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
NikAS [45]
3 years ago
13

Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared.

However, 500 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Debit Credit
Cash $ 1,570
Accounts receivable 2,220
Interest receivable 270
Prepaid insurance 1,710
Notes receivable (long-term) 2,880
Equipment 15,500
Accumulated depreciation $ 2,970
Accounts payable 2,230
Accrued expenses payable 3,740
Income taxes payable 2,650
Unearned rent revenue 330
Common Stock (820 shares) 82
Additional paid-in capital 3,508
Retained earnings 5,080
Sales revenue 37,250
Interest revenue 160
Rent revenue 560
Wages expense 19,000
Depreciation expense 1,750
Utilities expense 320
Insurance expense 780
Rent expense 9,800
Income tax expense 2,760
Total $ 58,560 $ 58,560
Prepare a multi-step income statement in good form for the current year. Include earnings per share.
Business
1 answer:
DerKrebs [107]3 years ago
4 0

Answer:

Net income = $3,560

Explanation:

                                       Romney's Marketing Company

                                        Multi-step income statement

                               For the Year ended December 31 20YY

Sales revenues 37,250

Less: Cost of goods sold = 0

Gross profit                                                          = 37,250

Less: Operating expense:

Wages expense                                 = $19,000

Depreciation expense                       = $1,750

Utilities expense                                = $320

Insurance expense                            = $780

Rent expense                                     = $9,800

Total operating expense                   = ($31,650)

Add: operating income:

Rent revenue                                      =  $560

Total operating income                                         = $6,160

Other operating income

Interest revenue                                                    = 160

Net income before taxes                                      = $6,320

Income tax expense                                              = $2,760

Net income                                                             = $3,560

You might be interested in
Which distribution channel is used by valley farm dairy to distribute its products to consumers without intermediaries?
expeople1 [14]
The distribution channel used by the Valley Farm Dairy would be direct distribution. It is a type of channel distribution that is used to directly sell the goods from the producer to the consumers themselves. The use of intermediaries would increase the price of the good when it reaches the consumers.
3 0
3 years ago
Union Local School District has bonds outstanding with a coupon rate of 4.9 percent paid semiannually and 20 years to maturity.
RUDIKE [14]

Answer:

Ans. Price of the bond is $9,250.57

Explanation:

Hi, first we need to establish the semi-annual coupon of the bond and the semi-annual discount rate (YTM semi-annually)

Coupon=10000*(4.9%/2)= $245

To turn the annaul YTM to semi-annual, we have to use the following equation

YTM(semi-annual)=(1+YTM)^{\frac{1}{2} } -1

YTM(semi-annual)=(1+0.056)^{\frac{1}{2} } -1=0.0276

After all this, we are ready to find the price, here is the math of this.

Price=\frac{245((1+0.0276)^{39}-1) }{0.0276(1+0.0276)^{39} } +\frac{(245+10000)}{(1+0.0276)^{40} } =9250.57

Best of luck.

4 0
3 years ago
10 properties of relationship marketing
yan [13]

Answer:

10 PROPERTIES, VALUES AND IMPORTANCE OF RELATIONSHIP MARKETING

1. trust

2. commitment

3. communication

4. keeping promises

5. shared values

6. cooperation

7. concern

8. service

9. experience

10. advocacy

❤❤❤

BRAINLIEST IF IT'S RIGHT

6 0
2 years ago
Rose has a $20,000 basis in the 60% of the Parent Corporation stock that she owns. Parent Corporation owns a 70% interest in Chi
Degger [83]

Answer:

The answer is: Rose will be taxed as receiving a $15,000 dividend distribution.

Explanation:

Since Parent Corporation owns 70% of Child Corporation, for tax purposes they are considered as one single firm. Rose is the main stockholder of Parent Co. so for tax purposes she is also a stockholder in Child Co. When Child Co. gives her $15,000 in exchange for Parent Co. stock, this would be considered as a dividend distribution rather a stock sale.

7 0
3 years ago
Other things equal, the monopsonistic employer will pay a
zloy xaker [14]

Answer: The correct answer is "a. lower wage rate and hire fewer workers than will a purely competitive employer.".

Explanation: Monopsony is generated when there are many people looking for work and there are only a few employers, who can afford to offer a lower salary than they would have to offer if there was more competition for workers.

5 0
3 years ago
Other questions:
  • Donna Forrester's gross pay is $72,500 a year. The state income tax is 3% of taxable wages. Donna takes a married exemption of $
    10·2 answers
  • The journal entry a company records for the payment of interest, interest expense, and amortization of bond discount is debit In
    11·1 answer
  • Every decision you make is an economic decision because you're choosing how to use your
    9·1 answer
  • Country X can cut, prepare, and export lumber using fewer worker hours than Country Y. Country Y can produce lumber but produces
    14·1 answer
  • As pointed out by Orange​ Photography, routine requests have the same three parts as all business messages. These parts are the​
    9·1 answer
  • A tax is called __________ if the rate of taxation goes up with each higher income bracket and __________ if people in lower inc
    6·1 answer
  • A discount on bonds payable: a. Occurs when a company issues bonds with a contract rate less than the market rate. b. Occurs whe
    5·1 answer
  • The assumption of continuity says that:
    14·2 answers
  • Professional etiquette suggests you should send a(n) ____ to each person who agrees to meet with you in support of your career e
    15·1 answer
  • What does Expected Family Contribution mean?
    10·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!