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tekilochka [14]
3 years ago
5

The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Orange Company as

they appear on the company’s adjusted trial balance.
Accounts Payable $ 8,000
Accounts Receivable 27,000
Inventory 23,200
Advertising Expense 20,000
Cost of Goods Sold 153,000
Delivery Expense 7,600
Income Tax Expense 4,000
Insurance Expense 1,000
Rent Expense 18,400
Sales Revenue 320,000
Sales Discounts 9,400
Sales Returns & Allowances 43,000

Income from Operations would be:
Business
1 answer:
Sidana [21]3 years ago
4 0

Answer:

$67,600

Explanation:

income from operations = gross profit - operating expenses.

In this case, the income from operations = EBIT, it is not always that way because EBIT includes non-operating income, but in this case this doesn't exist.  

Sales Revenue 320,000

- Sales Discounts 9,400

<u>- Sales Returns & Allowances 43,000     </u>

Net sales = 267,600

<u>- Cost of Goods Sold 153,000                  </u>

gross profit = 114,600

- Advertising Expense 20,000

- Delivery Expense 7,600

- Insurance Expense 1,000

<u>- Rent Expense 18,400                              </u>

income from operations = 67,600

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what I think is that it should decrease by 50%

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why do I think that I think that because every one needs a discount

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3 years ago
Quanti Co., a calendar year taxpayer, purchased small tools for $5,000 on December 21, 2016, representing the company's only pur
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1 and a half months worth of depreciation

Explanation:

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Which of the following business document contains preprinted blanks to be filled in?
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Enviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments. On the issue date, the an
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Answer: 1. $218750 ; 2. $231, 250 ; 3. $11562.50

Explanation:

1. The bonds with a par value of $250,000 and implied selling price of 87 ½.

Cash proceed = 250,000 × 87.5%

= $218,750

2. Since it's semiannual interest payments, the total amount of bond interest expense that will be recognized over the life of these bonds will be:

[20 × (250,000 × 8% × 6/12)]+ $250,000 - $218,750

= $200,000 + $250,000 - $218,750

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3 years ago
It takes K’s Boutique an average of 53 days to sell its inventory and an average of 16.8 days to collect its accounts receivable
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Answer:

The accounts receivable turnover rate is 21.73

Explanation:

The formula for accounts receivable turnover is

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This way we can find how many times a year does the company collect payments for its accounts receivable, so when we divide the total number of days in a year by the average number of days to collect we can calculate how many times we collect payment for accounts receivable.

In the question we are given the average days to collect which is 16.8

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5 0
3 years ago
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