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andre [41]
3 years ago
14

Ollie Company experienced the following events during its first-year operations:

Business
1 answer:
Umnica [9.8K]3 years ago
4 0

Answer:

a. Events that will affect the income statement are :

  1. Part c
  2. Part d

b. Income statement that shows the results of Year 1 operations.

Revenue Earned             $59,000

Less Expenses :

Expenses                        ($43,000)

Net Income / (Loss)          $16,000

Explanation:

The Income Statement shows the Profit or Loss that resulted during the reporting period.

Only items of Revenue/Income and Revenue Expenditures (Expenses) are accounted for in Income Statement.

Profit or Loss = Sales <em>less</em> Expenses

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EA6.
vodomira [7]

Answer:

$750

Explanation:

The formula for determination of beginning inventory is given below:

Cost of goods sold=opening inventory+purchases-closing inventory

Cost of goods sold=$2,000

Purchases=$2,250

closing inventory=$1,000

Opening inventory=Cost of goods sold+closing inventory-purchases

                             =2,000+1,000-2,250

                             =$750

6 0
3 years ago
Terrel is designing and maintaining a web page for a local company. In which career pathways would Terrel be involved?
icang [17]

Answer: Information Support and Services, and Programming and Software Development

6 0
3 years ago
Tom and Sally Jones are preparing to purchase a new car. Tom currently has a Toyota Camry and Sally has a Honda Accord. They now
Julli [10]

Answer:

Demographic, behavioral

Explanation:

Tom and Sally's family life cycle stage is a Demographic segmenting dimension, and the benefit Sally seeks (reliability) is a behavioral segmenting dimension.

4 0
3 years ago
Which is incorrect about Prezi? a. Prezi had an educational license for teachers and students with .edu emails b. Classic versio
barxatty [35]

Answer:

The incorrect option about Prezi is option D) There is no way Prezis can be edited offline.

Explanation:

There is a way to edit Prezi offline. Once you have a paid subscription that allows you to download the Prezi app to your device, offline editing is automatically enabled.

Instead of opening your browser and going to Prezi.com, you run Prezi offline on your desktop or laptop. This lets you present and edit your prezis offline anytime, anywhere. If you need to make a quick change to your presentation, your can fire up your laptop and edit it even if you're not online.

4 0
3 years ago
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Quebec, Inc. for an
STatiana [176]

Answer:

Quebec, Inc.

Assuming Quebec, Inc. uses FIFO periodic inventory procedures, the ending inventory cost is:

= $2,220.

Explanation:

a) Data and Calculations:

                                  Units   Unit Cost   Total Cost    Units Sold

Beginning Inventory   32         $54            $1,728

Sale No. 1                                                                              10

Purchase No. 1           28           60               1,680

Sale No. 2                                                                            32

Purchase No. 2          20          57                 1,140

Totals                         80                            $4,548             42

Ending Inventory using FIFO periodic inventory system:

Units of ending inventory = 38 (80 - 42)

Units are from:       Units   Unit Cost   Total Cost

Purchase No. 1           18           60       $1,080

Purchase No. 2          20          57          1,140

Ending Inventory       38                    $2,220

7 0
2 years ago
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