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3 years ago

Corporate annual reports typically do not contain

Business

1 answer:

Airida [17]3 years ago

8 0

Answer:

c. an SEC statement expressing an opinion.

Explanation:

The corporation's annual report usually called the Annual financial statements usually contains management discussion and analysis, the various statements of account such as balance sheet, profit or loss, changes in equity, cash flow statements and their accompanying notes.

From the options given, the only option not shown in the report is an SEC statement expressing an opinion.

Option c is right.

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At december 31, gill co. reported accounts receivable of $244,000 and an allowance for uncollectible accounts of $1,350 (credit)

konstantin123 [22]

Given:
accounts receivable of $244,000
allowance for uncollectible accounts of $1,350 (credit)

1% of the accounts receivable should be the value of the allowance for uncollectible accounts.

244,000 x 1% = 2,440

2,440 - 1,350 = 1,090

Adjusting entry:
Debit Credit
Bad Debt Expense 1,090
Allowance for uncollectible accounts 1,090

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3 years ago

What is an outstanding check?

Solnce55 [7]

An outstanding check is a check issued by the payor and released to the payee that remains to be undeposited or uncashed check at a certain financial period. When reconciling the bank statements with company books, an outstanding check is deducted from the unadjusted bank balance to arrive at the adjusted bank balance.

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3 years ago

Compute cost of goods sold using the following information: Finished goods inventory, beginning $ 540 Cost of goods manufactured

SVEN [57.7K]

un u get the numbers then subtract them and come good with the answer

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2 years ago

It's okay to lower a vehicle onto a high-reach support stand. True or False

liubo4ka [24]

Answer:

False

Explanation:

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2 years ago

Required: 1-a. Prepare a contribution format income statement for the game last year. 1-b. Compute the degree of operating lever

Flura [38]

Question Completion:

Magic Realm, Inc., has developed a new fantasy board game. The company sold 32,400 games last year at a selling price of $67 per game. Fixed expenses associated with the game total $567,000 per year, and variable expenses are $47 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor. Required: 1-a. Prepare a contribution format income statement for the game last year. 1-b. Compute the degree of operating leverage. 2. Management is confident that the company can sell 41,796 games next year (an increase of 9,396 games, or 29%, over last year). Given this assumption: a. What is the expected percentage increase in net operating income for next year?

Answer:

Magic Realm, Inc.

1-a. Contribution-Format Income Statement

For the last year ended December 31

Sales revenue $2,170,000 (32,400 * $67)

Variable costs 1,522,800 (32,400 * $47)

Contribution $647,200 (32,400 * $20)

Fixed expenses 567,000

Net operating income $80,200

1-b. Degree of Operating Leverage = Contribution/Net operating income

= 8.07

The expected percentage increase in net operating income for next year

= 235.3%

Explanation:

a) Data and Calculations:

Last year's figures:

Sales = 32,400 games

Selling price per game = $67

Variable cost per game = $47

Fixed expenses = $567,000 per year

1-a. Contribution-Format Income Statement

For the last year ended December 31

Sales revenue $2,170,000 (32,400 * $67)

Variable costs 1,522,800 (32,400 * $47)

Contribution $647,200 (32,400 * $20)

Fixed expenses 567,000

Net operating income $80,200

1-b. Degree of Operating Leverage = Contribution/Net operating income

= $647,200/$80,200 = 8.07

2. Next year:

Sales = 41,796 games

Sales revenue = $2,800,332 (41,796 * $67)

Variable cost = 1,964,412 (41,796 * $47)

Contribution = $835,920

Fixed costs = 567,000

Net operating income $268,920

The expected percentage increase in net operating income for next year

Increase in net operating income = $188,720 ($268,920 - $80,200)

= $188,720/$80,200 * 100 = 235.3%

5 0

3 years ago