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mamaluj [8]
3 years ago
14

Exercise 4-6 Completing the income statement columns and preparing closing entries LO P1, P2 These partially completed Income St

atement columns from a 10-column work sheet are for Brown's Bike Rental Company. Account Title Debit Credit Rent earned 120,000 Salaries expense 46,300 Insurance expense 7,400 Office supplies expense 16,000 Bike repair expense 4,200 Depreciation expense—Bikes 20,500 (1) Use the information to determine the amount that should be entered on the net income line of the work sheet.
Business
1 answer:
RSB [31]3 years ago
8 0

Answer:

The amount of net income is $25,600

Explanation:

In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

The computation of the net income is shown below:

= Rent earned - Salaries expense - Insurance expense -  Office supplies expense - Bike repair expense  - Depreciation expense—Bikes

= $120,000 - $46,300 - $7,400 - $16,000 - $4,200 - $20,500

= $25,600

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A trial court hears witnesses testify and examines other information presented to prove the alleged facts and render a legal decision. An appellate court is concerned with the application of law in the decision of a lower court and may affirm, reverse, amend, or remand the decision of a lower court.

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3 years ago
Cushing Manufacturing assigns overhead based on machine hours. The MillingDepartment logs 1,800 machine hours and Cutting Depart
morpeh [17]

Answer:

Explanation:

The journal entry is shown below:

Milling work in progress A/c Dr $9,000

Cutting work in progress A/c Dr $15,000

     To Manufacturing overhead A/c             $24,000

(Being overhead allocation is recorded)

The milling work in progress is computed by

= Milling department machine-hours × $ overhead rate

= 1,800 machine hours × $5

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And, The cutting work in progress is computed by

= Cutting department machine-hours × $ overhead rate

= 3,000 machine hours × $5

= $15,000

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3 years ago
What is a way to protect your social security number and other sensitive information from identity theft
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7 0
3 years ago
Read 2 more answers
Oriole Company made the following journal entry in late 2021 for rent on property it leases to Danford Corporation. Cash 153000
Morgarella [4.7K]

Answer:

$277,125

Explanation:

The calculation of  income tax expense is shown below:-

Income tax expense = Income taxes payable at the end of 2022 + (Rent revenue ÷ 2) × Tax rate

= $258,000 + (($153,000 ÷ 2) × 0.25)

= $258,000 + $76,500 × 0.25

= $258,000 + $19,125

= $277,125

Therefore for computing the income tax revenue we simply applied the above formula.

6 0
3 years ago
You are due to receive a lump-sum payment of $1,350 in four years and an additional lump-sum payment of $1,450 in five years. As
FrozenT [24]

Answer:

2560.50

Explanation:

For bond valuation, the investor would be willing to pay, at the most, the present value of the future income stream discounted at 2%. Thus, the value of the bond can be determined as follows:

Years  1 2 3 4 5 Total  

Principal              1,350 1,450 2,800  

Interest  0    0      0      0       0        0  

Total inflow 0 0  1,350 1,450 2,800  

[email protected]% 0 0 0  1,247 1,313 2,561

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3 years ago
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