Let understand that the organized table are intended to calculate missing numbers on Income Statement for the two companies are drawn below.
- Here, we are calculating missing columns for Monty Corp. and Whispering Winds Corp.
- Also understand that the bold numbers are the columns calculated according to the question.
Particulars Monty Corp. Whispering Winds Corp.
Sales revenue $90,000 $111,000
Sales return and allowance <u>$6,000</u><u> </u> <u>$5,000</u>
Net sales $84,000 $106,000
Cost of goods sold <u>$53,760 </u> <u>$65,720</u><u> </u>
Gross profit $30,240 $40,280
Operating expenses <u>$15,120 </u> <u>$19,080 </u>
Net income <u>$15,120</u><u> </u> <u>$21,200</u>
In conclusion, the formulae used to derived the bolded answers are:
- Sales revenue - Net sales = Sales returns and allowance
- Net sales - Cost of goods sold = Gross profit
- Gross profit - Operating expenses = Net income
- Net sales + Sales return and allowance = Sales revenue
- Net sales - Gross profit = Cost of goods sold
- Gross profit - Net income = Operating expenses
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Answer:
2.3925
Explanation:
The computation of the Mexican pesos is shown below:
= (1 British pound × 1 U.S. dollar) ÷ 1 British pound for the Danish krone
= (1.65 × 10.875 ÷ 7.5)
= 2.3925 Mexican pesos
Simply we multiplied the 1 British pound with the 1 US dollar and then divide it by the 1 British pound for Danish krone so that the correct spot currency can come
Answer:
Comer's tax liability for 2018 = $33300
Explanation:
Before determining Comer's tax liability for 2018, we need to understand what gross income is and what forms part of gross income. Gross income is total amount of income from various sources minus/plus and additions and deductions. Income from salary is earned in the ordinary course of work/business which is definitely part of gross income. Capital gain is refers to gain/profit/income from sale of capital assets such as property, shares, stocks, piece of land. Any gains and losses form part of gross income and capital losses are reported as deductions meant to reduce investors tax liability just as capital gains should be taxed.
Lets first calculate gross income and then apply tax rate to determine tax liability.
Gross income = salary + Short-term & long-term capital gains - short-term & long-term capital losses
GI = $64000 + $31000 + $9000+$15000 -$2000 -$6000
GI = $111000
Assuming the tax rate is 30%, the tax liability for the year is as follows:
Tax liability = $111000×30%
Tax liability = $33300
The price paid to each factor adjusts to balance the supply and demand for that factor. Because factor demand reflects the value of the marginal product of that factor, in equilibrium, each factor is compensated according to its marginal contribution to the production of goods and services.
<h3><u>
Explanation:</u></h3>
The incremental profit that is being earned for an additional single unit by subtracting the price of the product and all the variable cost that is associated with that product is the marginal contribution. It is the earnings that is obtained in total for paying all fixed expense and also for the profit generation.
The price that is spent for the every factor in order to adjust balancing the supply and demand of that particular factor. This is because of the reason that, the value of the marginal product of any factor is controlled by the demand factor. Thus in an equilibrium state there will be a compensation of each factor based on the marginal contribution to the production of goods and services.
The rate of increase for these automobiles between the two time periods is 10%
<h3>What is automobiles?</h3>
Automobile is the wheeled vehicle usually having four wheels and generally used for the transportation purposes. For example :- car, buses, trucks, bike etc.
In the above case, the average cost of the automobile is $12000 in 2009 but now it has increased to $ 13200. For the calculation of the increased rate of the auto mobile following formula is used as follows:-
Increased rate = (current value -Initial value )/current value * 100
=( $13,200 - $12,000)/ $12,000 *100
=$1200/ 12000 *100
= 10%
Therefore, the rate of the increase for these automobile between 2 periods is 10%.
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