Answer:
Explanation:
(a) The computation of the cost of goods sold is shown below:
= Beginning inventory + Purchase of new merchandise - ending inventory
= $4,000 + $22,000 - $4,500
= $21,500
(b) 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 preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:
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Good luck, rockstar!
I hope you pass, and that this helps!
Answer: $1,256
Explanation:
Milo makes 6% on the sales that he makes.
The $75.36 that he made from this sale is therefore 6% of the cost of the item sold.
Assuming the item was x, the cost is;
6% * x = 75.36
x = 75.36/6%
x = $1,256
There are different form of partnership. The statements that correctly describes the effect these items have on the partner's self-employment earnings (loss) is given below;
- Both General partner - ordinary business income (loss) and guaranteed payments affect self-employment earnings (loss) and Limited partner - only guaranteed payments affect self-employment earnings (loss).
A general partner is known to be a type of owner of a partnership and they are said to either be a managing partner or active in the daily operations of the firm.
General partners are mandated to include any guaranteed payments they get and their share of ordinary business income (loss) in their self-employment earnings (loss).
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