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4 years ago

The net income for this year is $52,360. last year, net income was $50,040. what is the percentage variance in net income?

1 answer:

7 0

To find the percentage variance in the net income you'll first subtract the original amount in income from the increase amount.

$52,360-$50,040 = $2,320

Then you'll want to divide the increase of $2,320 by the original net income of $50,040. $2,320/$50,040 = .0463

The final step is to multiply that number by 100.
.0463 x 100 = 4.63%

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3 years ago

Exercise 11-13 On January 1, Monty Corp. had 97,500 shares of no-par common stock issued and outstanding. The stock has a stated

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Answer:

June 15 - Declared a cash dividend of $1 per share

Debit : Dividends $120,000

Credit : Dividends for Shareholders $120,000

July 10 - Paid the $1 cash dividend

Debit : Dividends for Shareholders $120,000

Credit : Cash $120,000

Dec 15 - Declared a cash dividend

Debit : Dividends $595,350

Credit : Dividends for Shareholders $595,350

Explanation:

When a dividend is declared, raise a Liability - Shareholders for Dividends and an Equity item - Dividends.

When the dividend is paid, de-recognize the Liability - Shareholders for Dividends and recognize a Cash Outflow.

<u><em>Dividends Calculations :</em></u>

June 15

Dividends = (97,500 + 22,500) x $1.00 = $120,000

Dec 15

Dividends = (97,500 + 22,500 + 1,500) x $4.90 = $595,350

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3 years ago

Scenario: Money Creation The reserve requirement is 20%. Leroy receives $1,000 as a graduation present and deposits the money in

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Your answer to this question is increased by $1000

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3 years ago

Understanding the Resource Allocation Process (RAP) will have large effects on shaping a firm'srealized strategy. Which of the f

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The correct answer is D Intel's rule to "maximize margin-per-wafer-start"

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4 years ago

The general ledger account for Accounts Receivable shows a debit balance of $50,000. The Allowance for Doubtful Accounts has a c

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Answer:

$2,500

Explanation:

Bad debts are debts that have been estimated to be irrecoverable, in that case such debts are normally written off to profit and loss account and eliminated by a credit entry to the debtors account.

The allowance for doubtful accounts are provisions made for debts in the account receivable accounts that may be considered doubtful of collection.

The accounting entry for doubtful debt is a debit to profit and loss account and a credit to provision for doubtful debt account. Provision for doubtful debt is made after bad debt has been deducted from the debtors account.

Therefore 5% of $50,000 = $2,500 represents provision for bad debt.

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3 years ago