1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Firlakuza [10]
2 years ago
10

The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue, $245,000; Sala

ries Expense, $104,000; Supplies Expense, $17,000; Rent Expense, $23,000; Depreciation Expense, $38,000; and Delivery Expense, $15,000. Prepare an income statement for the year ended December 31, 2021.

Business
1 answer:
Radda [10]2 years ago
7 0

Answer:

Explanation:

In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.  

Before preparing the income statement, we have to compute the net income or net loss for the given period which is shown below:

Net income = Service revenue - Salaries Expense - Supplies Expense - Rent Expense - Depreciation Expense - Delivery Expense

= $245,000 - $104,000 - $17,000 - $23,000 - $38,000 - $15,000

= $48,000

The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:

You might be interested in
good management can lead to the success of a business entity with the aid of a field research analyse the viability of the funct
serious [3.7K]
True. Good management can lead to the success of a business entity with the aid of a field research analyst and the viability of the functions of management. Having good management directly relates to having a smooth running operation. The management team makes sure their individual groups are operating how they should and working efficiently for the overall goals to be met.  
8 0
3 years ago
It is said that in a perfectly competitive market, raising the price of a firm's product from the prevailing market price of $17
stich3 [128]

Answer:

could likely result in a notable loss of sales to competitors

Explanation:

In the case of the perfect competitive market wheen the price of the firm is increased from $179 to $199 as compared to the prevailing market price so this means that there should be the loss with respect to the sales for the competitors or rivalrs as this would result the firm to lose its overall shares to its rivalry

Therefore the above statement should be considered true

6 0
2 years ago
The ______technique for group decision making in which discussion is structured and the final solution is decided by silent vote
alukav5142 [94]

Answer:

The correct answer is nominal group technique.

Explanation:

This nominal group technique is a type of brain storming where structured meetings are being held among the members, where they will try to take out the solutions to the problems identified by them, and thus facilitating decision making. The meetings are structured here because the goal is to make sure the meetings are not dominated by few individuals and the silent members also share their thoughts and ideas with the rest of the group.

5 0
3 years ago
Scott Corporation produces a part for use in the production of one of its products. The per-unit costs associated with the annua
denpristay [2]

Answer:

It is cheaper to buy the part. The company will save $5,000.

Explanation:

Giving the following information:

UNitary production cost:

Direct Materials $10.50

Direct labor $24.00

Variable factory overhead $ 5.50

Total avoidable Fixed factory overhead= (12*1,000) - 5,000= 7,000

Larson Company has offered to sell 1,000 units of the same part to Scott Corporation for $42 per unit.

First, we need to calculate the total cost of making the units:

Total cost= (10.5 + 24 + 5.5)*1,000 + 7,000= $47,000

Now, the total cost of buying them:

Buy= 1,000*42= $42,000

It is cheaper to buy the part. The company will save $5,000.

3 0
3 years ago
The second number given with a hazard class is referred to as
sesenic [268]
The division is the second number given to a hazard class. According to Wikipedia.com, the "HAZMAT Class<span> 2 in United States law includes all gases which are compressed and stored for transportation. </span>Class<span> 2 has three </span>divisions<span>: Flammable (also called combustible), Non-Flammable/Non-Poisonous, and Poisonous." Furthermore, it is one of the safety precautions done by the U.S. to regulate volatile and poisonous compounds.</span><span />
5 0
3 years ago
Other questions:
  • Clay’s Forging at Canal Fulton wants to determine its inventory management performance during its past year of operations. Refer
    12·1 answer
  • The Discount on Bonds Payable account is: A. A liability. B. A contra liability. C. A contra expense. D. An expense. E. A contra
    12·1 answer
  • Greg died on July 1, 2019, and left Lea, his wife, a $45,000 life insurance policy which she elects to receive at $9,000 per yea
    10·1 answer
  • Sanders Inc. has applied $567,988 of overhead to jobs. Actual overhead at the end of the year is $575,000. The adjustment for ov
    6·1 answer
  • Bellingham Inc had the following activity last year:
    15·1 answer
  • Robert only consumes X and Y, and his indifference curves have the usual convex shape. Consider the consumption bundles (3, 9),
    14·1 answer
  • List three methods of searching the major tax service databases. A. ​Keyword, citation, or index B. ​Author, groupings, or conte
    13·1 answer
  • Jarrod's Meat Shop doubles as a butcher shop and a sandwich shop that sells to both individuals and a nearby hospital system. On
    14·1 answer
  • The risk of employee opportunism, on behalf of agents, is exacerbated by the concept of:________
    7·1 answer
  • Examine a local industry in your locality and describe the problems that it faced.​
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!