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
Rom4ik [11]
3 years ago
7

LO 2.1Which of the following represents the components of the income statement for a manufacturing business?

Business
1 answer:
Gennadij [26K]3 years ago
6 0

Answer:

Sales Revenue – Cost of Goods Sold = gross profit

Explanation:

In order to determine the income statement components, the following component is shown

Gross profit = Sales revenue - the cost of goods sold

where,

Sales revenue represents the sales of the business organization

And, the cost of goods sold would be

= Opening inventory + Purchase - ending inventory

By deducting the cost of goods sold from the sales revenue the gross profit can arrive

You might be interested in
n January 1, 2022, Smeder Company, an 80% owned subsidiary of Collins, Inc. transferred equipment with a 10-year life (six of wh
Akimi4 [234]

Answer:

2022

Dr. Equipment _________ $22,000

Cr.Reserve Account _____$19,800

Cr. Depreciation expenses $2,200

2022

Dr. Depreciation Expense ___ $14,000

Cr. Accumulated Depreciation $14,000

2023

Dr. Depreciation Expense ___ $14,000

Cr. Accumulated Depreciation $14,000

Explanation:

2022

Calculate the net book value

Net book value = Historical cost - Accumulated depreciatin = $140,000 - $58,000 = $82,000

Unrealised profit on the sale of the asset = Cash receipt - Nreet book value = $104,000 - $82,000 = $22,000

Annual Depricaiton = Historical cost / remaining life = $140,000 / 10 = $14,000

Excess depreciation charged = Unrealised profit / Remaining life = $22,000 / 10 = $2,200

8 0
2 years ago
Why should a person create a budget
kondor19780726 [428]

Answer:

To know what things they should buy and how much they should pay

Explanation:

7 0
2 years ago
Read 2 more answers
A barter economy is different from a money economy in that a barter economy
fredd [130]

Answer:

The answer is;

people trade goods directly with goods rather than through using money

Explanation:

In that a barter economy, people trade goods directly with goods rather than through using money.

Money is not used in a barter economy. Barter economy was experienced a very long time ago.

For example, Mr A. has yam at home but needs rice, he has to look for someone that wants yam in exchange for the rice he needs

3 0
3 years ago
Wilson has a 40 percent interest in the assets and income of the CC&W Partnership, and the basis in his partnership interest
laila [671]

Answer:

a. $24,000

b. $9,000

Explanation:

a. The amount of income or loss from the partnership is limited to the share of the loss rather than its partnership interest

In the given case, the partnership interest is $45,000 and the share of his loss is $24,000

So, $24,000 is reported in his individual income tax return

b. The computation of the Wilson's basis in his partnership interest is shown below:

= Basis in his partnership interest - share of the loss -  cash distribution received from the partnership

= $45,000 - $24,000 - $12,000

= $9,000

3 0
3 years ago
The use of the allows bank customers the ability to complete most transactions electronically without leaving home.
jeka57 [31]

The use of the <u>internet  </u>allows bank customers the ability to complete most transactions electronically without leaving home.

<h3>What is Internet?</h3>

Internet help to transmit data or information across a network, making it possible for internet user to communicate and exchange information.

Example of internet are:

  • WAN which full meaning is  Wide Area Network.
  • LAN which full meaning is Local Area Network.

Hence, internet play an important function  as it make it possible for bank customers to complete their transactions electronically or to carryout their transaction online without having to leave their various homes.

Learn more about internet here:brainly.com/question/2780939

#SPJ1

5 0
1 year ago
Other questions:
  • Use the information about Billy's Burgers to answer the following question(s):
    5·1 answer
  • A firm has a debt-to-equity ratio of 1.0. If it had no debt, its cost of equity would be 12 percent. Its cost of debt is 9 perce
    11·1 answer
  • How taxation and legislation impact positively and negatively on old mutual company?
    6·2 answers
  • Digby's turnover rate for this year is 6.29%. This rate is projected to remain the same next year and no further downsizing will
    6·1 answer
  • Junie is excited to go running on the city's newest running and bike trail. the brand new 3-mile trail runs right through the ci
    5·1 answer
  • Company A estimates that it needs 30% of sales in net working capital. In year 1, sales were $1 million and in year 2, sales wer
    5·1 answer
  • The following costs were incurred in September:
    10·1 answer
  • What type of cover letter written in response to a posted job opening?
    6·2 answers
  • If I could plan an IDEAL school environment, It would be
    5·2 answers
  • What is the solutions of emotional differences?​
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!