The Net Income for the quarter is give as: $90,850. See the attached for more explanation.
<h3>What is an Income Statement?</h3>
An income statement summarizes a company's sales, costs, and profitability over time. It is sometimes referred to as a profit-and-loss (P&L) or earnings statement.
It displays your revenue from the sale of goods or services expenditures to produce income and run your company
It is important to note that when there is a short fall between expense and income, it is referred to as Net Loss. The net financial position is derived by removing the sum of all expenses from the sum of all income streams.
The three main parts of an income statement is:
- Revenue
- Expenses; and
- Profit.
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Answer:
$14,100
Explanation:
The computation of the amount record estimated uncollectible accounts are shown below:
= Credit sales × estimated percentage
= $235,000 × 6%
= $14,100
We simply multiply the credit sales with the estimated percentage so that the accurate amount can come
The journal entry is shown below:
Bad debt expense A/c Dr $14,100
To Allowance for doubtful debts $14,100
(Being the adjusting entry is recorded)
On average, consumers spend only about 13 seconds deciding to buy one brand as opposed to another branded option from the same product category.
<h3>What is consumer purchase behavior?</h3>
This is the term that is used to refer to the behavior of the buyers and consumers of products and the way they make there decisions to buy.
It is said that they spend 13 seconds in making the decision to buy a different brand.
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Answer:
option (c) 8 years
Explanation:
Data provided in the question:
Cost of the machine = $240,000
Useful life = 10 years
Salvage value = 0
Net income = $6,000 each year
Now,
Using the straight-line method of depreciation
Annual depreciation = [ Cost - Salvage value ] ÷ Useful life
= [ $240,000 - 0 ] ÷ 10
= $24,000
Thus,
Cash flow = $6,000 + $24,000
= $30,000
Therefore,
The payback period = ( Cost ) ÷ ( Cash flow )
= $240,000 ÷ $30,000
= 8 years
Hence,
the correct answer is option (c) 8 years
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