Answer:
Big Tommy Corporation
Profit and Loss for the year ended December 31
Sales 404,000
Cost of Goods Sold 279,000
Gross Profit 125,000
<em>Operating Expenses:</em>
Salaries and Wages Expense 58,000
Office Expenses 16,000
Travel Expenses 1,000 75,000
Operating Income: 50,000
Non-Operating Expenses
Income Tax Expense 15,000 15,000
Net Income 35,000
Explanation:
Multistep income statement makes a clear distinction on Operating Incomes and Expenses and Non-Operating Incomes and Expenses
Operating income is Profit generated from Primary activities of the company
Non-Operating Incomes and Expenses do not relate to the Primary activities of the firm.They occur as a result of secondary activities.
Answer:
b) knowledge management
Explanation:
Knowledge management is defined as the process in which an organisation creates, shares, uses and manages the information and knowledge of an organisation.
It is an approach multidisciplinary in nature to achieve the objectives of an organisational with the use of knowledge available.
It includes the courses which are taught in business administration, management, information system, library and information system.
Answer:
125,200
Explanation:
Adjust inventory to base year prices:
= Cost of ending inventory ÷ cost index for the year
= $136400 ÷ 1.1
= $124,000
Current year LIFO layer:
= Adjust inventory to base year prices - Cost of beginning inventory
= $124,000 - $112,000
= $12,000
Inventory to be shown:
= Add the new LIFO layer at end of period prices to prior year LIFO inventory
= (112,000 × 1) + (12,000 × 1.1)
= 112,000 + 13,200
= 125,200
