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
How much ever percent she cuts so will the value of her sales
Answer:
The principal balance is $151,573
Explanation:
For computing the principal balance, we need the following calculation which is shown below:
1. First we have to compute the 1 month interest payment which equals to
= Note amount × rate × 1 month ÷ total months in a year
= $152,000 × 14% × 1 ÷ 12
= 1773.33
2. Now deduct the first month interest from installment amount which equals to
= Installment amount - Interest amount
= $2,200 - $1773.33
= $426.67
3. Now subtract step 2 amount from notes amount which equals to
= Notes amount - principal amount
= $152,000 - $426.67
= $151,573.33
Hence, the principal balance is $151,573
Answer:
The answer is ' repair costs resulting from damage to the plant asset while it was being unpacked'
Explanation:
The acquisition cost of a plant asset does not include repair costs resulting from damage to the plant asset while it was being unpacked. Why? - Because this doesn't lead to the improvement of the asset.
Acquisition costs comprise the commission paid, legal fees, cost of improving the assets and all necessary cost paid to get the assets running.
Answer - B. Riding Stable
She only worked as a short-order cook over three summers, so she does not have enough experience or expertise to run a restaurant or fast food franchise of her own. Not to even add that she hates the work.
Also, as an associate degree holder, she does not have enough academic qualification to set up a legal research firm. However, setting up a riding stable does not require academic qualifications; moreover, she loves riding and spends every spare minute helping her uncle with his three horses.
