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Tems11 [23]
3 years ago
12

In 2019, Whispering Winds Corp. had net sales of $973,000 and cost of goods sold of $570,900. Operating expenses were $220,300,

and interest expense was $14,600. Whispering Winds prepares a multiple-step income statement. Compute Whispering Winds gross profit.
Business
1 answer:
tester [92]3 years ago
7 0

Answer:

Whispering Winds Gross profit is $402,100

Explanation:

Multi step income statement differentiate the the operating revenue and expenses from non operating revenue and expenses. It shows the gross profit, operating profit and net profit separately.

     Whispering Winds Corp.

 Income statement for the year 2019

Net sales                               $973,000

Less: Cost of goods sold     <u>$570,900</u>

Gross Profit                                            $402,100

Less:Operating expenses                     <u>$220,300</u>

Operating Profit                                     $181,800

Less: Interest expense                          <u>$14,600  </u>

Profit before Tax                                    $167,200

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a. micromarketing

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Micromarketing -

It is the strategy of marketing , where the advertising is done on the basis of the location and the taste of the people , is referred to as micromarketing .

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3 years ago
On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated value of $3) at $12. On July 6
Slav-nsk [51]

Answer:

23rd May

Dr Cash                                                          960,000

Cr Common stock                                        240,000

Cr Paid-in Capital - Common Stock            720,000

( to record the issuance of 80,000 common shares for cash)

6th July

Dr Cash                           900,000

Cr Preferred stock          900,000

( to record the issuance of 18,000 preferred shares for cash)

15th September

Dr Cash                                                   750,000

Cr Common stock                                  150,000

Cr Paid-in capital - Common Stock       600,000

( to record the issuance of 50,000 common shares for cash)

Explanation:

Working notes for each transactions:

* 23rd May:

Cash increases by: Amount of stocks issued * Price at issuance = 80,000 * 12 = $960,000

Common stock account increases by: Amount of stock issued * Stated value = 80,000 * 3 = 240,000

Paid-in capital account increased by: Amount of stock issued * ( Price at issuance - Stated value) = 80,000 * 9 = $720,000

* 6th July:

Cash increases by: Amount of stocks issued * Price at issuance = 18,000 * 50 = $900,000

Preferred stock account increases by: Amount of stock issued * Par value = 18,000 * 50 = $900,000;

As shares are issued at par; no paid-in capital amount recorded.

* 15th September:

Cash increases by: Amount of stocks issued * Price at issuance = 50,000 * 15 = $750,000

Common stock account increases by: Amount of stock issued * Stated value = 50,000 * 3 = 150,000

Paid-in capital account increased by: Amount of stock issued * ( Price at issuance - Stated value) = 50,000 * 12 = $600,000.

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<h3>What is Career readiness?</h3>

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Career readiness is essential for someone that want to build their career or the person that want to reach the highest peak of their career as this enable them to prepare ahead.

Therefore Career readiness represents the extent to which you possess the <u>knowledge, skills, and attributes</u>  desired by employers.

Learn more about Career readiness here:brainly.com/question/27841409

brainly.com/question/3299764

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