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labwork [276]
4 years ago
5

AP North Company has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of

$2,250,000. The total unit cost of making one unit of sales is $25. Selling and administrative expenses are expected to be $300,000. Interest is estimated to be $10,000. Income taxes are estimated to be $200,000. Prepare a budgeted multiple-step income statement for the year ending December 31, 2020.
Prepare a budgeted income statement for the year.
Business
1 answer:
kow [346]4 years ago
3 0

Answer:

                                   AP North Company

        Income statement for the year ended December 31, 2020

                                                                               Amount in $'000

Sales                                                                                   2,250    

Cost of goods sold                                                            <u> 1,250</u>

Gross profit                                                                         1,000  

Operating expenses    

Selling and administrative expenses                                 (300)

Non- Operating or others

Interest expense                                                                  <u>  (10) </u>

Net Income/(loss) before income taxes                               690

Income taxes                                                                        <u> (200)</u>

Net Income/(loss) after income taxes                                 <u>  490 </u>                                                          

Explanation:

A multi-step income statement is one in which the elements of  incomes and expenses are grouped into operating and non-operating heads.

Operating income and expenses are those that are directly related to the ordinary activities of the entity.

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Answer:

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Explanation:

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Answer:

a)

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Answer:

The appropriate answer is "capital intensive, land intensive".

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In order for the deal to go through, you need to compare the owner’s current assets by looking at her. but because you also want to see the company’s, or profit and loss, for one year, you also ask to see her is a correct statement.

Current assets are liquid assets such as cash, cash equivalents, accounts receivable, stock inventories, marketable securities, and pre-paid obligations. The Current Assets account is crucial since it shows a company's capacity to fulfill its short-term commitments and short-term liquidity.

The money made when an item is sold for more than it cost to produce it is known as the profit. The loss, on the other hand, is the sum lost when an item is sold for less than its cost price.

To learn more about current assets

brainly.com/question/17318059

#SPJ4

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