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nadya68 [22]
3 years ago
11

Shelton Inc. has sales of $17.5 million, total assets of $13.1 million, and total debt of $5.7 million. If the profit margin is

6 percent, what is the net income?
Business
1 answer:
tatiyna3 years ago
3 0

Answer:

$1,050,000

Explanation:

The computation of the net income is shown below:

Net income = Sales revenue × profit margin percentage

                    = $17,500,000 × 6%

                    = $1,050,000

To determine the net income we multiplied the sales revenues by its profit margin percentage so that the correct value could be arrived.

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Santana Company exchanged equipment used in its manufacturing operations plus $2,000 in cash for similar equipment used in the o
Ede4ka [16]

Solution :

We know that the exchange takes place when the FMV receive is equal to the FMV given up.

Where the FMV = fair market value

The commercial substance means the future cash flows exchange.

The non monetary exchange refers to the cash which is less than 25% of the fair value exchange.

The journal entries for the Santana Corp. when the exchange lack the commercial substance are reported as :

Transaction                                           Debit ($)                 Credit ($)

Asset(new)                                           11,000

Accumulated depreciation(old)          9,000

Asset (old)                                                                       28,000

Cash                                                                                 2000

The journal entries for Delaware Corp. when the exchange lacks the commercial substance.

Transaction                                           Debit ($)                 Credit ($)

Asset(new)                                            16,000  

Accumulated depreciation (old)          10,000

Loss                                                                                      2500

Assets (old)                                                                           28,000                                  

7 0
3 years ago
Accrediting organizations expect hospitals to implement practices to prevent healthcare-associated infections (HAI). One importa
Natalka [10]

Answer: proper hand hygiene

Explanation:

8 0
3 years ago
What proposed changes were made to boost the chinese economy that caused mao to launch the oppressive cultural revolution? choos
klasskru [66]

The changes that were proposed to made to improve the Chinese economy that caused Mao to launch the oppressive Cultural Revolution are-

  • It allows workers to compete for wages
  • It prosecutes government officials
  • It allows farmers to sell excess crops

<h3>What is Cultural Revolution?</h3>

The start of the Cultural Revolution by Mao Zedong As Mao attempted to regain control by mobilizing radical youngsters against the Communist Party leadership, the campaign was fundamentally about upper economics.

These help workers compete for their wages for the work they did. It gives farmers to sell their excess crops and prosecutes the government officials.

Learn more about Cultural Revolution, here:

brainly.com/question/10693549

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6 0
2 years ago
Answer the above questions <br><br>don't spam <br>​
Anna007 [38]

Answer:

Explanation:

B) current liability

5 0
2 years ago
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On January 2, 2019, Adelphi Company purchased a patent for $175,000 plus $5,000 in legal fees. On that date, the patent had a re
Vikentia [17]

Answer:

$22,500

Explanation:

Data given in the question

Purchase value of the patent = $175,000

Legal fees = $5,000

The Remaining life of the patent = 13 years

Expected using life of the patent = 8 years

So by considering the above information, the annual amortization expense for 2019 is

= (Purchase value of the patent + Legal fees incurred) ÷ (Expected using life of the patent)

= ($175,000 + $5,000) ÷ (8 years)

= $22,500

7 0
3 years ago
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