Which of these are types of retail ownership? (Select all that apply.)

Equinox Products Inc. Income Statement For the Year Ended December 31, 20Y8

Umnica [9.8K]

Answer and Explanation:

The preparation of the income statement is presented below:

Equinox Products Inc.

Income Statement

For the Year Ended December 31, 20Y8

Sales $5,313,000

Less: Cost of goods sold -3,700,000

Gross profit $1,613,000

Less:

Operating expenses:

Selling expenses:

Sales salaries expense $385,000

Sales commissions $185,000

Advertising expense $150,000

Depreciation expense-

store buildings and equipment $100,000

Delivery expense $30,000

Store supplies expense $21,000

Miscellaneous selling expense $14,000

Total -$885,000

Less:

Administrative expenses:

Office salaries expense $170,000

Office rent expense $50,000

Depreciation expense - office buildings and equipment $30,000

Office supplies expense $10,000

Miscellaneous administrative expense $7,500

Total $267,500

Total operating expenses $-1,152,500

Operating income $460,500

Other revenue and expense:

Interest revenue $30,000

Less: Interest expense -$21,000

Income before income tax $469,500

Less: Income tax -$140,500

Net income $329,000

We simply deduct the all expenses and add all revenues so that the net income could come

5 0

2 years ago

On October 1, 20X1, a company purchased a piece of land by agreeing to pay the seller $450,000 in two years. If the company had

erma4kov [3.2K]

Answer:

$378,756

Explanation;

The net present value of land will be =$450,000/1.09^2=$378,756

The land will be recorded in net present value of land by discounting the cost of land with interest rate of buying from the bank.

4 0

2 years ago

"The price of coffee increases by 10%, and as a result, Alex purchases fewer donuts. This suggests that to Alex, coffee and donu

Travka [436]

Answer:

Complementary goods

Explanation:

Complementary goods are goods that are demanded for together or consumed together. If the demand for one of the complementary goods increases, the demand for the other good increases and vice versa.

If the price of coffee increases by 10%, the demand for coffee and doughnut would fall according to the law of demand.

I hope my answer helps you.

8 0

3 years ago

Accounts Receivable from sales to customers amounted to $80,000 and $70,000 at the beginning and end the year, respectively. Inc

Kipish [7]

Answer:

$332,000

Explanation:

<u>Cash flow from operating activities</u>

Net Income $252,000

Adjust for changes in working capital items :

Decrease in Accounts Receivable ($80,000 - $70,000 $80,000

Net Cash Provided by Operating Activities $332,000

Conclusion

the cash flows from operating activities to be reported on the statement of cash flows is $332,000

5 0

3 years ago

The balance in Happ Inc.’s general ledger Cash account was $71,580 at September 30, before reconciliation. The September 30 bala

Dafna1 [17]

Answer:

Explanation:

Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.

There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.

The preparation of the bank reconciliation statement on September 30 is presented in the spreadsheet. Kindly find the attachment below:

7 0

3 years ago