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matrenka [14]
3 years ago
9

Samz Off-Road Rage is a motorcycle shop that caters to off-road sports. The store carries top brand off-road motorcycles, and pa

rts and accessories in addition to helmets, boots, safety equipment, clothing, and small items like stickers and flashlights. It imports KTM motorcycles directly from Austria, Husqvarna motorcycles from Sweden, and Ducati motorcycles from Italy, and carries the top US brands as well. Sam pays an import facilitator to handle all of the importing paperwork, pick up the motorcycles, and pay any fees that may be due. Sam is required to reimburse the company for the fees. Sam’s shop is on a main street near an auto mall and industrial area. Sam pays monthly rent and utilities, and pays for a business license, security system, cleaning service, accounting service, all store supplies and display materials, and has six employees. His monthly profit is about $50,000. On an income statement, where would the rent, utilities, business license, security system, cleaning service, accounting service, supplies, display materials and payroll be found?
Business
1 answer:
djyliett [7]3 years ago
7 0

Answer:

Samz Off-Road Rage

On an income statement, the following will be found as indicated below:

The Rent, Utilities, Business License, Security System, Cleaning Service, Accounting Service,  and Payroll will be found on the expenses side.  They are deducted from gross profit to get the net profit or income.

The  Supplies and Display Materials will be found on Cost of Goods Sold side.  They used to determine the gross profit.

Explanation:

Expenses relate to costs incurred for running a business.  Examples are rent and workers' salaries and wages.  In order to keep a business open to customers, they must be incurred.

By their nature, they are fixed costs to a large extent.  With the matching principle, they must be subtracted from net revenue in order to determine the period's operating profit.

All store supplies and display materials relate directly to the cost of goods sold.  They are costs incurred in order to have goods available for sale.  They determine the gross profit of an entity.

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The department within a company that records, measures, and reports monetary transactions is called ______________.
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Novak Corporation is preparing its 2017 statement of cash flows, using the indirect method. Presented below is a list of items t
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Answer: Please see explanation for answer

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Purchase of land and build ===--Cash payment in investing section

Decrease in accounts receivables-----Added to net income in the operating section

Issuance of stock-----Cash receipt in financing section

Depreciation expense-----Added to net income in the operating section

Sale of land at book value-------Cash receipt in investing section

Sale of land at a gain--------Cash receipt in investing section AND deducted from net income in the operating section

Payment of dividends-------Cash payment in the financing section

Increase in accounts receivables-------Deducted from net income in operating section

Purchase of available-for-sale investment-----Cash payment in investing section

Increase in accounts payable-----Added to net income in operating section

Decrease in accounts payable-------Deducted from net income in operating section

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Purchase of equipment using a note-----Non-cash investing and financing activity

Increase in inventory-----Deducted from net income in operating section

Issuance of bonds-----Cash receipt in financing section

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or using the code, we have

a) Purchase of land and building - P-I

b) Decrease in accounts receivable - A

c) Issuance of stock - R-F

d) Depreciation expense - A

e) Sale of land at book value - R-I

f) Sale of land at a gain. - R-I and D

g) Payment of dividends - P-F

h) Increase in accounts receivable - D

i) Purchase of available-for-sale investment - P-I

j) Increase in accounts payable - A

k) Decrease in accounts payable - D

l) Loan from bank by signing note - R-F

m) Purchase of equipment using a note - N

n) Increase in inventory - D

o) Issuance of bonds. - R-F

p) Retirement of bonds payable - P-F

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Options for this question include:

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