Answer:
The net income of the firm for the year is $531,960
Explanation:
Income before tax of Sandifer Manufacturing Co. (taxable income) = Revenues - Cost of goods sold - Operating expenses = $4,580,000 - $3,321,000 - $453,000 = $806,000
Tax liability equal to 34 percent of the firm's taxable income.
The amount of tax the firm had to pay = $806,000 x 34% = $274,040
Net income = Income before tax - Tax liability = $806,000 - $274,040 = $531,960
Answer:
A. selling price minus trade discount.
Explanation:
Answer:
c. $210,000.
Explanation:
amount of expense to be reflected in Post's quarterly income statement
= 840,000 / 4
= $210,000
Therefore, The amount of expense that should be reflected in Post's quarterly income statement for the three months ended March 31 is $210,00.
Answer:
Year end Adjusting Entry
Dr. Cr.
1.
Interest Revenue $410
Rent Revenue $410
2.
Property Tax Expense $800
Property Tax payable $800
3.
Service Revenue $3,300
Unearned Service Revenue $3,300
4.
Interest Revenue $300
Rent Revenue $300
5.
Salaries Expense $650
Salaries Payable $650
Answer:
Subordinated debentures - Ranks the lowest in terms of priority with regards to claim on assets, is the riskiest of all. Higher the risk, higher would be the return offered on the bond.
Debentures - These bonds are those which are not backed by any collateral. Issued by both corporations as well as governments, debentures are backed only by the general creditworthiness and reputation of the issuer.
Senior Mortgage Bonds - 'Senior' means they rank high in terms of claims on assets and 'Mortgage' implies they are backed by collateral.
