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Luba_88 [7]
3 years ago
13

Using the information below, calculate net income for the period: Sales revenues for the period $ 1,318,000 Operating expenses f

or the period 253,000 Finished Goods Inventory, January 1 50,000 Finished Goods Inventory, December 31 55,000 Cost of goods manufactured for the period 554,000
Business
1 answer:
Vanyuwa [196]3 years ago
4 0

Answer:

Net Income                   516,000

Explanation:

Net income = revenue - expenses

sales revenue              1,318,000

COGS                          (549,000) (A)

Operating expenses <u>  (253,000)  </u>

Net Income                   516,000

(A)

<u>To calculate the COGS we will use the inventory identity</u>

$$Beginning Inventory + production = Ending Inventory + COGS

50,000 + 554,000 = 55,000 + COGS

50,000 + 554,000 - 55,000 = COGS

COGS = 549,000

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Receivables; bad debts and returns; Symantec [LO7-4, LO7-5]
Hitman42 [59]

Answer:

1. Accounts receivable due = Accounts receivable + Allowances

2008

= 760,100 + 26,259

= $786,359

2009

= 840,810 + 23,936

= $864,746

2. Amount of receivable written off = Beginning balance for Allowance for doubtful accounts + Bad debt - Closing balance for allowance for doubtful accounts

= 9,200 + 3,400 - 9,148

= $3,452

3. Gross sales = Net Sales + Sales returns

Sales Returns = Closing balance for reserve for product returns + goods returned - Opening balance for reserve for product returns

= 14,788 + 3,440 - 17,059

= $1,169

Gross sales in 2009 = 6,244,800 + 1,169

= $‭6,245,969‬

4. Cash collected = Credit Sales - Goods returned - Bad debts written off - Ending receivables balance + Beginning receivables balance

= ‭6,245,969‬ - 3,440 - 3,452 - 864,746 + 786,359

= $‭6,160,690‬

6 0
3 years ago
For businesses and organizations under recent compliance laws, data classification standards typically include private, confiden
Digiron [165]

Answer:

True

Explanation:

Businesses and organizations have their data regulated under recent compliance laws, and under these regulations data can be classified as private, confindential, interal use only, and public domain.

An example of public domain information is financial statements, especially if the corporation is public and trades shares in the market.

Lots of information have restricted access though, sometimes being only available to all the employees of the firm (interal use only), or a minority of them (confidential and private).

3 0
3 years ago
The 2008 credit crunch occurred when banks reduced lending in response toa the loss of asset value for mortgage-backed securitie
rjkz [21]

Answer:

The correct answer is option a.

Explanation:

In 2007-2009 financial crisis occurred globally which originated in the US. It was triggered in the US because of the collapse of the housing bubble which caused the price of houses to decline.  

The housing bubble was backed by mortgages securities. The percentage of lower quality or subprime mortgages increase around 2004-06.  

This reduction in the asset value for mortgage securities caused the banks to reduce their lending as the debts on consumers and businesses were increasing.  

This caused the credit crunch in the year 2008.  

6 0
3 years ago
During September 2022, Carla Vista Diner’s total liabilities decreased by $69000 and its stockholders’ equity increased by $1000
Over [174]

Answer:

assets reduced by $59,000

Explanation:

To solve the problem we use the accounting formula.

Asset= Total liabilities + owner's equity

Since we are dealing with change in asset, liability, and equity

Change in asset = change in liability + change in owner's equity

Change in asset= -69,000 + 10,000

Change in asset= - 59,000

This implies that the company's assets reduced by $59,000

3 0
3 years ago
The federal deposit insurance corporation is an insurance agency that is supported by the government in the united states true o
Gre4nikov [31]
The answer is true. The FDIC is supported by the US government and was created by it the n the stock market crashed in the 1930s.
4 0
3 years ago
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