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n200080 [17]
3 years ago
11

[The following information applies to the questions displayed below.] The following information was reported in the December 31,

2017, financial statements of National Airways, Inc. (listed alphabetically, amounts in millions). Accounts Payable $ 4,315 Accounts Receivable 660 Aircraft Fuel Expense 9,500 Cash 3,050 Common Stock 1,260 Dividends 35 Equipment 15,330 Income Tax Expense 270 Interest Expense 210 Landing Fees Expense 3,900 Notes Payable 6,990 Repairs and Maintenance Expense 2,000 Retained Earnings (as of December 31, 2017) 7,195 Salaries and Wages Expense 3,400 Supplies 720 Ticket Revenues 21,100 Prepare an income statement for the year ended December 31, 2017. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.).)

Business
1 answer:
asambeis [7]3 years ago
6 0

Answer:

Explanation:

Before preparing the income statement, first, we have to compute the net income or net loss. So, the calculation is shown below:

In the simplest form, the net income = Total revenue - total expenses

= Ticket Revenue - aircraft fuel expense - income tax expense - interest expense - Repairs and Maintenance Expense - Salaries and Wages Expense - Landing Fees Expense

= $21,100 - $9,500 - $270 - $210 - $2,000 - $3,400 - $3,900

= $1,820

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

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At the beginning of July, CD City has a balance in inventory of $2,450. The following transactions occur during the month of Jul
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Answer:

CD City

a. Journal Entries, using perpetual inventory system:

July 3:

Debit Inventory $1,350

Credit Accounts Payable (Wholesale Music) $1,350

To record purchase of CDs on account, terms, 2/10, n/30.

July 4:

Debit Freight-in $110

Credit Cash $110

To record cash payment for freight.

July 9:

Debit Accounts Payable (Wholesale Music) $200

Credit Inventory $200

To record return of CDs.

July 11:

Debit Accounts Payable (Wholesale Music) $1,150

Credit Cash Discount $23

Credit Cash $1,127

To record full settlement on account.

July 12:

Debit Accounts Receivable $3,900

Credit Sales $3,900

To record sales of CDs on account.

Debit Cost of Goods Sold $2,050

Credit Inventory $2,050

To record the cost of sales.

July 15:

Debit Cash $3,900

Credit Accounts Receivable $3,900

To record cash receipt from customers.

July 18:

Debit Inventory $2,150

Credit Accounts Payable (Music Supply) $2,150

To record purchase of CDs on account, terms, 2/10, n/30.

July 22:

Debit Cash $3,250

Credit Sales $3,250

To record cash sales.

Debit Cost of Goods Sold $1,550

Credit Inventory $1,550

To record cost of sales.

July 28:

Debit Accounts Payable (Music Supply) $110

Credit Inventory $110

To record return of CDs.

July 30:

Debit Accounts Payable (Music Supply) $2,040

Credit Cash $2,040

To record full settlement.

b. Top Section of Multiple-step Income Statement for the month of July:

Sales                              $7,150

Cost of Goods Sold = ($3,600)

Gross Profit             = $3,550

Explanation:

a) Sales

July 12 =  $3,900

July 22 = $3,250

Total $7,150

b) Inventory

Beginning Balance = $2,450

July 3 purchase    =      1,350

July 9 return         =       -200

July 12 cost of sales  -2,050

July 18 purchase   =     2,150

July 22 cost of sales  -1,550

July 28 return       =        -110

Ending Balance    =  $2,040

c) Cost of Goods Sold

July 12 cost of sales  $2,050

July 22 cost of sales    1,550

Total  $3,600

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What is the mean 2019E EV/Revenue multiple in the Online Direct Sales comps group in 2019?
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Answer:

The question is not clear and complete.

Let me explain how you can calculate Enterprise Value (EV) to Revenue Multiple

Explanation:

A Enterprise Value (EV) to Revenue Multiple is used to value a business by dividing its enterprise value by its annual revenue. The formula to calculate the Enterprise Value (EV) to Revenue Multiple is EV/Revenue

EV = Enterprise Value

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The standard costs and actual costs for direct materials for the manufacture of 1,910 actual units of product are as follows: St
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Answer:

$774 unfavorable

Explanation:

The computation of the direct material quantity variance is shown below:

= Standard Price × (Standard Quantity - Actual Quantity)

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