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4 years ago

Jeter Corporation had net income of $221,000 based on variable costing.

Business

1 answer:

vredina [299]4 years ago

4 0

Answer:

$245,500

Explanation:

Given that,

Net income under variable costing = $221,000

Beginning and ending inventories were 6,900 units and 11,800 units, respectively

Net operating income under absorption costing:

= Net operating income under variable costing + fixed manufacturing overhead cost deferred in inventory

= $221,000 + [(11,800 - 6,900) × $5.00]

= $221,000 + (4,900 kg × $5.00)

= $221,000 + $24,500

= $245,500

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On July 1, Atlantic Cruise Lines issues a $100,000, eight-month, 7% note. Interest is payable at maturity. What is the amount of

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The answer is $3,500.

Given,

On July 1, Atlantic Cruise Lines issues a $100,000, eight-month, 7% note.

Interest is payable at maturity.

Maturity date = July 1 + 8 months = March 1

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2 years ago

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4 years ago

Cushman company had $814,000 in sales, sales discounts of $12,210, sales returns and allowances of $18,315, cost of goods sold o

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3 years ago

Sumner sold equipment that it uses in its business for $30,800. Sumner bought the equipment a few years ago for $79,600.00 and h

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Answer: $9025 §1231 loss

Explanation:

From the question, we are informed that Sumner sold equipment that it uses in its business for $30,800 and that the equipment was bought a few years ago for $79,600.00 and has claimed $39,775 of depreciation expense.

Assuming this is Sumner's only disposition for the year, the amount and type or character of Sumner's gain or loss goes thus:

The book value of the equipment will be:

= $79600 - $39775

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= $39825 - $30800

= $9025

It should be noted that there will be no depreciation recapture because the asset is sold for a loss.

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4 years ago