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erastovalidia [21]
3 years ago
5

Exercise 8-8 Budgeted Income Statement [LO8-9] Gig Harbor Boating is the wholesale distributor of a small recreational catamaran

sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales 700 Selling price per unit $ 2,070 Cost per unit $ 1,605 Variable selling and administrative expense (per unit) $ 60 Fixed selling and administrative expense (per year) $ 200,000 Interest expense for the year $ 23,000 Required: Prepare the company’s budgeted income statement for the year.
Business
1 answer:
maks197457 [2]3 years ago
5 0

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Budgeted unit sales 700 Selling price per unit $ 2,070 Cost per unit $ 1,605 Variable selling and administrative expense (per unit) $ 60 Fixed selling and administrative expense (per year) $ 200,000 Interest expense for the year $ 23,000

Sales= 1,449,000 (+)

COGS= 1,123,500

Gross profit= 325,500

Selling and administrative= (60*700)+200,000= 242,000

Interest expense= 23,000

Net operating profit= 60,500

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The special fund established by the legislature to help compensate victims of real estate licensee fraud is the: ____
Nostrana [21]

Answer:

The special fund established by the legislature to help compensate victims of real estate licensee fraud is the:  Recovery Account

Explanation:

You can refer to the history of this fund in the following link:

http://www.dre.ca.gov/Consumers/ConsumerRecoveryAccount.html

6 0
3 years ago
Miller Mining, a calendar-year corporation, purchased the rights to a copper mine on July 1, Year 1. Of the total purchase price
dybincka [34]

Answer: <u>$4,500</u>

Explanation:

Equipment was purchased for $76,000.

It has an estimated useful life of 8 years.

It will be sold for $4,000 after these 8 years so that is the salvage value.

With these figures depreciation per annum is calculated with the following formula;

Depreciation per annum = \frac{Cost of Asset - Salvage Value}{Useful life}

= \frac{76,000 - 4,000}{8}

= $9,000

The Equipment was purchased on July 1, Year 1. In Year 1 therefore it will only be in use for half the year and this is what it should b depreciated in light of.

Semi-annual Depreciation = 9,000/2

= <u>$4,500</u>

7 0
3 years ago
For critically ill patients, _____ provide the majority of energy.
valentina_108 [34]
For critically ill patients, FATS AND CARBOHYDRATES provide the majority of energy. Energy is needed by these type of patients to carry out the major functioning of the body such as the beating of the heart, respiration, etc. Energy needed for such work is provided by fats and carbohydrates.
7 0
3 years ago
The activities that must be completed prior to the start of an activity in question are called the immediate ________ of the act
marta [7]

Answer:

events

Explanation:

it is an emergency situations that needs to be answered quickly

3 0
2 years ago
Homer Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annu
kotegsom [21]

Answer:

$165,000

Explanation:

The computation of the annual net cash flow is shown below:

But before that first we have to find the depreciation expense which is

= (Initial cost - Salvage Value) ÷  estimated life

= ($400,000 - $75,000) ÷ 5 years

= $65,000

Now the annual net cash flow is

= Depreciation expense + Net Income

= $65,000 + $100,000

= $165,000

We simply added the depreciation expense and the net income so that the annual net cash flow could come

4 0
3 years ago
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