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vlada-n [284]
3 years ago
8

Emily Lim owns and runs an ice cream parlor in San Diego. Last year, she had sales of $430,000 and an average tax rate of 34%. S

he spent $43,000 on ingredients, $21,500 on utilities, and $77,400 to rent the premises Emily has a few employees and paid them $86,000 in wages in total. She also paid herself a salary of $64,500 and spent $43,000 to pay for employee benefits A few years ago, Emily borrowed money to buy the ice making equipment. Last year, she paid $21,500 in interest on that loan. Depreciation for the equipment was $12,900 Attempt 1 /1 for 10 pts. Part 1 What was operating income (EBIT) for the year?
Business
1 answer:
Harman [31]3 years ago
7 0

Answer:

Explanation:

1). EBIT = Sales - Expenses - Depreciation

Sales = 430,000

Ingredients expenses = 43,000

Utilities expenses = 21,500

Rent expense = 77,400

Salary payments = 86,000

Salary to herself = 64,500

Employee benefits expenses = 43,000

Depreciation = 12,900

EBIT= $430,000 - $43,000 - $21,500 - $77,400 - $86,000 - $64,500 - $43,000 - $12,900 = $81,700

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The present value of a single sum is: Select one: A. The amount that would be paid today to receive a single amount at a specifi
Marina86 [1]

Answer:

The correct answer is letter "A": The amount that would be paid today to receive a single amount at a specified date in the future.

Explanation:

The present value (PV) of a single sum tells us how much a future sum of money is worth today given a specified rate of return. This is an important financial concept based on the principle that money received in a specific time in the future is not worth as much as an equal sum received today.

8 0
2 years ago
Pendleton Company, a merchandising company, is developing its master budget for 2015. The income statement for 2014 is as follow
Amanda [17]

Answer:

<u>Budgeted functional income statement for 2015</u>

Gross sales ($2,000,000  × 1.04 × 1.06)                                       $2,204,800

Less: Estimated uncollectible accounts ($2,204,800 × 2 %)         ($44,096)

Net sales                                                                                        $2,160,704

Cost of goods sold (1,100,000 × 1.03)                                          ($1,133,000)

Gross profit                                                                                     $1,027,704

Operating expenses (475,000 × 1.10)                                            ($522,500)

Depreciation                                                                                     ($25,000)

Net income                                                                                       $480,204

Explanation:

Make the adjustments stated on the 2014 Income Statement.

For Operating Expenses, it is wise to first remove the depreciation expense and apply the increment of 10% to reflect Operating Costs for 2015.

Treat Depreciation Expense separately and at the same amount as for 2014, since depreciation is calculated on straight line method.

3 0
3 years ago
The Office of Management and Budget and the Council of Economic Advisers are both parts of the ________.
7nadin3 [17]

Answer:

The correct answer is "Executive office of the president"

Explanation:

The Executive Office of the President of the United States (EOP) is a gathering of agencies belonging to the executive branch of the government of the United States of America. The principal function is to support the president works.

The Office of Management and Budget and the Council of Economic Advisers are part of the EOP.

5 0
2 years ago
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Answer:

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However, this loss that is reported as the part of other comprehensive income would be the loss on paper only because the actual loss can be seen when the stock is sold but this unrealized loss is on paper only so there will no effect of this loss in comprehensive income.

6 0
3 years ago
The first unit of a job took 40 hours to complete. The work has a learning percentage of 88. The manager wants time estimates fo
____ [38]

Answer:

im confused on that one

Explanation:

4 0
2 years ago
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