1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Svetradugi [14.3K]
3 years ago
15

Cash $207,200 Salaries and wages expense (sales) $318,080 Inventory 599,200 Salaries and wages expense (office) 387,520 Sales re

venue 4,788,000 Purchase returns 16,800 Unearned sales revenue 131,040 Sales returns and allowances 88,480 Purchases 3,120,320 Freight-in 80,640 Sales discounts 38,080 Accounts receivable 159,600 Purchase discounts 30,240 Sales commissions 92,960 Selling expenses 77,280 Telephone and Internet expense (sales) 19,040 Accounting and legal services 36,960 Utilities expense (office) 35,840 Insurance expense (office) 26,880 Miscellaneous office expenses 8,960 Advertising expense 60,480 Rent revenue 268,800 Delivery expense 104,160 Casualty loss (before tax) 78,400 Depreciation expense (office equipment) 53,760 Interest expense 197,120 Depreciation expense (sales equipment) 40,320 Common stock ($10 par) 650,720 Coronado’s effective tax rate on all items is 20%. A physical inventory indicates that the ending inventory is $686,000. Prepare a condensed 2017 income statement for Culver Corporation
Business
1 answer:
yawa3891 [41]3 years ago
8 0

Answer:

 condenced income statement  

   

net sales                                  4699520

cost of sales                          (3097360)

opening stock     599200  

purchase            3120320  

returns                   ( 16800 )

frieght in                     80640  

closing stock             (686000)  

gross profit                              1602160

other incomes                      299040

purchase discount  30240  

rent income                268800  

expenses                               (1092448 )

office salary                 387520  

sales salary                 31808  

sales discount         38080  

commission                 92960  

selling costs                 77280  

telephone costs         19040  

accounting service 36960  

utility costs                35840  

insurance                26880  

mascellaneous         8960  

advertising               60480  

delivery costs               104160  

casuality loss               78400  

depreciation-office 53760  

depreciation-sales         40320  

   

operating profit                        808752

interest expense         197120     (  197120 )

profit before tax                          611632

tax expense                                (122326.4)

profit after tax                                           <u>489305.6</u>

Explanation:

To get the net sales we take sales and minus sales return. The unearned sales are not to be recorded until they are earned and its performance obligation is satisfied. The balance sheet items such as common stock, cash do not belong in the statement of comprehensive incomes. T o calculate tax expense we take profit before tax and multiply by the tax rate.

You might be interested in
Other things the same, an increase in the U.S. interest rate causes U.S. net capital outflow to a. rise, so supply in the market
Aleksandr [31]

Answer:

b. rise, so demand in the market for foreign-currency exchange shifts right.

Explanation:

  • An increase in the interest rates leads to a rise in the capital outflow as savings and investment lead to more net capital outflow.
  • This is the movement of the assets on the company and is considered to be bad for the economy and leads to undesirable changes in the supply of the foreign currency as a shift in the demands of the consumers. This may result in political and economic instability.
8 0
3 years ago
Martin is the daytime supervisor for a packaging assembly line. He supervises 38 workers who perform routine jobs that require m
nadya68 [22]

Answer: E. Martin likes to provide the guidance and support needed by employees and ties meaningful rewards to accomplishment of objectives.

Explanation: Path-goal model of leadership is said to be a theory based on a specify leader behavior that best suit his employees and the work environment that would help achieved set goals. The main aim of path-goal model of leadership is to increase employees morale, motivate and empower them.

Martin is following this model to provide the needed guidance and support the employee working under him requires.

6 0
3 years ago
A machine costs $1,000 and has a 3-year life. the estimated salvage value at the end of three years is $100. the project is expe
AnnyKZ [126]
Cost of machine = $1,000

NPV of revenues = p( \frac{1- (1+RoR)^{-n} }{RoR} ) = 600( \frac{1- (1+0.1)^{-3} }{0.1} ) = $1,492.11

NPV of salvage value = FV ( \frac{1}{ (1+RoR)^{n} } )= 100( \frac{1}{ (1+0.1)^{3} } ) = $75.13

Total NPV = -1000+1492.11+75.13 = $567.24 ≈ $567
5 0
3 years ago
What does division mean on a job application?
julsineya [31]
It pretty much means it divides the task 
6 0
3 years ago
A factory worker earns $500 per week and will receive a $2,000 bonus at year-end, a 2-week paid vacation, and 5 paid holidays. T
Scorpion4ik [409]

Answer:

$70

Explanation:

Data provided in the question:

Earnings per week = $500

Bonus received per year = $2,000

Paid vacation = 2 weeks

Paid holidays = 5

Now,

Since  the workers have 2 weeks of vacation the fringe benefit will be calculated for 50 weeks  

[as 1 year have 52 weeks, so  52 - 2 weeks = 50 weeks]

Now,

Bonus per week = $2,000 ÷ 50 weeks

= $40 per week

Vacation pay for the year = Earning per week × Total vacation per year

= $500 × 2 weeks =  $1,000

Thus,

Vacation pay per week = $1,000 ÷ 50 weeks

= $20 per week

since there are 5 days working in a week

Holiday pay per day = $500 ÷ 5 days

= $100 per day

Thus,

Total holiday pay for a year =  Holiday pay per day × total holidays per year

= $100 × 5

= $500

Therefore,

Holiday pay per week = $500 ÷ 50 weeks

= $10 per week

Hence,

Combined amount of accrual

= $40 + $20 + $10

= $70

5 0
3 years ago
Other questions:
  • You are asked to be the leader of a task group. You are a new member to the group that is under pressure to meet new production
    12·1 answer
  • Luke's Express Diner is the only place that sells burgers in a remote town in Arizona. As one of the​ long-time residents of the
    13·1 answer
  • Which of the following assertions is true?
    15·1 answer
  • A small factory produces toilet paper. The annual demand is 360,000 units, and the company produces toilet paper in batches. On
    9·1 answer
  • If common equity financing is 60% of the optimal capital structure and the existing limit of internal equity is $500,000. Solve
    15·1 answer
  • On December 31 of the current year, Sam Company was merged into Paul Company. In carrying out the business combination, Paul Com
    14·1 answer
  • How might the telemarketer’s job be redesigned so that employees are more satisfied and challenged by their work? Is telemarketi
    7·1 answer
  • Mary works for a small computer software company. Her boss is constantly improving the company's products but neglects customers
    11·1 answer
  • . In 2015, The Avengers: Age of Ultron generated about $191.2 million on its opening weekend. In 2007, Spider Man 3 generated $1
    8·1 answer
  • Sam visits Mexico for a business meeting. At the meeting, Sam addresses the vice president of the firm by his first name rather
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!