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Otrada [13]
3 years ago
12

The following selected accounts from the Bramble Corp.’s general ledger are presented below for the year ended December 31, 2022

:
Advertising expense $54,000 Interest revenue $32,000
Common stock 249,000 Inventory 66,000
Cost of goods sold 1,084,000 Rent revenue 24,000
Depreciation expense 124,000 Retained earnings 534,000
Dividends 149,000 Salaries and wages expense 674,000
Freight-out 24,000 Sales discounts 8,600
Income tax expense 69,000 Sales returns and allowances 43,000
Insurance expense 15,000 Sales revenue 2,399,000
Interest expense 69,000

Required:
Prepare a multiple-step income statement BRAMBLE CORP.
Business
1 answer:
Verdich [7]3 years ago
5 0

Answer:

Bramble Corp.

Multiple-step Income Statement

                                                                                                     $

Sales revenue                                                                       2,399,000

Sales returns and allowances                                                  (43,000)

Net Sales Revenue                                                               2,356,000

Less Cost of goods sold                                                      (1,084,000)

Gross Profit                                                                             1,272,000

<u>Less Operating Expenses :</u>

Selling and Distribution Expenses

Advertising expense                                         54,000

Freight-out                                                         24,000

Sales discounts                                                    8,600          (86,600)

Administrative Expenses

Depreciation expense                                     124,000

Salaries and wages expense                         674,000

Insurance expense                                            15,000         (813,000)

Net Operating Income                                                            372,400

<u>Less Non- Operating Expenses :</u>

Interest revenue                                               (32,000)

Rent revenue                                                    (24,000)

Income tax expense                                          69,000

Interest expense                                                69,000       (82,000)

Net Income/(Loss)                                                                  290,400

Explanation:

The multiple-step income statement has been prepared above.

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Answer:

6.52%

Explanation:

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Future value = $1,000

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NPER = 15 years  × 2 = 30 years

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The formula is shown below:

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Now to determine the yield to call we use the RATE formula that is shown in the attachment below:

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The formula is shown below:  

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8 0
3 years ago
A company has two products: A1 and B2. It uses activity-based costing and has prepared the following analysis showing budgeted c
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Answer:

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Explanation:

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Kellie's Print Shop will have to pay back to loan however which means that it is a liability to them because they owe the bank.

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2. The process by which managers run day-to-day operations is called DIRECTING

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