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
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.

You might be interested in
How much money was spent on black friday this year?
Tatiana [17]

Answer:

a lot of money was spent this year

5 0
2 years ago
Karen doesn’t like driving to the local bank branch, but doesn’t think that it is secure to do financial transactions on her pho
tangare [24]
I say B. but maybe D
7 0
3 years ago
Read 2 more answers
Question 2: Allocating costs using ABC You have an ABC system with three pools number of cost driver units total cost in the poo
allochka39001 [22]

Answer:

Results are below.

Explanation:

<u>To calculate the activities rates, we need to use the following formula on each pool:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Pool 1= 20,000/10,000= $2 per direct labor dollar

Pool 2= 15,000/50= $300 per setup

Pool 3= 10,000/200= $50 per hour

<u>Now, we can allocate costs to each product:</u>

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Product A:

Pool 1= 2*4,000= 8,000

Pool 2= 300*20= 6,000

Pool 3= 50 *50= 2,500

Total allocated costs= $16,500

Product B:

Pool 1= 2*6,000= 12,000

Pool 2= 300*30= 9,000

Pool 3= 50 *150= 7,500

Total allocated costs= $28,500

8 0
3 years ago
On October 1, 20X1, a company purchased a piece of land by agreeing to pay the seller $450,000 in two years. If the company had
erma4kov [3.2K]

Answer:

$378,756

Explanation;

The net present value of land will be =$450,000/1.09^2=$378,756

The land will be recorded in net present value of land by discounting the cost of land with interest rate of buying from the bank.

4 0
3 years ago
The pdca cycle is a powerful approach for problem solving as it provides the foundation for teams to
natima [27]

The pdca cycle is a powerful approach for problem solving as it provides the foundation for teams to figure out ways to change and implement new ideas within their group setting and project or business. The PDCA stands for plan-do-check-act. In the planning stage your team will plan by determining what the problem is and what ways to fix it. In the do stage, your team will act on the ways you can solve the problem. In the check stage you are looking to check your work and see what worked and what needs to be changed. The final stage is the act stage which if you find solutions that work, implement them moving forward.


4 0
3 years ago
Other questions:
  • 1. Does the selected business have differentiated products or services? If so, what is the basis for this differentiation from t
    13·1 answer
  • Jean Michaud pays his two employees $900 and $1,200 per week. Assume a state unemployment tax rate of 5.7% and a federal unemplo
    12·1 answer
  • Jamie is considering leaving her current job, which pays $75,000 per year, to start a new company that develops applications for
    6·1 answer
  • What is the purpose of NCUA Lending Regulations? A. to educate consumers on their rights for fair credit reporting B. to educate
    8·2 answers
  • Jeremy had a starting balance of $122.00 in his savings passbook. He made these transactions: Deposits of $68.52 and $46.35; Wit
    6·2 answers
  • Using your knowledge of SMART goals, select the best goal.
    8·1 answer
  • What happens when the government finances a job creation project through taxes and borrowing?
    9·1 answer
  • A manager hires labor and rents capital equipment in a very competitive market. Currently the wage rate is $12 per hour and capi
    6·1 answer
  • With access to the Internet nearly universal in the United States, many potential market segments have become more perceptive. r
    12·1 answer
  • A country that has a highly specialized economy is most likely to experience
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!