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Gnoma [55]
3 years ago
6

Colby Corporation has provided the following information Operating revenues from customers were $199,700. ·Operating expenses fo

rthe store were $111,000. Interest expense was $9,200. Gain from sale of plant and equipment was $3,300. Dividend payments to Colby's stockholders were $7,700 Income tax expense was $36,000 Prepaid rent expense was $5,000 How much was Colby's net income? a. $39,100 b. $48,300 c. $52.700 d. $46,800
Business
1 answer:
topjm [15]3 years ago
4 0

Answer:

d. $46,800

Explanation:

Operating revenues   $199,700

Less:

Operating expenses  <u> $111,000</u>

Operating Profit           $88,700

Less:

Interest expense         $9,200

Income tax expense   <u>$36,000</u>

Net Income                 $43,500

Add:                

Gain from sale           <u> $3,300  </u>

Total Net Income        <u>$46,800</u>

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Derk owns 250 shares of stock in Rose Corporation. The remaining 750 shares of Rose are owned as follows: 150 by Derk’s daughter
Mama L [17]

Answer:

720 shares

Explanation:

Given that,

Derk owns = 250 shares of stock in Rose Corporation

750 shares of Rose are owned as follows:

Derk’s daughter owns = 150

Derk’s aunt = 200

Shares in the partnership holding:

= 400 shares × Interest

= 400 shares × 80%

= 320 shares

Therefore,

Number of shares Derk owns in Rose Corporation:

= Own shares + Daughter's shares + Shares in the partnership holding

= 250 + 150 + 320

= 720

5 0
3 years ago
Karina looked at her paycheck stub. Her gross pay was $245 and her net pay was $200. How much did she have in deductions?
sammy [17]
How much did she have in deductions? $45
7 0
3 years ago
Read 2 more answers
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.1. Cervi
Fofino [41]

Answer:

The entry to record the sales transactions and related taxes for Quartz Company would be as follows:

                Debit         Credit

Cash        $23,100

Sales                             $22,000

Sales taxes                   $1,100

Cash      $13,780

Sales                        $13,000

Sales taxes                $780

Explanation:

In order to prepare the entry to record the sales transactions for Quartz Company we would have to make the following calculation:

According to the given data On April 10, the register totals are sales $22,000 and sales taxes $1,100, hence, cash=$22,000 +$1,100=$23,100

Therefore, the entry to record the sales transactions for Quartz Company would be as follows:

       

                  Debit         Credit

Cash        $23,100

Sales                             $22,000

Sales taxes                   $1,100

In April 15 the cash is $13,780, which includes a 6% sales tax, therefore, the sales would be calculated as follows:

sales=$13,780/6%

sales=$13,000

hence, sales taxes=$780

The entry to record the sales transactions and related taxes for Quartz Company would be as follows:

Cash      $13,780

Sales                        $13,000

Sales taxes                $780

5 0
3 years ago
How is the russian economy adjusting to the difficulties of a centrally planned economy?
yanalaym [24]
When we say centrally planned economy, this means that the economy is being controlled and managed by the government rather than the individual businesses between the owners and the consumers. There was a time that the Russian economy found it difficult to adjust and the way how they adjusted is by modifying the economy. The modification included free market practices which enabled individual owners to gradually balanced their businesses.
8 0
2 years ago
Read 2 more answers
You need $76,000 in 11 years. If you can earn .43 percent per month, how much will you have to deposit today?
ivolga24 [154]

Answer:

$ 43,135.67

Explanation:

The amount required today is the present value of the future expected amount in 11 years computed using the present value formula below:

PV=FV/(1+r)^n*m

PV=the unknown present value

FV=$76,000

r=monthly interest rate=0.43%

n=number of years=11

m=number of months in 1 year=12

PV=$76,000/(1+0.43%)^(11*12)

PV=$76,000/(1+0.43%)^132

PV=$76,000/1.761883042

PV=$ 43,135.67  

3 0
2 years ago
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