All categories

3 years ago

Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income

Business

1 answer:

Lera25 [3.4K]3 years ago

8 0

Answer:

OPGENORTH COMPANY

Income Statement

For Year Ended December 31, 2016

Sales $160,000

Cost of goods sold $95,000

Gross profit $65,000

Operating expenses

Selling expense $14,000

General and administrative $17,000

expense

Total operating expense $31,000

Operating income $34,000

Other items

Interest revenue $2,500

Loss on sale of equipment (pretax) -$2,000

Loss from fire -$8,000 -$7,500

Income before tax $26,500

Income tax $7,950

Net income $18,550

Components of Income EPS

EPS = $18550 / $7000

= $2.65

OPGENORTH COMPANY

Statement of Comprehensive Income

For Year Ended December 31, 2016

Net income $18,550

Other comprehensive loss

Unrealized decrease in fair value -$1,800

of available for sale securities

Comprehensive income $16,750

You might be interested in

If the costs of health insurance paid by employers decrease, then the economy will experience a _____ shock. Please choose the c

maria [59]

Answer:

The correct answer is letter "D": positive supply.

Explanation:

A supply shock occurs when an unexpected event changes the supply of a good or service which changes the price of that product. When the supply shock is positive, the supply increases and the price decreases. If the supply is negative, the supply decreases and the prices increase.

Thus, if the costs of health insurance decrease, expecting an increase in the supply in health insurance, the supply shock will be considered positive.

6 0

3 years ago

Read 2 more answers

In what kind of economy does the government decide on production and consumption?

777dan777 [17]

A proper economy, called a planned economy.

4 0

3 years ago

On a Saturday night in mid-October, Dmitry and his friend Misha met up to experience The Haunted Witch Trials, a Halloween attra

Tasya [4]

Answer:

It is vital that every fun related environment like the one discussed in the text have an emergency team that handles such cases.

Below are a few steps that I would take to ensure the safety of my guests:

Diligently Mark out Restricted Areas: This is the first step towards establishing a safe environment for guests.
Ensure the availability of enough Key Staff Members.
Designate a staff to properly manage ticketing so as to curtail financial losses
A Lightning Alert System must be installed in the case of emergencies.
There must be a standby emergency medical unit just in case of sudden injuries, mechanical/technical error, and other health emergencies that may be life threatening.
There has to be a team carefully looking out for the guests.
Ensure that restricted areas. signs are clearly shown and also put a staff in those sections to curtail any truant behavior by guests.

No additional costs should be added. The cost of a ticket should cover for all fun and health privileges. Additional costs may lead to a drastic reduction in customer base. The ticket cost should cover for everything.

8 0

3 years ago

the sle for more than the orginal cost basis before deprecaiation of machinery is used in trade or business chegg

Daniel [21]

The sale for more than the original cost basis before depreciation of machinery is used in trade or business is Section 1245 and Section 1231.

A business is described as an organization or enterprising entity engaged in commercial, commercial, or professional activities. groups can be for-earnings entities or non-profit companies. Enterprise sorts range from confined liability groups to sole proprietorships, organizations, and partnerships.

A business case describes the purpose, or reason, that an enterprise became to start with the base. It describes what makes an enterprise-specific, in addition to what the commercial enterprise plans to do. A business case isn't a venture or price statement and is plenty shorter than both.

The definition of business is an occupation or change and the purchase and sale of services or products to make a profit. An instance of commercial enterprise is farming. An instance of business is a house sale.

Learn more about business here brainly.com/question/24448358

#SPJ4

7 0

2 years ago

Zara has pioneered "cheap chic" in clothing apparel. Zara offers current and desirable fashion goods at relativelylow prices. To

Nina [5.8K]

Answer:

c. integrated cost leadership/differentiation is the correct answer.

Explanation:

These all are the characteristics of integrated cost leadership/differentiation business-level strategy because integrated cost leadership/differentiation is a strategy at the business level to developing competitive benefits of goods and products that are sold at low prices in the market.

This strategy is adopted by many businesses to attract consumers that help to reach business purposes.

The advantages of an integrated cost leadership/differentiation strategy are:

It provides advantages to the team and business.

It raises the team market share.

It raises the sustainability of the company.

It decreases the competition from the business place.

7 0

3 years ago