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kvasek [131]
4 years ago
15

his information relates to Sunland Company for the year 2022. Retained earnings, January 1, 2022 $77,700 Advertising expense 2,0

80 Dividends 6,960 Rent expense 12,000 Service revenue 67,280 Utilities expense 2,900 Salaries and wages expense 34,800
Business
1 answer:
Afina-wow [57]4 years ago
7 0

Answer:

Explanation:

Preparation of the income statement for Sunland Company ending December 31, 2022 is presented below:

                                           Sunland Company

                                           Income statement  

Revenue  

Service revenue $67,280

Total revenues $67,280 (A)

Less: Expenses

Advertising expense $2,080

Rent expense $12,000

Utilities expense 2,900

Salaries and wages expense 34,800

Total expenses $57,780 (B)

Net income $15,500 (A- B)

Simply we deduct the total expenses from the total revenues so that the net income could arrive

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Orion Flour Mills purchased a new machine and made the following expenditures: Purchase price $ 63,000 Sales tax 5,400 Shipment
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Answer:

Explanation:

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Now the journal entry would be

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3 years ago
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3 years ago
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Assuming individuals hold no currency, calculate the simple money multiplier for each of the following reserve ratios: a. 4 perc
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Explanation:

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Money Multiplier = 1/0.04

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B. At 12% reserve ratio

Money Multiplier = 1/0.12

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E. At 30% reserve ratio

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Money Multiplier = 3.33

Money Multiplier = 3

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