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zvonat [6]
3 years ago
11

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contain

ed the following income statement items ($ in millions): sales revenue, $2,106; cost of goods sold, $1,240; selling expense, $126; general and administrative expense, $105; interest expense, $40; and gain on sale of investments, $45. Income tax expense has not yet been recorded. The income tax rate is 25%. Prepare a multiple-step income statement for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
Business
1 answer:
devlian [24]3 years ago
8 0

The preparation of the multi step income statement is shown below

                              Pacific Scientific Corporation

                               Multi - step income statement

                                       On December, 2021

Sales revenues  $2,106

Less: Cost of goods sold -$1,240

Gross profit  $866

Operating expenses

Less: Selling expenses -$126

Less: General and administrative expense -$105

Total operating expenses -$231

Operations income  $635

Non operating and other items

Interest expenses -$40

Gain on sale of investment $45

Total non operating $5

Earning before taxes  $640

Less- Income tax expense at 30%  -$160

Net income   $480

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3 0
3 years ago
Portfolio AB has half of its funds invested in Stock A and half in Stock B. Portfolio ABC has one third of its funds invested in
Anit [1.1K]

Answer:

a) Portfolio ABC's expected return is 10.66667%.

Explanation:

Some information is missing:

Stock                Expected         Standard             Beta

                         return              deviation

A                            10%                 20%                 1.0

B                            10%                  10%                 1.0

C                            12%                  12%                 1.4

The expected return or portfolio AB = (1/2 x 10%) + (1/2 x 10%) = 10% (it is the same as the required rate for stock A or B)

The expected return or portfolio ABC = (weight of stock A x expected return of stock A) +  (weight of stock B x expected return of stock B) + (weight of stock C x expected return of stock C) = (1/3 x 10%) + (1/3 x 10%) + (1/3 x 12%) = 3.333% + 3.333% + 4% = 10.667% <u>THIS IS CORRECT</u>

Options B, C, D and E are wrong.

5 0
3 years ago
Which of the following will require a recalculation of weighted-average shares outstanding for all years presented?
FromTheMoon [43]

Answer:

The correct option is A, stock dividends and stock splits

Explanation:

Stock dividends refers to paying dividends by issuing more shares to shareholders instead of paying in cash which may  be required to fund investment projects,since it increases the number of shares overall, it requires  re-computation of weighted average number of shares.

Stock splits means splitting the current number of shares into multiples in order to reduce the price per share making it affordable to investors,hence the number of weighted average shares is also impacted.

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3 years ago
What could the owner of a movie theater expect as the possible result from an increase in movie ticket prices?
never [62]

Answer:

C

Explanation:

Fewer Movie goers will pay a hier price

8 0
3 years ago
Pacific Ink had beginning work-in-process inventory of $762,960 on October 1. Of this amount, $313,920 was the cost of direct ma
BartSMP [9]

Answer:

Cost of goods transferred =$6,388,147.07

Cost of ending inventory=$1,068,478.93  

Explanation:

Equivalent unit of material = (120,000× 100%)+(39,000×75%)=149250

Cost per unit of material = Total cost /Total equivalent unit

=(313,920 +2,956,500)/149250 =21.912

Cost per conversion cost

Equivalent unit of conversion cost

= (120,000 × 100%) + ((39,000×35%)= 133,650

Cost per unit of conversion cost

= ($3,737,220 + $449,040)/133,650  = 31.322

Cost of goods transferred = 120,000× (21.912 + 31.322)= 6,388,147.07  

Cost of Inventory = (75%*39,000×21.912)+(35%× 39,000×31.322)

                             = 1,068,478.93  

Cost of goods transferred =$6,388,147.07

Cost of ending inventory=$1,068,478.93  

=

3 0
3 years ago
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