1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
sergij07 [2.7K]
3 years ago
5

North Company has completed all of its operating budgets. The sales budget for the year shows 50,160 units and total sales of $2

,228,200. The total unit cost of making one unit of sales is $24. Selling and administrative expenses are expected to be $309,200. Interest is estimated to be $12,710. Income taxes are estimated to be $226,800. Prepare a budgeted multiple-step income statement for the year ending December 31, 2020.
Business
1 answer:
arlik [135]3 years ago
8 0

Answer:

North Company

Budgeted multiple-step income statement for the year ending December 31, 2020

Sales of                                               $2,228,200

Cost of Goods Sold ($24 x 50,160)  <u>($1,203,840)</u>

Gross Profit                                                               $1,024,360

Operating Expenses:

Selling and administrative expenses                     <u>($309,200)</u>

Operating Income                                                    $715,160

Non-Operating Expenses:

Interest  Expense                                                     <u>($12,710)   </u>

Operating Income before tax                                  $702,450

Income taxes                                                            <u>($226,800)</u>

Operating Income after Tax                                    <u> $475,650</u>

Explanation:

Multi-step Income statement segregate the Operating Income and Expenses from non operating Income and Expense. It shows the gross profit and net operating income separately.

You might be interested in
Which of the following statements is CORRECT?
Romashka [77]

Answer:

D. The threat of takeovers tends to reduce potential conflicts between stockholders and managers.

Explanation:

As with the threat of takeover, there comes the risk of losing control, power, monetary benefits, the stockholder's tend to agree with managers, and the manager's tend to agree with stockholders.

As both aims for no takeover of the company, both work in for each other, agreeing to the suggestions placed.

There is no dis-regard to any of the suggestions paid by any of the party. This threat actually creates moral harmony and unity among stakeholders and management.

Therefore, correct answer is:

D. The threat of takeovers tends to reduce potential conflicts between stockholders and managers.

8 0
3 years ago
Sunland Company gathered the following reconciling information in preparing its July bank reconciliation:
nikdorinn [45]

Answer:

the adjusted cash balance per book is $25,390

Explanation:

The computation of the adjusted cash balance per book is shown below

= Cash balance per books + Notes receivable and interest collected by the bank - Bank charge for check printing - NSF check

= $21,600 + $4,440 - $70 - $580

= $25,390

Hence, the adjusted cash balance per book is $25,390

We simply applied the above formula so that the correct value could come

And, the same is to be considered

7 0
3 years ago
Jefferson Company has sales of $300,000 and cost of goods available for sale of $270,000. If the gross profit ratio is typically
Ivenika [448]

Answer:

$60000

Explanation:

Given: Sales = $300000.

           Cost of goods available for sale= $270000.

           The gross profit ratio= 30%

First finding the gross profit out of total sales.

Gross profit= 30\% \times 300000

Gross profit= \$ 90000

∴ Cost of goods sold= Total\ sales - gross\ profit

Cost of goods sold= 300000-90000

Cost of goods sold=  \$ 210000

Hence, cost of goods sold= \$ 210000

Now, finding estimated cost of the ending inventory.

Cost of ending inventory= cost\ of\ goods\ available\ for\ sale - cost\ of\ goods\ sold

⇒ Cost of ending inventory=  \$ 270000- \$ 210000

∴ Cost of ending inventory=  \$ 60000

Hence, estimated cost of the ending inventory under the gross profit method would be $60000.

3 0
3 years ago
Texas annexation was not at the forefront of american politics until president john tyler used it as a rallying cry for his bid
spayn [35]

Answer:

A letter by Secretary of State John C. Calhoun to President Tyler linked the idea of absorbing Texas directly to the goal of strengthening slavery in the United States.

Prospective presidential candidates, Henry Clay and Martin Van Buren, met and agreed to reject the immediate annexation of Texas on the grounds it might lead to war with Mexico.

Explanation:

6 0
2 years ago
Mia and Jack are two chocolate producers. Mia packs her chocolates in attractive boxes and charges slightly more than Jack does.
mestny [16]
<span>The answer would be this is a monopolistic competition. This is a kind of imperfect rivalry such that many creators sell merchandises that are distinguished from one another (for example, its branding or excellence) and henceforth are not perfect alternatives.</span>
3 0
3 years ago
Read 2 more answers
Other questions:
  • Suppose the herfindahl indexes for industries a, b, and c are 7,200, 5,000, and 1,500, respectively. these data imply multiple c
    15·1 answer
  • Can you operate a lift if its raining inside the vechile
    14·1 answer
  • g In a very long run situation, monopolies earn: a. an economic profit of 1%. b. an economic profit of 100%. c. an economic prof
    5·1 answer
  • Portfolio A has a beta of 1.0 and an expected return of 22%. Portfolio B has a beta of 2.0 and an expected return of 17%. The ri
    11·1 answer
  • A local bank will pay you $275 at the end of each year for your lifetime if you deposit $4,400 in the bank today. If you plan to
    15·1 answer
  • Arena Corp. leased equipment from Bolton Corp. and correctly classified the lease as a finance lease. The present value of the m
    15·1 answer
  • The Gramm-Leach-Bliley Act
    13·1 answer
  • You have been asked to create a synthetic short position in a forward contract that permits you to sell 10 units of the underlyi
    8·1 answer
  • Why is compound interest preferable to simple interest when investing?
    12·1 answer
  • To better evaluate the denials of Medicare claims at ABC Hospital, Shelly (the Coding Manager) and
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!