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
torisob [31]
3 years ago
9

The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 159,000 Income Tax

Expense 16,000 Merchandise Sales (gross revenue) for Cash 228,000 Merchandise Sales (gross revenue) on Credit 39,600 Office Expenses 18,400 Sales Returns and Allowances 6,690 Salaries and Wages Expense 37,800 Required: Prepare a multistep income statement.

Business
1 answer:
Kryger [21]3 years ago
5 0

Answer:

Income Statement is attached in the pictures.

Explanation:

You might be interested in
Current information for the Healey Company follows:Beginning raw materials inventory $15,200 Raw material purchases 60,000Ending
suter [353]

Answer:

The correct answer is A.

Explanation:

Giving the following information:

Beginning raw materials inventory $15,200

Raw material purchases 60,000

Ending raw materials inventory 16,600

Total direct material used during the period= (15,200 + 60,000 - 16,600)= $58,600

Beginning work in process inventory 22,400

Ending work in process inventory 28,000

Direct labor 42,800

Total factory overhead 30,000

To calculate the cost of goods manufactured we need to use the following formula:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 22,400 + 58,600 + 42,800 + 30,000 - 28,000= $125,800

3 0
3 years ago
Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct
Paladinen [302]

Answer:

Overhead at the end of the year was $3,570 under-applied

Explanation:

For computing the ended overhead amount, first, we have to compute the predetermined overhead rate. The formula is shown below:

Predetermined overhead rate = (Total estimated manufacturing overhead) ÷ (estimated direct labor-hours)

= $521,220 ÷ 21,900 hours

= $23.8

Now we have to find the actual overhead which equals to

= Actual direct labor-hours × predetermined overhead rate

= 21,750 hours × $23.8

= $517,650

So, the ending overhead equals to

= Actual manufacturing overhead - actual overhead

= $521,220 - $517,650

= $3,570 under-applied

8 0
3 years ago
Gene is a resident of Texas and has never been to Virginia. Helen wants to sue Gene in a Virginia state court regarding a breach
nata0808 [166]

The options are:

The Virginia police arrest Gene in Texas and take him to Virginia.

HThe Virginia police arrest Gene in Texas and take him to Virginia.

Helen could disguise her voice and phone Gene, telling him he has won $10,000 and must pick up the money in Richmond, Virginia, then have him served in Richmond.

Helen could have Gene served with a summons while he is driving through Tennessee.

Helen can have Gene served with a summons in Texas and he must appear in Virginia court.

Helen could disguise her voice and phone Gene, telling him he has won $10,000 and must pick up the money in Richmond, Virginia, then have him served in Richmond.

Helen could have Gene served with a summons while he is driving through Tennessee.

Helen can have Gene served with a summons in Texas and he must appear in Virginia court.

Answer:

Helen could disguise her voice and phone Gene, telling him he has won $10,000 and must pick up the money in Richmond, Virginia, then have him served in Richmond.

Explanation:

Since Gene is suing Gene in a Virginia State court, Gene must be served in Virginia where the court has jurisdiction. If the case was on Federal Court he could have been served in any state.

Helen has to convince Gene to come to Virginia. She can do this by calling him and saying he has won some money in Richmond, Virginia. When he is in Virginia he can now be served.

6 0
3 years ago
A product has annual demand of 100,000 units. The plant manager wants production to follow a four-hour cycle. Based on the follo
vova2212 [387]

Answer: The options are given below:

A. $18.00

B. $1,036.80

C. $2.00

D. $7.20

E. $64.00

The correct option is D. $7.20

Explanation:

From the question above, we were given:

Annual demand = 100,000 units

Production = 4 hour cycle

d = 400 per day (250 days per year)

p = 4000 units per day

H = $40 per unit per year

Q = 200

We will be using the EPQ or Q formula to calculate the cost setup, thus:

Q = √(2Ds/H) . √(p/(p-d)

200=√(2x400x250s/40 . √(4000/(4000-400)

200=√5,000s . √1.11

By squaring both sides, we have:

40,000=5,550s

s=40,000/5,550

s=7.20

4 0
3 years ago
State Street Beverage Company issues​ $805,000 of​ 9%, 10-year bonds on March​ 31, 2017. The bonds pay interest on March 31 and
Citrus2011 [14]

Answer:

Option (B) If the market rate of interest is 10%, the bonds will issue at a discount

Explanation:

Interest rate risk is defined as the risk changing which, interest rates will affect bond prices. When current interest rates are greater than a bond's coupon rate, the bond will be sold below its face value at a discount. When interest rates are less than the coupon rate, the bond can be sold at a premium--higher than the face value.

7 0
3 years ago
Other questions:
  • Entries for notes payable Bull City Industries is considering issuing a $100,000, 7% note to a creditor on account. Assume a 360
    11·1 answer
  • On December 31, the company purchases equipment for $10,000 and pays for the purchase in cash. Complete the necessary journal en
    14·1 answer
  • Presented below is information related to Tolbert Company.
    6·1 answer
  • Banking is a general term of what
    5·1 answer
  • Channel richness is, in part, determined by the ability to facilitate rapid, two-way feedback.
    7·1 answer
  • A manufacturer makes colored blocks for children. The blocks are modeled by the right rectangular prism as shown with congruent
    6·1 answer
  • Tall Guys Clothing has a 45-day collection period. Sales for the next calendar year are estimated at $2,100, $1,600, $2,500 and
    15·1 answer
  • What is one course of action available in every decision making process?
    8·1 answer
  • The cash account for American Medical Co. at April 30 indicated a balance of $89,775. The bank statement indicated a balance of
    6·1 answer
  • Accountability within an organization allows managers to operate independently from the rest of the organization. flows downward
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!