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3 years ago

The revenues and expenses of Sunset Travel Service for the year ended April 30, 2014,

Business

1 answer:

padilas [110]3 years ago

5 0

Answer:

Net profit= $491,000

Explanation:

An income statement is one of the three important financial statements used for reporting a company's financial performance over a specific accounting period. The income statement focuses on the four key items - revenue, expenses, gains, and losses. It does not cover receipts (money received by the business) or the cash payments/disbursements (money paid by the business).

It follows the general structures:

Revenues (+)

Operating Revenue

Non-Operating Revenue

Total

Expenses (-)

Primary Activity Expenses

Secondary Activity Expenses

Total

Gains (+)

Losses (-)

Net income/loss

In this exercise:

Total revenues=$1,673,000

Expenses:

Office expense 488,000

Miscellaneous expense 34,000

IWages expense 660,000

Total Expenses=$1,182,000

Net profit= $491,000

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mamaluj [8]

Short term goals can be done quicker and longer term goals take a bit more longer depending the goal the person chose

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3 years ago

Future value. A speculator has purchased land along the southern Oregon coast. He has taken a loan with the end-of-year payme

NemiM [27]

Answer: Not a wise investment as Cost exceeds Receipts.

Explanation:

As the amount is a constant payment, it is an annuity and as it is in future we are looking for the future value of an annuity:

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3 years ago

Target Corporation prepares its financial statements according to U.S. GAAP. Target's financial statements and disclosure notes

Paraphin [41]

Answer:

Gross profit ratio = 29.5%

Inventory turnover ratio = 6.16 times

Explanation:

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(b) The cost of inventory includes

1. The amount T pays to it's supplier to acquire inventory.

2. freight cost incurred in connection with the delivery of products to it's distribution centres and store.

3. Import cost reduced by vendor income and cash discounts.

= 29.5%

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6 0

3 years ago

The money supply is backed Multiple Choice by the government's ability to control the supply of money and therefore to keep its

Serggg [28]

Answer:

by the government's ability to control the supply of money and therefore to keep its value relatively stable.

Explanation:

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3 years ago

A company is formulating its plans for the coming year, including the preparation of its cash budget. Historically, the company'

Alchen [17]

Answer:

c. $4,025,200

Explanation:

The computation of the total cash receipts from sales and collections in April month is shown below:

= April sales × cash sales percentage + April sales × credit sales percentage × collection month percentage + March sales credit sales percentage × Following month collection percentage

= $4,000,000 ×30% + $4,000,000 × 70% × 40% + $4,200,000 × 70% × 58%

= $1,200,000 + $1,120,000 + $1,705,200

= $4,025,200

Since cash sales are 30% , so the credit sales would be 70%

3 0

4 years ago