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3 years ago

Wayman Corporation reports the following amounts in its December 31, 2021, income statement.

Business

1 answer:

MrRissso [65]3 years ago

6 0

Answer:

Wayman Corporation

Multiple-step income statement

Sales $425,000

Less: Cost of goods sold $135,000

Gross Profit $290,000

Operating Expenses

Salary Expenses $45,000

Utility Expenses $55,000

Advertising Expenses $35,000

Total Operating Expenses ($135,000)

Net Operating Income $155,000

Other Income and Expenses

Interest expense $25,000

Net Income before Tax $130,000

Income tax expense $55,000

Net Income $75,000

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Manny’s Cookies, Ltd. is an online cookie subscription business started by a 7-year old (Manny) and his father. Manny’s Cookies

lisov135 [29]

Answer:

Social Entrepreneurship

Explanation:

According to my research on different types of businesses, I can say that based on the information provided within the question Manny's Cookies is an example of Social Entrepreneurship. This term refers to a start up company that in which they develop, fund and implement different products or services for society, as well as providing solutions for society, or the environment. Which in this case the product are Manny's cookies but by donating money to charity they are helping provide solutions to many problems.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

5 0

3 years ago

Which employment scenario would not affect the economy adversely?

spayn [35]

i not sure but cyclical makes more sense.

7 0

3 years ago

Read 2 more answers

Using an end-of-period spreadsheet, the flow of accounting information moves from the a.financial statements to the adjusted tri

ololo11 [35]

Answer:

C. adjusted trial balance to the financial statements.

Explanation:

The end-of-period spreadsheet can be regarded as accounting tools used in summarizing the movement of transactions that has been carried out throughout an accounting period. It is a tools that give representation of the end of the current accounting period.

permanent accounts that been found

the balance sheet, which are not not closed are been consisted by The post-closing trial balance.

It should be noted that Using an end-of-period spreadsheet, the flow of accounting information moves from the

adjusted trial balance to the financial statements.

3 0

2 years ago

In January of 2018, the Phillips Company purchased a patent at a cost of $100,000. In addition, $10,000 in legal fees were paid

soldi70 [24.7K]

Answer:

The answer is: $113,000

Explanation:

By 2020, Phillips Company had already amortized $22,000 of the patent expenses (2 years x [10% x ($100,000 + $10,000)]). Since it lost its patent defense in 2020, it will now have to write off $113,000 ($88,000 pending amortization + $25,000 in legal fees) for the adjustment of its 2018 income.

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3 years ago

The lender usually has the right to collect the principal, but is NOT allowed to collect the interest if the loan is:

Elena-2011 [213]

Answer:

This question is incomplete, the options are missing. The options are the following:

a) For consumer purposes

b) For commercial purposes

c) Usurious

d) An online contract

And the correct answer is the option C: Usurious.

Explanation:

To begin with, in the area of law, the term known as "Usury" is refer to the practice that focuses on making the lender richer in unethical ways so therefore that this practice is considered to be the one that makes inmoral monetary loans that try to affect the borrower in order to benefit the lender. One example of the use of this term could be the case in where the lender charges or try to charges a higher interest rate to the borrower than the one that is prohibited by law as a maximun rate.

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3 years ago