Which of the following is considered the heartbeat of an organization?

Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Fees earned $900,

Virty [35]

Answer:

Net income is $135,00 from the income statement.

Explanation:

In the Income Statement for a particular year, all expenses all expenses for the year are deducted from the income to arrive at net income for that year. Based this, we have:

Paradise Travel Service Income Statement For the Year Ended May 31, 2018

Details ($) 

Fees earned 900,000

Office expense (300,000)

Miscellaneous expense (15,000)

Wages expense (450,000)

Net income  135,000 

Therefore, net income is $135,00 from the income statement.

6 0

3 years ago

Indirect labor includes:_________ (You may select more than one answer. Single click the box with the question mark to produce a

ch4aika [34]

Answer:

b labor of the maintenance employees

c labor of the clerical staff

Explanation:

During the production or composition of finished goods, some form of labors are directly or indirectly involved in the manufacturing of such finished product. Where labor is not readily traced to the manufacturing of finished product, such is known as indirect labor.

On the other hand, labor that is directly involved in the composition of finished product is known as direct labor. Examples of indirect labor are ; wages of supervisors , clerical staff, general helpers , material handlers and maintenance workers.

3 0

3 years ago

Moon Micro is a small manufacturer of servers that currently builds its entire product in Santa Clara, California. As the market

AfilCa [17]

Answer:

Answer for below mentioned points is in the attached image :

Use a decision tree to determine whether Moon should add capacity to its Santa Clara plant or if it should outsource to Molectron. What are some other factors that we have not discussed that would affect this decision?

Explanation:

3 0

3 years ago

The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of ope

vitfil [10]

Answer:

Note: See attached excel file for the record of the effect of the given transactions in a horizontal statements model.

In the attached excel file, we have:

Assets = Liabilities + Stockholders' Equity = $152,155

Explanation:

In the attached excel file, we have:

Sales tax payable on sales for November Year 1 = $65,500 * 9% = $5,895

Sales tax payable on sales for December Year 1 = $79,500 * 9% = $7,155

Assets = $152,155

Liabilities + Stockholders' Equity = $7,155 + $145,000 = $152,155

Therefore, the accounting equation is proved as follows:

Assets = Liabilities + Stockholders' Equity = $152,155

Download xlsx

6 0

3 years ago

a company paid the $1,350 premium on a three-year insurance policy with benefits beginning on that date. What will be the insura

enyata [817]

Answer:

$337.50

Explanation:

Given that

Three year insurance policy = $1,350

So, the insurance expense on an annual basis would be

= Three year insurance policy ÷ number of years

= $1,350 ÷ 3 years

= $450

For April 1 to December 31, the months is 9 months

So, for 9 months, it would be

= $450 × 9 months ÷ 12 months

= $337.50

We assume the premium is paid on April 1

3 0

3 years ago