Answer:
Explanation:
In the income statement, the total revenues and the total expenses are recorded.
If the total revenues are more than the total expenditure then the company earns net income
And, If the total revenues are less than the total expenditure then the company have a net loss
This net income or net loss would reflect in the statement of the retained earning account.
The calculation is shown below:
= Net Sales + interest revenue- cost of good sold - administrative expense - selling expenses - interest expense - income tax expense
where,
Income tax expense = (Net Sales + interest revenue- cost of good sold - administrative expense - selling expenses - interest expense) × income tax rate
= ($2,409,400 + $38,100 - $1,463,800 - $222,000 - $286,700 - $48,900) × 30%
= $426,100 × 30%
= $127,830
The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:
Answer and Explanation:
1. Interest Revenue $23,000
Sales Revenue $510,000
To Income Summary $533000
(Being closing of revenues accounts are closed)
2. Income Summary $453,000
To Sales returns $20,000
To Sales Discounts $7,000
To Cost Of goods sold $310,000
To Freight out $2,000
To Advertise Exp $15,000
To Interest Exp $19,000
To Salaries & Wages $55,000
To Utility $18,000
To Depreciation $7,000
(Being closing of expenses accounts are closed)
3. Income Summary $80,000
To Retained Earning $80,000
(Being profit is recorded)
4. Retained Earning $30,000
To Dividends $30,000
(Being closing of dividend is recorded)
Answer:
Distributive bargaining
Explanation:
Distributive bargaining can be defined as a type of bargaining system/strategy in which one party gains only if the other party loses.
Distributive bargaining is mostly used when there is a negotiation that involves fixed resources e.g; money, assets, etc.
Distributive bargaining as a negotiation strategy does not aim to provide a win-win situation for all parties involved but that one party loses while the other gains considerably.
An example of distributive bargaining is a supermarket having a fixed price for an item. in that situation, you can't bargain and as such you either buy the item or leave the store.
That results in a win for the supermarket and a loss for you the buyer should yo choose to buy the item.
Cheers
Answer:
accounts receivable processing
or
order department
Answer:
Downward sloping; horizontal line; demand; large number of competitors
Explanation:
A monopoly is a market structure where there is only a single firm in the market. This firm is a price maker. It can charge whatever price it wants, but the consumers will demand more at a lower price.
That is why the demand curve of a monopoly is downward sloping and the same as the market demand curve.
A perfectly competitive market refers to the market structure where there is a large number of buyers and sellers. These firms are price takers. They face a horizontal line demand curve. This is because of a large number of competitors producing homogenous products. So if a firm raises its prices the consumers will move to the firm at a lower price.
The market demand curve though is downward sloping.
