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kakasveta [241]
2 years ago
9

Deep Water Mining added $411 to retained earnings last year on sales of $24,646. The administrative expenses were $4,370, deprec

iation was $812, dividends paid were $285, and the interest expense was $103. What was the cost of goods sold if the firm’s tax rate was 35 percent?
Business
1 answer:
ANTONII [103]2 years ago
6 0

Answer:

It is $18,290.24

Explanation:

Profit after Tax (65%) = addition to retained earnings+dividend paid

                                   = $411 +  $285

                                    = $ 696

Profit before Tax = [100/65] * $ 696

                            = $1070.76

Tax (35%)             = 35% * $1070.76

                            = $374.77

Gross Profit = Profit before tax + Total expenses

                    = $1070.76 + [  $4,370+ $103+ $812]

                    = $6355.76

Cost of Sales= $24,646 -$6355.76

                     = $18,290.24 .

Note

-Dividend is paid is paid from profit after tax

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iVinArrow [24]

Answer:

A. usually have a lower interest rate than long-term debt.

D. are frequently used by large corporations as a significant component of capital structure.

Explanation:

A short-term bank loan can be defined as a type of loan that provides quick cash which mainly have a shorter repayment period when compared to a traditional loan.

Basically, when a small business owner (entrepreneur) or start-up needs to finance a temporal personal or working capital requirements but isn't eligible to apply for a line of credit from a bank; he or she can obtain a short-term bank loan.

Short-term bank loans usually have a lower interest rate than long-term debt and are frequently used by large corporations as a significant component of capital structure.

6 0
2 years ago
Suppose that Inventories fall by $2 billion, Consumption increases by $8 billion, Welfare Payments decline by $3 billion, Export
Georgia [21]

Answer: <u><em> The measured-GDP would increase by $5 billion.</em></u>

Explanation:

Given :

Inventories fall by $2 billion,

Consumption increases by $8 billion,

Welfare Payments decline by $3 billion,

Export increases by $1 billion

Import also increases by $2 billion.

Note: While calculating GDP we will not include Welfare payments in it.

GDP = C + I + G + (X-M)

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8 0
3 years ago
Modern economic growth has caused?.<br>​
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6 0
3 years ago
TB MC Qu. 7-77 Corbel Corporation has two divisions: Division A and ... Corbel Corporation has two divisions: Division A and Div
irina1246 [14]

Answer:

Corbel Corporation's common fixed cost  is $41,650

Explanation:

Division A contribution margin       $47,700

Division B contribution Margin       <u>$80,850</u>           $128,550

($231,000 * 35%)

Less: Traceable fixed cost              $59,700

Operating Income                           <u>$27,200</u>           <u>($86,900)</u>

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3 0
3 years ago
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Vaugh
polet [3.4K]

Answer:

Beginning Raw material Inventory = Direct materials used - Raw Materials purchases + Ending raw materials inventory

= 188,420 - 159,120 + 22,610

= $‭51,910‬

Total cost of work in process = Cost of goods manufactured + Work in process (12/31)

= 544,240 + 83,230

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Total Manufacturing costs = Total cost of work in process - Work in process (1/1)

= 627,470  - 220,940

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Direct labor = Total Manufacturing costs - Total overhead - Direct materials used

= 406,530 - 139,320 - 188,420

= $78,790

3 0
3 years ago
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