It’s TRUE I took the test
Answer:
$ 1,212 Net INCOME
Explanation:
Income Statement
$ 7,030 Sales
-$ 230 Sales returns and allowances
$ 6,800 Net Sales Revenues
-$ 90 Depreciation expense
-$ 3,400 Cost of goods sold
$ 3,310 Gross PROFIT
-$ 499 Advertising expense
-$ 114 Research and development expense
-$ 460 Salaries and Wages Expenses
-$ 105 Rent expenses
-$ 60 Utilities Expenses
-$ 1,238 Operating EXPENSES
$ 2,072 Operating INCOME
-$ 46 Loss on disposal of plant assets
-$ 161 Interest Expenses
-$ 207 NonOperating EXPENSES
$ 1,865 NET INCOME AFTER TAXES
-$ 653 Income Tax Expenses 35%
$ 1,212 Net INCOME
Answer:
$80,000
Explanation:
From the information given:
2020 = $320000
= i.e. 2020 = $570000
= i.e. 2019 = $530000
Change = $570000 - $530000 = $40,000
= $2,500,000
= $2,300,000
Change = $2,500,000 - $2,300,000 = $ 200000
∴
= $320000 - $40,000 - $ 200000
= $80,000
Answer:
Depreciation Expense account is $4,700
Balance in the Accumulated Depreciation account is $9,400
Explanation:
Depreciation is used to determine how a value of a fixed asset decreases with time due to usage. Examples of assets that can be depreciated include equipment, buildings, vehicles and machinery. If the annual depreciation in this case is $4,700, at the end of the second year, depreciation expense would be $4,700. however, accumulated depreciation would be (4700 +4700) totaling to $9,400
