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
jasenka [17]
3 years ago
9

Presented below are selected ledger accounts of Coronado Corporation as of December 31, 2020. Cash $51000 Administrative expense

s 102000 Selling expenses 81600 Net sales 550800 Cost of goods sold 214200 Cash dividends declared (2020) 20400 Cash dividends paid (2020) 15300 Discontinued operations (loss before income taxes) 40800 Depreciation expense, not recorded in 2019 30600 Retained earnings, December 31, 2019 91800 Effective tax rate 20%Compute net income for 2020.
Business
1 answer:
andrew-mc [135]3 years ago
6 0

Answer:

The net income for 2020 is $171,360

Explanation:

The computation of the net income is shown below:

=  Net sales -  Cost of goods sold - Administrative expenses - Selling expenses - Discontinued operations  - income tax expense

= $550,800 - $214,200 - $81,600 - $40,800 - $42,840

= $171,360

The income tax expense is computed below:

= (Net sales -  Cost of goods sold - Administrative expenses - Selling expenses - Discontinued operations) × income tax rate

= $214,200 × 20%

= $42,840

You might be interested in
Approximately two decades after a "baby boom," one could expect___________.
lana [24]

Answer:

b. an outward shift of the production possibilities curve along both axes

Explanation:

As we know that outward shift refers to the growth.

Baby boomers is a term used for the human generation born between 1946 and 1964 after the end of world war 2 when the birth rate across the world was narrowed and thereafter the emerging births of new infants were known as Baby Boom.

The main reasons of this outward shift were:

  • People started new families to cover the life gap of the loved ones they lost during the world war
  • People hoped that coming era will be of peace and business growth which they actually saw thereafter
  • People hoped to see the economic growth in upcoming years leading them towards business expansions and production growths as well
7 0
3 years ago
Seven years ago, Carlos took out a 30-year mortgage for $185,000 at 5.6 percent. He has made all of the monthly payments as agre
marin [14]

Answer:

Remaining balance of loan after 7 years ( today ) = $ 164,619.6

Explanation:

amount of mortgage = $ 185,000

original term of loan 30 years * 12 = 360 months

interest rate = 5.6 % * 1/12 =0.4666% per month

monthly payment = amount oa mortgage * i /[ 1- (1+i)^-n ]

= $ 185,000 * 0.4666% / [ 1- ( 1 +0.4666%)^-360 ]

= $ 863.21 / [ 1 - 0.187148 ]

= $ 863.21 / 0.812852

= $ 1061.95

after 7 years, that means 84 months, remaining term = 360 months - 84 months = 276 months

remaining balance of loan = amount of loan * ( 1+ i )^n - monthly payment * [ {( 1 + i )^n - 1 } / i ]

remaining balance of loan after 7 years ( 84 months ) = [ $ 185,000 * ( 1+0.4666%)^84 ] - $ 1061.95 * [ {(1+0.4666%)^84 - 1} / 0.4666 ]

= [ $ 185,000 * 1.47850 ] - $ 1061.95 * ( 0.47850 / 0.4666% ]

= $ 273,522.5 - $ 1061.95 * 102.55

= $ 273,522.5 - $ 108,902.9

= $ 164,619.6

remaining balance of loan after 7 years ( today ) = $ 164,619.6

6 0
3 years ago
Purchase task, social surroundings, physical surroundings, temporal effects, and antecedent states can have an impact on a consu
quester [9]

Answer:

<u>Situational Influences </u>

Explanation:

Situational influences refer to those situation or state conditions which influence a buyers behavior. Physical, social and time factors or buyers own moods, affect a buyers buying habits i.e what the buyers buy and the quantity of purchases.

Physical surroundings refer to the physical situation of the buyer i.e the effect of location of the store, the design of the store etc.

Social surroundings refer to the effect of people who surround the buyer while he is considering a purchase.

Temporal effects refer to temporary or time bound situation of the buyer which relates to the time of the day a buyer visits the store.

Antecedent states refer to the pre existing state of mind of the buyer.

Collectively, these comprise situational influences in consumer buying decision process.

4 0
3 years ago
In financial management, risk is referred to as the environmental factors that may affect a business adversely. internal factors
VARVARA [1.3K]

Answer:

Option C The degree of uncertainty about the actual outcome of a decision.

Explanation:

The reason is that risk is the vulnerability of an desired outcome and which can be measured. So if toss a coin there are 50% chances that head will appear and I will loose money and 50 percent chances that tail will appear and I win money. So undesired outcome here is head appearing because I will loose money and it has 50% chances. So risk result in undesired outcome in an uncertain environment.

6 0
3 years ago
Western company begins the year with $50,000 of inventory on hand. During 2018, western purchases additional inventory for $100,
slava [35]

Answer:

Debit cost of goods sold $40,000

Explanation:

As with the details of inventory we have:

Opening value of inventory = $50,000

Purchases = $100,000

Thus, total inventory = $150,000

On the closing date we have the balance of inventory in hand = $110,000

Therefore, cost of goods sold = Total inventory - Closing

= $150,000 - $110,000 = $40,000

Cost of goods sold is an expense, and shall be debited.

8 0
3 years ago
Other questions:
  • Raymond Financing leases airplanes to airline companies. Raymond has just signed a 20-year lease agreement that requires annual
    12·1 answer
  • All of the following equations represent return on investment (ROI) EXCEPT:
    12·1 answer
  • Taxes are charged on items at the time of purchase?
    7·1 answer
  • Janitor Supply produces an industrial cleaning powder that requires 48 grams of material at $0.10 per gram and 0.15 direct labor
    11·1 answer
  • Interview Notes
    12·1 answer
  • River corp's total assets at the end of last year were $480,000 and its net income was $32,750. what was its return on total ass
    6·1 answer
  • ​You're traveling in Japan and are thinking about buying a new kimono.​ You've decided​ you'd be willing to pay​ $175 for a new​
    9·2 answers
  • Sal’s satellite company broadcasts TV to subscribers in Los Angeles and New York. The demand functions for each of these two gro
    9·1 answer
  • Dermody Snow Removal's cost formula for its vehicle operating cost is $3,030 per month plus $333 per snow-day. For the month of
    5·1 answer
  • What is the answer<br> Why is the slope of an indifference curve bowed inward to the origin?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!