All categories

3 years ago

Wayman Corporation reports the following amounts in its December 31, 2018, income statement.

Business

1 answer:

Viktor [21]3 years ago

4 0

Answer:

Wayman Corporation's Net Income for the year ended December 31, 2018 is $64,000.

Solution in excel file is also attached for your reference.

Explanation:

Wayman Corporation

Income Statement for the year ended Dec 31, 2018

Sales Revenue $348,000

Less: Cost of Goods Sold $124,000

Gross Profit $224,000

Less Expenses:

Operating Expenses

Selling Expenses

Salaries Expense $34,000

Advertising Expense $24,000

Total Selling Expenses $58,000

General & Admin Expenses

Utilities Expense $44,000

Total General & Admin Expenses $44,000

Total Operating Expenses $102,000

Income from Operations $122,000

Other Expenses

Interest Expense $14,000

Income before income taxes $108,000

Less: Income Tax Expense $44,000

Net Income $64,000

Download xlsx

You might be interested in

The U.S. government decides that the incomes of dairy farmers should be maintained at a level that allows the traditional family

luda_lava [24]

Answer:

$2.8 billion per year

Explanation:

Currently the amount of surplus milk in the US is really high since the demand per capita for milk has decreased by 40% in the last 50 years. Excess milk is turned into cheese since it doesn't last very long, and the current amount of surplus cheese is 1.4 billion pounds.

If yous need on average 4 pints of milk per pound of hard cheese and 2 pints per pound of soft cheese, that means that the total surplus milk production is between 2.8 and 5.6 billion pints.

If the government is going to purchase that excess milk, then it is going to need at least $2.8 billion per year.

5 0

3 years ago

Connie Cole works as a junior market analyst at SPS Services. Her previous manager retired a couple of months back, and she now

inessss [21]

Answer:

Sexual Harassment

Explanation:

Based on the information provided within the question in regards to the situation at hand it can be said that Connie's experiences are best described as Sexual Harassment. This term refers to when another person exhibits inappropriate sexual remarks or behavior towards you in a professional or social situation. Which is what Connie's boss is doing by making inappropriate sexual advances towards here after she explicitly told him to stop.

If you have any more questions feel free to ask away at Brainly

7 0

3 years ago

Payment is only part of total compensation.

postnew [5]

That is true, hope that helps !

6 0

3 years ago

A shift in the demand curve for pretzels increases the price of pretzels from $1.25 to $1.75 and its quantity demanded from 30 m

Sever21 [200]

Initial price, P₀ = $1.25
Initial demand, Q₀ = 30 million

New price, P₁ = $1.75
New demand, Q₁ = 35 million

By definition, price elasticity is
$\eta = \frac{(Q_{1}-Q_{0})/(Q_{1}+Q_{0})}{(P_{1}-P_{0})/(P_{1}+P_{0})}$
η = (5/65)/(0.5/3)
= 0.4615

Answer: η = 0.46 (nearest hundredth)

This means that greater demand makes it possible to increase the price. Usually, this is not the case because lowering the price increases sales.

6 0

3 years ago

Do you think individuals should be able to open companies anonymously? Why or why not?

adoni [48]

Well im stuck in the middle so ill give you to reasons

why i think they shouldnt be able to:
cuz they might wanna open it just as a scam and might try scamming and/or harming others

why i think they should be able to:
if they have a great idea and can prove its not a scam then im all for it ppl should be able to share and give their idea's to the world no matter howw far fetched they may seem

also ur question requiers an opinion so it should be what YOU think not just what others think :) in this type of question it would be best to go with ur own answer cuz there is no right or wrong anyways have a nice day :)

8 0

3 years ago