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bazaltina [42]
3 years ago
13

The accountant of Weatherspoon Shoe Co. has compiled the following information from the company's records as a basis for an inco

me statement for the year ended December 31, 2010.
Rental revenue $29,000
Interest expense 18,000
Market appreciation on land above cost 31,000
Wages and salaries-sales 114,800
Materials and supplies-sales 17,600
Income tax 30,600
Wages and salaries-administrative 135,900
Other administrative expenses 51,700
Cost of goods sold 516,000
Net sales 980,000
Depreciation on plant assets (70% selling, 30% administrative) 65,000
Dividends declared 16,000


There were 20,000 shares of common stock outstanding during the year.

(a) Prepare a multiple-step income statement. (Round earnings per share to 2 decimal places, e.g. 5.25. For multiple entries list from largest to smallest amounts, e.g. 10, 5, 1. Enter all amounts as positive amounts and subtract where necessary.)

Business
2 answers:
aliya0001 [1]3 years ago
8 0

Answer:

Attached image with the solution,

Explanation:

We will list the gross profit first

Then we subtract the two department which are part of the common operation of the company selling and adminsitrative

Then we list the orher reveneus and gain and the other expenses and losses

Last we solve for the income after taxes

We determiante the income per share by dividing the 90,400 dollar net income over the 20,000 shares outstanding

miv72 [106K]3 years ago
4 0

Answer:

                                 WEATHERSPOON SHOE C0.

                              Income Statement

                                                           $                         $  

Net Sales                                                               980,000

Cost of Goods sold                                                <u>516,000</u>

Gross Profit                                                             464,000

Operating Expenses:

selling expenses

materials and supplies - Sales               17,600

Wages and Salaries - Sales                 114,800

Dep on plant asset - Selling                     19500    151,900

Administrative expenses

wages and salaries  - Administrative  135,900

other administrative expenses               51,700

Dep on Plant asset - Administrative        45,500   <u> 233,100</u>

Operating Profit                                                          79,000

Non-operating/ Other

Rental revenue                                          29,000

Interest expenses                                      18,000

Market appreciation on land above cost  31,000

Income tax                                                   <u>30,600</u>      <u>11,400</u>

Net Income                                                                    <u> 90,400</u>

Earnings per share =  Earnings / number of common shares outstanding

                               =  $90,400/ 20,000 =  $4.52

Explanation:

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Artemon [7]

Answer:

The question is incomplete as there were figures on which the net receivables could be computed,as a result find below complete questions and answers:

At September 24, 2016, how much in total did customers owe Bullock? How much did Bullock expect to collect and not to collect on September 24, 2016? What was the net realizable value of Bullock's receivables on September 24, 2016?

Bullock  

Balance Sheet (Excerpt, Adapted)

(In Millions of $)

                                                                                                       Sep. 24, 2016           Sep. 26, 2015

Current assets:

Cash and cash equivalents                                                                        $14,801             $19,148

Short-term marketable securities                                                               $41,936                $25,598

Accounts receivable, less allowance of $69 and $97, respectively         $15,941                 $17,758

Inventories $2,129 $2,235

Vendor non-trade receivables                                                                    $13,132               $13,906

Other current assets                                                                                   $8,243                 $15,166

Total current assets                                                                                    $102,287             $107,427

Customers owed Bullock       $$15941+$69=$1610

Bullock expected not to collect  $69

Bullock expected to collect—net realizable value  $15941

Explanation:

Bullock has already made bad debt provisions for both years as $69 and $97  respectively.In other words, these figures are the best estimates for irrecoverable debts.

6 0
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kenny6666 [7]

Answer and Explanation:

The computation of the unit cost for material and conversion cost is shown below:

Material Cost per Unit is

= Total Material Cost ÷  Equivalent Units for Materials

,= ($7,700 +  $66,801) ÷ (20,300 units)

= $3.67 per unit

And, the conversion cost per unit is

= (labor cost + overhead cost) ÷ equivalent units for conversion

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Answer:

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Pay-per-click is the cost stipulated by online survey platforms for each click on a sponsored ad.

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ivann1987 [24]

The measure of a product, service, or company's profitability is its profit margin. The bigger the percentage representing the profit margin, the more profitable the company is.

Profitability is gauged by profit margin. Finding the profit as a proportion of revenue is used to calculate it.

Profit margin=44.9%

Explanation to the answer:

Profit margin =Net income / sales

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                    =0.44904

                    =44.9%

Profit margin =44.9%

Learn more about profit margin here brainly.com/question/24161087

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