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dmitriy555 [2]
3 years ago
12

Which of the following will usually be found on an income statement prepared using absorption costing? Contribution Margin/ Gros

s Margin? A) Yes/ Yes B) Yes/ No C) No/ Yes D) No/ No
Business
1 answer:
chubhunter [2.5K]3 years ago
3 0

Answer:

C) No/Yes

Explanation:

An income statement (profit and loss account) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period. It indicates how the revenues are transformed into the net income or net profit

Absorption cost is a method of calculating the cost of a product or enterprise by taking into account indirect expenses (overheads) as well as direct costs.

How do you calculate total period cost under absorption costing?

Income statement shows Sales – Cost of Goods sold = Gross Margin (or Gross Profit) – Operating Expenses = Net Income and is based on the number of units SOLD.

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Brokerage firms make their profits primarily in which of the following ways? A) Consumer deposits. B) Government deposits. C) Di
Anastasy [175]
Brokerage firms make their profits primarily in : D. Fees commissions on sales or transfers

to put it simply, A brokerage firm is a financial institution that facilitates the selling process of stock/securities between the buyer and the seller. From each transaction that happen, a brokerage firm will receive a commission from its client.

hope this helps
5 0
3 years ago
Read 2 more answers
Lock Company purchased $100,000, 10%, 5-year bonds on January 1, 20x1, with interest payable on July 1 and January 1. The effect
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Answer:

Explanation:

see attached file.

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8 0
3 years ago
Ivanhoe Corporation issued $468,000 of 6% bonds on May 1, 2020. The bonds were dated January 1, 2020, and mature January 1, 2023
max2010maxim [7]

Answer:

May 1, 2020

Dr Cash $477,360

Cr Bonds Payable $468,000

Cr Interest Expense $9,360

July 1, 2020

Dr Interest Expense $14,040

Cr Cash $14,040

Dec 31, 2020

Dr Interest Expense $14,040

Cr Interest Payable $14,040

Explanation:

May 1, 2020

Dr Cash $477,360

Cr Bonds Payable $468,000

Cr Interest Expense $9,360

(Accrued Interest = 468,000 x 6% x 4/12)

July 1, 2020

Dr Interest Expense $14,040

Cr Cash $14,040

(Bond interest expense = $468,000 x 6% x 6/12)

Dec 31, 2020

Dr Interest Expense $14,040

Cr Interest Payable $14,040

6 0
3 years ago
Kristi's Pottery sold 200 tiles at $25.00 each to a charge customer, terms 1/10, n/30. Which entry is required to record this tr
loris [4]
Debit Accounts Receivable $5,000; credit Tile Sales $5,000
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3 years ago
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Sarah Parks is in the very early stages of putting together a business startup, and is thinking about writing a business plan to
Reptile [31]

Answer:

C. Summary business plan

Explanation:

A "business plan" is very important in order for a person to assess the success of his business. Among the choices above, the best answer is the <em>"Summary business plan." </em>This allows the entrepreneur to summarize the important points needed and to provide solid case of his business idea. This should also be clear and concise because it is going to be read by people who will be investing in the business. Examples of these groups are the <em>banks and investors.</em>

For startup business, it is important to include the following in the summary business plan: <em>business opportunity, target market, business model, marketing and sales strategy, financial analysis, competition, implementation plan, owners/staff, etc.</em>

So, this explains the answer.

4 0
3 years ago
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