debits Depreciation expense, while the other debits Manufacturing overhead
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Answer:
(B) For Month Ended April 30, 20--.
Explanation:
Since, the income statement reflects the activities of the specific firm/entity/company for a particular period, therefore the date on income statement is always written in below manner depending on the number of months it represents.
If 12 months are represented by the income statement, then the date on such income statement is written as:
For year ended April 30,20--.
If 6 months are represented by the income statement, then the date on such income statement is written as:
For six months ended April 30,20--.
If 1 month is represented by the income statement, then the date on such income statement is written as:
For month ended April 30,20--.
Keeping in view the above discussion, the answer to the question shall be
(B) For Month Ended April 30, 20--.
Answer:
$4,100
Explanation:
In this question ,we apply the income statement equation
Opening stock + Purchase + Gross profit = Sales + Closing stock
$4,500 + $17,000 + $11,600 = $29,000 + Closing stock
$33,100 = $29,000 + Closing stock
So, the closing stock would be
= $33,100 - $29,000
= $4,100
The gross profit is computed below:
= Sales × gross profit percentage
= $29,000 × 40%
= $11,600
Answer:
Option C is correct one.
<u>The investment strategy is conservative.
</u>
Explanation:
This is so because most of the money is either in cash or certificates of deposits. Portfolio also consists 40% of bonds with 6% interest rate and 40% equities are also only of the employer's stock. The rate of appreciation and dividend is also very low on this stock. Hence due to all these factors we can say the strategy is conservative.
Answer:
1. 26.79%
2. No
Explanation:
a. The computation of debt payment to income ratio is shown below:
The income would be equal to
= Monthly gross income - federal, state, and local income tax - social security taxes - IRA
= $3,500 - $820 - $370 - $220
= $2,090
And, the debt payments equal to
= Visa card + master card + automobile loan
= $125 + $120 + $315
= $560
So, the debt payment to income ratio would equal to
= $560 ÷ $2,090
= 26.79%
b. we conclude that debt percentage is more than the monthly payments.
