1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Leni [432]
3 years ago
8

Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers and sold 8,000 coffee makers during the month of

March at a total cost of $612,500 Each coffee maker sold at a price of $100. Morning Smiles also incurred two types of selling costs: commissions equal to 5% of the sales price and other selling expense of $45,000. Administrative expense totaled $47,500
Required:

Prepare an income statement for Morning Smiles for the month of March and calculate the percentage of sales revenue represented by each line of the income statement. (Note: Round answers to one decimal place.)
Business
1 answer:
wariber [46]3 years ago
8 0

Answer:

The income statement is a report that shows the financial performance of a business for a over a given period of time, in this case a month.

Explanation:

Morning Smiles

Income statement for the Month

                                                                   $

Sales revenue                800,000  

Cost of sales                        <u>(612,000)   </u>

Gross profit                          188,000

Less  

Variable selling cost(5%×800,000) <u> (40,000)   </u>

Contribution                              148,000

Other selling cost                   (45,000)

Administrative expense    <u>(47,500)</u>

Profit                                      55,500

Cost of sales = 612,000/800,000=  76.5%

Gross profit   = 188,000/800,000=  23.5%

Variable sell. cost = 40,000/800,000 =  5%

Contribution =  148,000/800,000 =  18.5%

Other selling cost = 45,000/800,000= 5.6%

Administrative expe= 47,500/800,000 = 5.9%

You might be interested in
There are four consumers willing to pay the following amounts for haircuts, and there are four haircutting businesses with the f
Softa [21]

Based on efficiency, the businesses that should cut hair are the A and C; moreover, to meet the demand, each firm will need to offer at least two haircuts.

The supply of a product or the units of a product that is offered to potential customers should always meet the number of real customers. In the same way, the price of the product should meet the price customers are willing to pay.

In this context, the best is that only firm A and C cut hair, this is because their prices per cut ($25 and $30) match the consumers' willingness to pay this includes Lorenzo ($35), Gilberto ($50), Juanita ($40) and Neha ($25).

  • Firm A can cut Neha's and Lorenzo's hair
  • Firm C can cut Gilberto's and Juanita's hair

Moreover, this implies each firm needs to do at least 2 haircuts to cover all the possible customers.

In the case of firms B and D, the price per cut is high ($40 - $45). Based on this,  they should not cut hair as only a few customers can pay for this service, and this would be inefficient.

Learn more in: brainly.com/question/13225200

4 0
2 years ago
A man has $34,000 to invest. He invests some of the money at 5% and the balance at 4%. His total annual interest income is $1545
notka56 [123]

Answer:

Amount invested @ 5% = $18,500

Amount invested @ 4% = $34,000 - $18,500 = $15,500

Explanation:

Provided we have the following details,

Total investment = $34,000

Let amount invested @ 5% = x

Then, amount invested at 4% = $34,000 - x

Thus, (x \times 0.05) + (($34,000 - x) \times 0.04) = $1,545

0.05x + $1,360 - 0.04x = $1,545

0.01x = $1,545 - $1,360 = $185

x = $185/0.01 = $18,500

Thus, amount invested @ 5% = $18,500

Amount invested @ 4% = $34,000 - $18,500 = $15,500

7 0
3 years ago
You need to decide whether to fight a small fire using a portable fire extinguisher.
julsineya [31]

Answer:

If you encounter a fire, a portable fire extinguisher can help protect you and possibly stop the fire in its tracks. This article covers how portable fire extinguishers work and how to use them.

Secure Your Exit

The first and most important purpose of a portable fire extinguisher is to help people escape. Portable fire extinguishers can clear fire away from your escape route or help keep an exit open for others. You should know where extinguishers are located and how to operate them. This helps ensure safe evacuations.

Fight the Fire

The second purpose of a portable fire extinguisher is to fully extinguish fires. This requires training. Portable fire extinguishers cannot extinguish large fires. Many employers do not want their employees fighting fires no matter the size. If this is the case, the extinguishers in your workplace may only be for protecting escape routes. If your employer wants you to fight small fires, they will train you.

Types of Fire Extinguishers

Fire extinguishers are rated to fight different classes of fire. Most extinguishers are rated to fight A, B and C fires, but not all. Make sure the fire extinguisher you use will work on the fire you’re facing. The wrong extinguisher could make things worse.

8 0
2 years ago
Read 2 more answers
Few restaurant management students opt for ____________________management, believing it lacks the variety, glamour and opportuni
sammy [17]

Answer: Quick service

Explanation:

  According to the given question, the few restaurants student opting quick service management is the process of lack of varieties, opportunities and the glamour.

The Quick service is one of the disadvantage method using in the management as it contain the fast serving of the food and lack of the various types of variety in the food menu.

We are not able to manage all the stuff in order to satisfying the customer requirement and also lacks the opportunities for the self expression. Therefore, Quick service is the correct answer.  

4 0
2 years ago
robert jacobs and richard chase (2018). operations and supply chain management, 16th edition, mcgraw-hill. isbn 978-1-260-23890-
morpeh [17]

What was robert jacobs and richard chase (2018). operations and supply chain management, 16th edition; (COMPLETE QUESTION)

With a light emphasis on quantitative coverage, Operations and Supply Chain Management, 16e covers the full spectrum of Operations Management and Supply Chain. It offers pertinent and up-to-date Operations Management topics with an emphasis on economics and the global economy, analytics content that uses math models to link decisions to pertinent data, and proper problem-solving techniques.

This sixteenth edition gives students a set of more practical skills and tools as well as examples of what businesses are doing to gain a competitive advantage in the market. Reducing the cost of supply chain processes, integrating and collaborating with customers and suppliers, sustainability, and lowering the long-term cost of products and processes are all current business hot themes that pertain to operations and supply chain management.

TO know more about operations and supply chain management

brainly.com/question/5004551

#SPJ4

7 0
1 year ago
Other questions:
  • Zimmer, Inc. started the month of January with beginning finished goods inventory of $20,000. The cost of goods manufactured dur
    15·1 answer
  • You have an investment that in today's dollars returns 12% of your investment in year 1, 18% in year 2, 11% in year 3, and the r
    14·1 answer
  • Wilbert's Clothing Stores just paid a $1.20 annual dividend and increases its dividend by 2.5 percent annually. You would like t
    9·2 answers
  • Flo and Glen form Health Food Inc. to coordinate the purchase, sale, and delivery of food products from organic farms to hospita
    6·1 answer
  • The natural rate of unemployment- also called full employment- means
    12·1 answer
  • If you are a jury member, which of these are topics you might discuss with the other jurors during trial? (Select all that
    8·1 answer
  • What are the key choices a company must make before reaching the final decision to go global?
    12·1 answer
  • At Eady Corporation, maintenance is a variable overhead cost that is based on machine-hours. The performance report for July sho
    5·1 answer
  • Which of the following statements are true concerning the predetermined overhead rate when the direct labor-hour requirement for
    12·1 answer
  • Categories of manufacturing costs include ______. Multiple select question. direct labor manufacturing overhead direct materials
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!