Answer:
$0.8million
Explanation:
Net income of any corporation can be calculated as follows:
Net income=EBIT-interest expense-tax expense
Net income=$13 million
Interest expense=?
tax expense=(EBIT- interest expense)*35%=($20.8million- interest expense)*35%
13=20.8-interest expense-($20.8million- interest expense)*35%
13=20.8-interest expense-(7.28-0.35*interest expense)
13=20.8-interest expense-7.28+0.35*interest expense
13=13.52-0.65*interest expense
13-13.52=-0.65*interest expense
-0.52=-0.65*interest expense
interest expense=-0.52/-0.65=$0.8million
Answer:
The answer is: A) Data mining
Explanation:
Data mining refers to the process of examining large databases in order to discover patterns or generate new information. It involves both computer science and statistics. Its overall goal is to extract information (new data about patterns, trends, etc.) form a large database and transform that "newly discovered" information into useful and structured information. It is usually referred to as knowledge discovery in databases (KDD).
Answer:
The correct answer is: Net Income would be overstated and Balance Sheet liabilities would be understated.
Explanation:
The Income Statement is a report that measures a company's financial performance over a specific accounting period. The Income Statement is also known as the Profit & Loss Statement and Earnings Statement. The Income Statement reflects the company's <em>revenues and expenses</em> during a certain period.
Thus, <em>if deferred interest is not recorded in the Income Statement, the Expenses and Liabilities will be understated and the Net Income would be overstated</em>.
Answer:
yes D is the correct answer
Answer:
$3,900
Explanation:
December 15: The company sold $2,000 of product to the customer with terms 2/15, n/45. December 31:The company has a fiscal year end of December 31. The company estimates using the aging-of-Accounts Receivable.
Accounts Receivable were $140,000, 3% is the estimate for doubtful accounts, and the Allowance for Doubtful Accounts balance is a $300 debit prior to any adjustment.
Therefore the amount to be credited to doubtful account = 0.03 x 140,000 = $4,200
The amount of bad debts = $4,200 - $300 = $3,900