1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
tino4ka555 [31]
3 years ago
7

In April, Holderness Inc, a merchandising company, had sales of $251,000, selling expenses of $17,000, and administrative expens

es of $28,000. The cost of merchandise purchased during the month was $161,000. The beginning balance in the merchandise inventory account was $37,000 and the ending balance was $51,000. Required: Prepare a traditional format income statement for April.

Business
1 answer:
Rainbow [258]3 years ago
3 0

Answer:

The net income is $59,000

Explanation:

Please refer to the attached file for calculation.

You might be interested in
A company had net income of $252,327. Depreciation expense is $21,821. During the year, Accounts Receivable and Inventory increa
Anettt [7]

Answer: Option (d) is correct.

Explanation:

Given that,

Net Income = $252,327

Depreciation expense = $21,821

Accounts Receivable increased by = $14,346

Inventory increased by  = $33,617

Prepaid Expenses decreased by = $3,079

Accounts Payable decreased by = $4,161

Loss on the sale of equipment = $5,398

Operating Income = Net Income + Depreciation expense - Accounts Receivable - Inventory + Prepaid Expenses - Accounts Payable + Loss on the sale of equipment

= $252,327 + $21,821 - $14,346 -  $33,617 + $3,079 - $4,161 + $5,398

= $230,501

7 0
3 years ago
Cassius Corporation has provided the following contribution format income statement. Assume that the following information is wi
Romashka [77]

Answer:

9,400 units

Explanation:

The breakeven point is the number of units that must be sold for the company to make neither a loss nor a profit. A target profit is the net of the sales less the sum of the fixed and variable expenses. The contribution margin  is the difference between the sales and variable cost.

Sales per unit = $210,000/7000 = $30

Variable cost per unit = $136,500/7000 = $19.50

Let the number of units to be sold to achieve the profit target be x

30x - 19.5x - 67200 = 31500

10.5x = 98700

x = 98700/10.5

x = 9,400 units

8 0
3 years ago
Use the following selected 2016 balance sheet and income statement information for Home Garden Supply Co. (in millions) to compu
zepelin [54]

Answer:

3.76 times

Explanation:

The computation of the asset turnover is shown below:

Asset turnover = Net sales ÷ Average total assets

= $1,356,504 ÷ $360,600

= 3.76 times

By dividing the net sales from the average total assets, the asset turnover could arrive i.e 3.76 times

This is the answer but the same is not provided in the given options

8 0
3 years ago
Prior to 2008, CBS Corp. owned approximately 18% of Westwood One, Inc., which managed the CBS Radio Network. CBS, in turn, manag
olga nikolaevna [1]

Answer and explanation:

The influence a company may have over another when one of them has a number of shares that belongs to the other is determined by the percentage of ownership that the number of shares represent. If its lower than 20%, it is said the company has <em>no influence</em> over the other. From 20% to 50% one company has <em>significant influence</em> over the other. Finally, with more than 50% of the outstanding shares in possession, one company has <em>control </em>over the other.

In that case, CBS Corp. has no influence over Westwood One, Inc. since it owns only 18% of the outstanding shares.

4 0
3 years ago
1. Visit a website for a company that sells products or services online. Then go to that company's
antoniya [11.8K]

Answer:

The company being examined here is Amazon.

Their corporate website is: aboutamazon.com/

while their product sales site is amazon.com

Explanation:

The various differences are:

1. the corporate is much easier on the eyes than the product sales website

2. the corporate website contains more information on the company and its corporate activities whilst the sales website is focused on the various categories of products available for sale by the company.

3. the sales website has e-commerce functionalities, the corporate does

Cheers

4 0
3 years ago
Other questions:
  • A newspaper advertisement for Cashmere Closet states "This Saturday 9 a.m., 1 Red Cashmere Scarf, worth $299.95… $10.00 First Co
    5·1 answer
  • Apple issued three debt issues of corporate bonds to borrow money to finance the building and operating of its new research lab.
    7·1 answer
  • Consider the following information for three stocks, Stock A, Stock B, and Stock C. The returns on each of the three stocks are
    8·1 answer
  • Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbro
    6·1 answer
  • In many developing countries, poor farmers plow up marginal land in order to survive. The resulting soil erosion and land degrad
    7·1 answer
  • In which of the following scenarios would you have the most money at the end of the year? 3% compounded yearly 2% compounded mon
    8·2 answers
  • Please help for my career class please
    8·2 answers
  • A financial statement is a(n) ________. Group of answer choices estimate of a firm's future income and expenses hybrid statement
    12·2 answers
  • Bond J has a coupon rate of 5 percent and Bond K has a coupon rate of 11 percent. Both bonds have 14 years to maturity, make sem
    13·1 answer
  • The financial statements of an Enterprise fund are prepared using the :_______
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!