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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

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A company issues $16200000, 5.8%, 20-year bonds to yield 6% on January 1, 2020. Interest is paid on June 30 and December 31. The
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The amount of interest expense which will be recognized in 2020 is $949,681.45.

Explanation:

The following are given in the question:

Bond value = $16200000

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The amount of interest expense which will be recognized in 2020 can now be calculated as follows:

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Discount amortized during first 6 months = Interest expense for January 1, 2020 to June 30, 2020 - (Bond value * Bond interest rate * (6 / 12)) = $474,766.23 - ($16200000 * 5.8% * (6 / 12)) = $474,766.23 - 469,800 = $4,966.23

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