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Alex787 [66]
3 years ago
5

Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Sales revenue $ 411,000 Income tax

expense $ 53,000 Interest expense 23,000 Cost of goods sold 133,000 Salaries expense 43,000 Advertising expense 33,000 Utilities expense 53,000 Required: Prepare a multiple-step income statement.

Business
1 answer:
cestrela7 [59]3 years ago
8 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.  

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

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What is the difference between gross income, taxable income, and adjusted gross income?
melisa1 [442]

Answer:

Here is what I found, I hope it helps

Explanation:

Gross Income contains all money you earn that is not expressly removed from taxation under the Internal Revenue Code (IRC). The part of your gross income which is currently subjected to taxes is Taxable Income. To arrive at the number of Taxable Income, expenses are deducted from gross income. For a year, your Gross Income applies to all your pre-tax earnings, while your Adjusted Gross Income is mostly smaller and refers to your income after tax deductions. I could not find the difference between Adjusted Gross Income and Taxable Income.

6 0
3 years ago
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5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal pl
Zigmanuir [339]

Complete Question:

The Company has the following transactions related to its top-selling Mongoose mountain bike for the month of March. The Company uses a periodic inventory system.

Date Transactions Units Unit Cost Total Cost

March 1 Beginning inventory 20 $230 $4,600

March 5 Sale ($360 each) 15

March 9 Purchase 10 250 2,500

March 17 Sale ($410 each) 8

March 22 Purchase 10 260 2,600

March 27 Sale ($435 each) 12

March 30 Purchase 8 280 2,240

For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.

Required:

a. Calculate ending inventory and cost of goods sold at March 31, 2015, using the specific identification method. The March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes

from beginning inventory and eight bikes from the March 22 purchase.

b. Using FIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

c. Using LIFO, calculate ending inventory and cost of goods sold at March 31, 2015.

d. Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31, 2015.(Round your intermediate and final answers to 2 decimal places.)

e. Calculate sales revenue and gross profit under each of the four methods.

Answer:

The Company

Ending Inventory:

a. Specific Identification:

Beginning inventory 1 * $230 = $230

March 9 purchase  2 *  $250 =  500

March 22 purchase 2 * $260 = 520

March 30   Purchase 8 * $280 =2,240

Total value of inventory 13 units = $3,490

Cost of goods sold = Cost of goods available for sale Minus Ending Inventory

= $11,940 - $3,490

= $8,450

b. FIFO:

March 22   Purchase     5   260     1,300

March 30   Purchase     8   280    2,240

Ending Inventory          13           $3,540

Cost of goods sold = Goods available for sale Minus Ending Inventory

= $11,940 - $3,540

= $8,400

c. LIFO:

Ending Inventory:

March 1  Inventory     13    $230         $2,990

Cost of goods sold = Goods available for sale Minus Ending Inventory

= $11,940 - $2,990

= $8,950

d) Weighted -Average Cost:

Ending Inventory = $248.75 * 13 = $3,233.75

Cost of Goods Sold = $248.75 * 35 = $8,706.25

                                     Specific          FIFO         LIFO         Weighted

                               Identification                                           Average

Sales                           $13,900       $13,900      $13,900       $13,900.00

Cost of goods sold        8,450           8,400         8,950         $8,706.25

Gross profit                 $5,450         $5,500      $4,950          $5,193.75

Explanation:

Dat and Calculations:

Shop uses periodic inventory system

Date           Transactions               Units      Unit Cost    Total Cost   Total

March 1      Beginning inventory     20          $230         $4,600       Sales

March 5     Sale ($360 each)                   15   $360                          $5,400

March 9     Purchase                       10            250           2,500

March 17    Sale ($410 each)                   8     $410                           $3,280

March 22   Purchase                      10            260           2,600

March 27   Sale ($435 each)                12     $435                         $5,220

March 30   Purchase                      8             280           2,240

Total Goods available for sale     48   35                     $11,940   $13,900

Ending Inventory = 13 (48 - 35)

Weighted average cost = Cost of goods available for sale/Units of Goods available for sale

= $11,940/48 = $248.75

Specific Identification:

March 5 sale 15 consists of bikes from 15 beginning inventory Bal 5 - 4 = 1

March 17 sale 8 consists of bikes from the March 9 purchase  Bal  = 2

March 27 sale 12 consists of four bikes from beginning inventory and eight bikes from the March 22 purchase Bal  = 2

Ending Inventory:

Specific Identification:

Beginning inventory 1 * $230 = $230

March 9 purchase  2 *  $250 =  500

March 22 purchase 2 * $260 = 520

March 30   Purchase 8 * $280 =2,240

Total value of inventory 13 units = $3,490

FIFO:

March 22   Purchase     5   260     1,300

March 30   Purchase     8   280    2,240

Ending Inventory          13           $3,540

LIFO:

March 1      Beginning inventory     13    $230         $2,990

Weighted-Average Costs:

Ending Inventory = $248.75 * 13 = $3,233.75

Cost of Goods Sold = $248.75 * 35 = $8,706.25

5 0
3 years ago
What is the type of international trade​
mr Goodwill [35]

profit really

Explanation:

There are three types of international trade: Export Trade, Import Trade and Entrepot Trade. ... It means importing goods from one country and exporting it to another country after adding some value to it. For instance, India imports gold from China makes jewelry from it and then exports it to other countries

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3 years ago
At its current output level, Pretty Flowers Florist has average fixed costs equal to $5.40 and average variable costs equal to $
lapo4ka [179]

Answer:

The correct option is D: $8.60

Explanation:

Average fixed cost of Pretty Flowers = $5.40

Average variable costs of Pretty Flowers = $3.20

We are asked to calculate the Average total cost of Pretty Flowers at this current level

Hence:

Average total cost Pretty Flowers = Average fixed cost of Pretty Flowers + Average variable costs of Pretty Flowers

If we substitute the value of these variables in the equation, we get:

Average total cost Pretty Flowers = $5.40 + $3.20 = $8.60

3 0
3 years ago
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Bob Shockey borrowed $25,000 from his $250,000 cash value life insurance policy to send his daughter to private college. Assumin
MissTica

Answer:

e. $225,000.

Explanation:

Since Bob Shockey pays interest as in accrues, the amount the  beneficiary will receive if he dies before the debt is repaid will be the cash value of his life insurance policy minus amount borrowed to send his daughter to private college. This can be calculated as follows:

Amount to receive by beneficiary = $250,000 - $25,000 = $225,000

Therefore, his beneficiary will receive $225,000.

3 0
3 years ago
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