Answer:
Income Statement Dec. 31, 20Y6
<u> Glacier Travel Service </u>
Total revenue $900,000
- Wages expense ($425,000)
- Rent expense ($180,000)
- Utilities expense ($75,000)
- Supplies expense ($38,000
)
<u>- Miscellaneous expense ($37,000)
</u>
EBIT $145,000
<u>- Taxes ($30,000)</u>
Net profit $115,000
<span>A country would want a trade surplus rather than a trade deficit because trade surplus is better. In order to have a trade surplus, a country must export (sell) more than it imports (buys).</span>
I think the answer is Downwards;increases
Answer:
C) None of the $5,000 should be included in gross income.
Explanation:
During 2016, Sarah's itemized deductions (other than the stolen silverware) were only $2,000. If Sarah wanted to deduct the stolen silverware, she could have taken a casualty loss = $6,000 - $100 - $3,000 = $2,900. Her total itemized deductions would equal $2,000 + $2,900 = $4,900.
But during that year, Sarah should have opted for a standard deduction of $6,300 which is higher than her itemized deductions. That means that Sarah didn't claim any deduction for her silverware, so any money received from the insurance company should not be included in her gross income.
Answer:
A debit to Work-in-Process Inventory, Finishing Department of $140,000
Explanation:
Data provided
Cost transferred per unit = $4
Units transferred = 35,000
Total cost of units transferred = Cost transferred per unit × Units transferred
= $4 × 35,000
= $140,000
Therefore Process department is a finishing department. From the last processing department to finished goods and when only finished goods are debited.
$140,000 will be paid to the Work-in-Process Inventory, Mixing Department and debited to the Finishing Department, Work-in-Process Inventory.
