Answer:
Net Income or Loss : a. 2019 = $53000 ; b. 2020 = $4000 loss ; c. 2021 = $43000
Explanation:
Assets - Liabilities = Capital (Closing/Opening)
458000 - 317000 = 141000 (2019 Closing Capital)
Profit = Closing Capital - Opening Capital + Drawings - Additional Capital
A. 2019 Opening Capital = 100000 (Given)
2019 Closing Capital = A - L = 458000 - 317000 = 141000
2019 Profit = CC - OC - D + AC = 141000 - 100000 + 12000 = 53000
B. 2020 opening capital = 2019 Closing Capital = 141000
2020 closing capital = A - L = 538000 - 367000 = 171000
2020 Profit = CC - OC + D - AC = 171000 - 141000 - 34000 = 4000 Loss
C. 2021 opening capital = 2020 closing capital = 171000
2021 closing capital = A - L = 668000 - 467000 = 201000
2021 Profit = CC - OC + D - AC = 201000 - 171000 + 25000 - 12000 = 43000
Answer:
$10,200
Explanation:
The computation of the deferred income tax expense or benefit is shown below:
Favorable temporary difference = $50,000
Less: Unfavorable temporary difference -$20,000
Net favorable temporary difference $30,000
We assume the tax rate is of 34%
So, the deferred tax expense is
= $30,000 × 34%
= $10,200
By finding out the net favorable temporary difference and then multiplied with the tax rate we can get the deferred tax expense and the same is shown above
The document a caterer uses to stipulate the terms, conditions, and contents of the services he or she will provide each client is called the A.) CLIENT AGREEMENT.
Client Agreement is a contract between the client and the contractor. Both parties will sign on the written client agreement contract and both are held accountable on the terms and conditions specified in the contract.
Answer:
$80,000
Explanation:
During the first year of oeration Maria Rose invested $25,000 in Roseland incorporation
The company earned $68,000 in revenue
They incurred expenses of $32,000
A cash dividend of $5,000 was paid out to Maria
The company owed $24,00£ to its creditors
Assets = liabilities - equity
The first step is to calculate the equity
Equity= common stock - dividend + revenue-expenses incurred
= $25,000-$5,000+$68,000-$32,000
= $20,000+$36,000
= $56,000
Therefore the company's assets can be calculated as follows
= $24,000 + $56,000
= $80,000
Hence the total company's assets is $80,000
Answer:
profit margin is 16.0 %
gross profit rate is 39.6 %
Explanation:
given data
net sales = $248,700
cost of goods sold = $146,900
operating expenses = $58,000
net income = $39,900
beginning total assets = $473,900
ending total assets of $635,400
to find out
profit margin and gross profit rate
solution
we will apply here profit margin formula that is
profit margin = 
..............1
put here value
profit margin = 
profit margin = 16.04 = 16.0 %
and
gross profit rate formula is
gross profit rate = 
..............2
put here value
gross profit rate = 
gross profit rate is 39.72 = 39.6 %
