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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:

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At its date of incorporation, Wilson, Inc. issued 100,000 shares of its $10 par common stock at $11 per share. During the curren
Alla [95]

Explanation:

The journal entry to record the re-issuance of the stock is shown below:

Cash A/c Dr $240,000      (20,000 shares × $12)

Retained earnings A/c Dr  $80,000

       To Treasury stock $320,000

(Being the re-issuance of the stock is recorded)

The computation is shown below:

For treasury stock

= 20,000 shares × ($16 per share - $12 per share)

= $80,000

So as we can see the retained earnings is decreased by  $80,000

8 0
3 years ago
The model and concepts used to develop the economics of __ are similar to those used to illustrate the effects of:
zhuklara [117]

Answer:international trade: trade between individuals

Explanation:

I got it right

8 0
2 years ago
Use the following data to determine the total amount of working capital.
Leokris [45]

Answer:

$353,800

Explanation:

Working Capital = Current Assets - Current Liabilities

where,

CA = $146000 +  $189000 + $155000 + $94800 = $584,800

CL = $206000 + $25000  = $231,000

therefore,

Working Capital = $584,800 - $231,000 = $353,800

6 0
3 years ago
Toggle Company reported sales of $310,000 and cost of goods sold of $180,000 for 20X2. During 20X2, Toggle’s accounts receivable
kiruha [24]

Answer:

Cash Received from customers = $293,000

Cash payments to suppliers = $167,000

Cash flows from operating activities = $460,000

Explanation:

<u>Cash Received from customers is calculated as follows :</u>

Sales                                                      $310,000

Less Increase in accounts receivable  ($17,000)

Cash Received from customers         $293,000

<u>Cash payments to suppliers  is calculated as follows :</u>

Cost of goods sold                              $180,000

Decrease in Inventory                            $8,000

Decrease in Payable                            ($21,000)

Cash payments to suppliers                $167,000

<u>Cash flows from operating activities is calculated as follows :</u>

Cash Received from customers         $293,000

Cash payments to suppliers                $167,000

Cash flows from operating activities  $460,000

7 0
3 years ago
Nordstrom, an upscale department store, has a well-known reputation for going the extra mile to serve its customers. This reputa
11Alexandr11 [23.1K]

Nordstrom, an upscale department store, has a well-known reputation for going the extra mile to serve its customers. This reputation for excellent customer service will most likely result in a sustainable competitive advantage.

<h3><u>Explanation:</u></h3>

When a firm offers its customers with any products that has higher quality and benefits or lower price that its competitors then it refer to the competitive advantage. It is the advantage that the firm attains when compared with their competitors.

There are many different kinds of competitive advantage that can be used by a firm such as cost, product differentiation, niche strategies, etc. It is the thing that is absent in the competitors. In the given example, Nordstrom has well known reputation for the service that it gives for its customers and hence it is the likely result of sustainable competitive advantage.

7 0
3 years ago
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