The net income of Cookies by casey is $123,240
What is net income?
The net income of the company is the excess of its sales revenue over all costs of the running the business, which includes, the costs of sale, interest expense, depreciation as well as the taxes payable to the government authority which is 21% of profits before tax in this case.
Profit before tax=sales-costs of sale-depreciation-interest expense
sales=$487,000
costs of sale=$263,000
depreciation=$42,000
interest expense=$26,000
profit before tax=$487,000-$263,000-$42,000-$26,000
profit before tax=$156,000
tax rate=21%
net income=profit before tax*(1-tax rate)
net income=$156,000*(1-21%)
net income=$123,240
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Most likely when the U.S. dollar appreciates, the MNC's interest owed on foreign funds borrowed will probably increase.
MNC refers to Multinational corporation .
- The Multinational corporation are known to borrow from foreign bodies in dollars.
- Hence, when the dollar appreciates, the amount owed to the foreign bodies will increase consequently.
Therefore, the Option C is correct because the MNC's interest owed on foreign funds borrowed will probably increase when U.S. Dollars appreciates.
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Explanation:
The Journal entry is given below :-
Bonds payable $2,000,000
To common stock $1,000,000
To Discount on common stock $30,000
To Paid in capital $970,000
The calculation of bonds payable, common stock is below:-
For bonds payable
= 2,000 × $1,000
= $2,000,000
For common stock
= 2,000 × 50 × $10
= $1,000,000
For paid in capital
= $2,000,000 - ($1,000,000 - $30,000)
= $970,000
Answer:
wait I really don't understand what this question is
