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Margaret [11]
3 years ago
13

The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the cur

rent year:
Advertising expense $1,374
Interest expense $1,360
Commissions expense 2,271
Interest revenue 1,464
Cost of goods sold 29,214
Rent revenue 6,957
Depreciation expense - office building 2,724
Salaries and wages expense—office 11,582
Income tax expense 1,586
Sales revenue 48,243
Insurance expense - salesperson’s auto 2,141
Supplies expense—office 921


Assume that Shaw Corporation classifies all operating expenses into two categories: (1) selling and (2) general and administrative.

Required:
Prepare a multiple-step income statement for the current year.
Business
1 answer:
Alenkinab [10]3 years ago
8 0

Answer:

so sry idk

Explanation:

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Decisión grids are valuable tools because they help us
jenyasd209 [6]

Answer:

There are any number of valid responses – <em>see below</em>.

Explanation:

Decision grids are valuable tools because they help us:

  • Evaluate and prioritize a list of options
  • Make the best choices at the least cost
  • Make wise decisions in a range of contexts
  • Consider the cost and benefits of a decision
  • Reduce subjectivity to help make sound conclusions
  • See what we gain and lose by choosing between alternatives
8 0
3 years ago
On June 1, 2022, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets, l
Helen [10]

Question Completion:

Cash                         $ 4,600

Accounts receivable   4,000

Supplies                      2,400  

Equipment               26,000

Total assets          $37,000

Notes payable       $12,000

Accounts payable        500

Service revenue       7,500

Supplies expense    1,000  

Maintenance and repairs expense  600

Advertising expense  400  

Utilities expense  300

Salaries and wages expense  1,400

Common stock  22,100

In June, the company issues no additional stock but paid dividends of $1,400.

Prepare an income statement, retained earnings statement, and balance sheet.

Check figures:

·         Net income is $3,800.

·         Total assets are $37,000.

·         Total liabilities are $12,500.

Answer:

Elite Service Co.

a) Income Statement for the month of June 30, 2022:

Service revenue                                         $7,500

Supplies expense                           $1,000  

Maintenance and repairs expense    600

Advertising expense                          400  

Utilities expense                                300

Salaries and wages expense         1,400   3,700

Net Income                                              $3,800

b) Retained Earnings Statement for the month of June 30, 2022:

Net Income                     $3,800

Dividends paid                  1,400

Retained Earnings         $2,400

c) Balance Sheet as of June 30, 2022:

Cash                                   $ 4,600

Accounts receivable             4,000

Supplies                                2,400  

Equipment                         26,000

Total assets                    $37,000

Notes payable                 $12,000

Accounts payable                  500

Total liabilities                $12,500

Common stock                 22,100

Retained Earnings          $2,400

Total liabilities + Equity $37,000

Explanation:

Data and Calculations:

Cash                         $ 4,600

Accounts receivable   4,000

Supplies                      2,400  

Equipment               26,000

Total assets          $37,000

Notes payable       $12,000

Accounts payable        500

Common stock       22,100

3 0
3 years ago
True or false. The financial crisis hastened the ongoing process in which the financial services industry was transforming from
drek231 [11]

True.The financial crisis hastened the ongoing process in which the financial services industry was transforming from having a few large firms to many small firms.

Explanation:

The financial crisis broke the back of many big firms especially working the stock market and exchange. Financing services were being handled by big behemoths during the time that harbored a lot of space in the industry and did not allow smaller firms to take over the tasks and succeed in their stead.

The crisis made it impossible for their business models to sustain and no one could afford a hefty sum for financial services so smaller companies with less operational costs took their place.

5 0
3 years ago
Gray argues that national cultural values affect accounting values. If Country X ranks low on uncertainty avoidance, which of th
antoniya [11.8K]

Answer:

d. the country would rank low on the accounting values of conservatism

Explanation:

Gray's accounting framework postulates that the 4 accounting values of professionalism, conservatism, secrecy, and uniformity can be used to predict differences in accounting systems internationally.

Uncertainty avoidance is the degree to which cultures tolerate unpredictability.

Counties with high uncertainty avoidance are more conservative for example Japan.

While countries that have low uncertainty avoidance are less conservative. They are flexible to change and more willing to take risks.

7 0
3 years ago
Curtain Co. paid dividends of $12,000; $17,000; and $18,000 during Year 1, Year 2, and Year 3, respectively. The company had 2,3
Bezzdna [24]

Answer:

$2,150

Explanation:

Annual cumulative preferred stock dividend = 2,300 × $100 × 6.5% = $14,950

Cumulative preferred stock dividend carried forward to year 2 = $14,950 - $12,000 = $2,950

Cumulative preferred stock dividend payable in year 2 = $14,950 + $2,950 = $17,900

Cumulative preferred stock dividend carried forward to year 3 = $17,900 - $17,000 = $900

Cumulative preferred stock dividend payable in year 3 = $14,950 + $900 =  $15,850

Dividend received by common shareholders during Year 3 = $18,000 - $15,850 = $2,150

3 0
3 years ago
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