Answer:
The net income for 2020 is $171,360
Explanation:
The computation of the net income is shown below:
= Net sales - Cost of goods sold - Administrative expenses - Selling expenses - Discontinued operations - income tax expense
= $550,800 - $214,200 - $81,600 - $40,800 - $42,840
= $171,360
The income tax expense is computed below:
= (Net sales - Cost of goods sold - Administrative expenses - Selling expenses - Discontinued operations) × income tax rate
= $214,200 × 20%
= $42,840
Answer:
$13,000
Explanation:
Calculation for the amount that Susan can deduct as alimony for the year 2019
Based on the information given we were told that she is to pay her spouse the amount of $24,000 a year until their child who is 11 years old turns 18 years old in which the payments will decrease by the amount of $11,000 per year which means that the Alimony will be calculated as ;
Alimony=$24,000-$11,000
Alimony=$13,000
Therefore for 2019, the amount that Susan deduct as ALIMONY will be $13,000
Answer:
12
Explanation:
At the price of $24, the demand is 36
At the price of $30, the demand is 24
change in quantity demanded
= 36-24
= 12
Answer:
Net operating income= 341,000
Explanation:
We need to use the following structure:
Gross profit= sales - cost of goods sold
Net operating income= Gross profit - other expenses (variable and fixed)
<u>Under the absorption costing method, the cost of goods sold incorporates the fixed overhead.</u>
Sales= 980,000
COGS= (116,000 + 266,000)= (382,000)
Gross profit= 598,000
Fixed selling and administrative costs= (116,000)
Variable selling and administrative costs= (141,000)
Net operating income= 341,000
