost of Goods Sold (510,000 )

Gross Profit 353,000

Selling Expenses

Selling expenses 125,000

Administrative Expenses

General expenses 134,000

Income Tax Expense 70,000

Income From Continuing Expense (329,000)

Net Income 24,000

Earnings Per Share (Continuing Operations) $1.14

Earnings Per Share (Discontinued Operations) $0.10

Explanation:

Continuing Operations

<em>Earnings Per Share = Earnings Attributable to Holders of Common Stock ÷ Weighted Average Number of Common Stocks Outstanding</em>

= $ 24,000 ÷ 21,000

= $1.14

Discontinued Operations

<em>Earnings Per Share = Earnings Attributable to Holders of Common Stock ÷ Weighted Average Number of Common Stocks Outstanding</em>

= $ 2,000 ÷ 21,000

= $0.10

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Answer:

D. turnover

Explanation:

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Voluntary turnover arises when an employee chooses to leave an organization on their own accord. The worker resigns or quits from his job. Various reasons, such as better job opportunities elsewhere, Job dissatisfaction, workplace conflicts, disengagement, and many others, may result in employees leaving an organization.

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4 years ago

True or False: Wages in the auto manufacturing industry would be greater than those in the aircraft manufacturing industry.

miss Akunina [59]

Answer:

The statement is: False.

Explanation:

Wages in one industry or another will depend on the labor demand and the specialization required for the job. Auto manufacturing technician job positions are demanded in higher quantities than aircraft manufacturing mechanics. The reason is that aircraft traffic is not even close to the automobile traffic level. Thus, <em>as more auto technicians are requested, their wages tend to be lower</em>. Besides, <em>as fewer aircraft technicians are requested, their wages tend to be higher</em>.

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4 years ago

Where can you find information about the cost of goods sold as well as total

yawa3891 [41]

The adjusted trial balance represents the cost of goods sold as well as total sales. Thus, option D is correct.

<h3>What is the cost of goods sold? </h3>

Cost of goods means the direct cost that is included in the making of the goods. The cost of goods is calculated by adding the purchase price of the commodity and deducting the closing inventory.

A report known as an adjusted trial balance lists all the debit and credit firm accounts exactly as they would appear on the accounting records after reconciliations have been made. Therefore, option D is the correct option.

Learn more about the cost of goods sold, here:

brainly.com/question/14665160

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2 years ago

Fusaro Corporation uses a predetermined overhead rate base on machine-hours that it recalculates at the beginning of each year.

andrew-mc [135]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Fusaro Corporation uses a predetermined overhead rate base on machine-hours.

Estimated total fixed manufacturing overhead= $684,000

Estimated activity level= 40,000 machine-hours

Actual activity level 37,700 machine-hours

First, we need to calculate the predetermined overhead rate:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 684,000/40,000= $17.1 per machine hour

Now, we can allocate the manufacturing overhead:

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

Allocated MOH= 17.1* 37,700= $644,670

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3 years ago

The average annual income rises from $25,000 to $38,000, and the quantity of bread consumed in a year by the average person fall

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Answer:

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3 years ago

Prepare a​ multi-step income statement for Clarkston Motorsports for the fiscal year ended. Include earnings per share.

Prepare a multi-step income statement for Clarkston Motorsports for the fiscal year ended. Include earnings per share.