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JulsSmile [24]
3 years ago
6

The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $485,00

0; cost of goods sold, $248,000; salaries expense, $61,000; rent expense, $36,000; depreciation expense, $46,000; and miscellaneous expense, $28,000. Prepare an income statement for 2021.
Business
1 answer:
jekas [21]3 years ago
8 0

Answer:

Bowler Corporation

Income Statement for 2021

Sales revenue                                    $485,000

Less Cost of goods sold                  ($248,000)

Gross Profit                                         $237,000

Less Expenses

salaries expense              $61,000

rent expense                    $36,000

depreciation expense     $46,000

miscellaneous expense  $28,000   ($171,000)

Net Income/ (Loss)                             $66,000

Explanation:

Income Statement shows the Operating performance of the the company over the financial period.

Income/loss = Sales - Expenses.

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nalin [4]

Answer:

Competency-based pay helps to tie your company's culture directly to the success of the company. Increased transparency: Employees will better understand what they have the potential to earn with a competency-based pay system and what skills they need to acquire to reach the pay they desire.

6 0
3 years ago
If the government sets out to make home buying easier for more people by forcing lenders to accept ____________ down payments an
Artemon [7]

Answer:

If the government sets out to make home buying easier for more people by forcing lenders to accept LOWER down payments and LOWER interest rates, the result will likely be an INCREASE in housing prices

Explanation:

If either interest rates or down payment amounts lower, the quantity demanded for houses will increase a little, possible leading to a small increase in the prices of houses.

If both interest rates and down payment amounts lower, then the quantity demanded for houses should increase a lot, which will result in an increase in the prices of houses.

This happened during the first decade of our century and everything was fine until the interest rates started to increase and people could no longer pay their mortgages and BOOM, the economy busted.

7 0
3 years ago
Acme Home Builders, Inc., has build 24 houses so far this year at a total cost to the company of $4.80 million. If the company b
Dmitry_Shevchenko [17]

Answer:

25th house's Marginal cost is $250,000.

Explanation:

Given:

Total cost of 24 houses = $4,800,000

Total cost of 25 houses = $5,050,000

Marginal cost = ?

Computation of marginal cost:

Marginal cost = Change in total cost

Marginal cost = Total cost of 25 houses - Total cost of 24 houses

Marginal cost = $5,050,000 - $4,800,000

Marginal cost = $250,000

So, we say that 25th house's marginal cost will be $250,000 .

5 0
3 years ago
EBIT goes from $30M to $33M; Depreciation goes from $10M to $12M; and interest expense goes from $6 M to $8M.1. What is the perc
Alekssandra [29.7K]

Answer:None of the above= 10% and 33.33%

Explanation:

Coverage ratio EBIT/Interest expenses

Change in numerator =3/30*100

Change in denominator= 2/6*100

6 0
3 years ago
What do the income effect, the substitution effect, and diminishing marginal utility have in common?
Sveta_85 [38]

Answer:

They all help explain the downsloping demand curve

Explanation:

The options to the question wasn't provided. The complete question can be in the attached image.

The demand curve slopes downward from left to right. This indicates that the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

Income effect is a change in quantity demanded when real income change. Quantity demanded increases when real income increases and decreases when real income falls.

Substitution effect says that consumers would substituite to the consumption of a cheaper good when the price of a good originally consumed increases.

Diminishing marginal utility states that as consumption increases, utility derived from consumption falls and quantity demanded falls.

I hope my answer helps you

3 0
3 years ago
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