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raketka [301]
3 years ago
9

For the past year, Momsen, Ltd., had sales of $45,797, interest expense of $3,620, cost of goods sold of $16,134, selling and ad

ministrative expense of $11,481, and depreciation of $5,980. If the tax rate was 35 percent, what was the company's net income?

Business
2 answers:
OleMash [197]3 years ago
6 0

Answer:

$5,578.3

Explanation:

The income statement shows the net income of an entity which is the net difference between the sales and expenses including taxes incurred during the period.

Given sales of $45,797, interest expense of $3,620, cost of goods sold of $16,134, selling and administrative expense of $11,481, and depreciation of $5,980. If the tax rate was 35 percent,

Profit before tax = $45,797 - $16,134 - $3,620 - $11,481 - $5,980

= $8,582

Tax expense = 35% of $8,582

= $3,003.70

Company's net income  = $8,582 - $3,003.70

= $5,578.3

guapka [62]3 years ago
5 0

Answer:

Net income is $5,578.30

Explanation:

Please refer to the attached file

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The responsibility that each person has not to harm another person, the community, or the environment
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3 years ago
A manufacturing company budgeted for $1,240,000 in manufacturing overhead and expected 400,000 direct labor hours. Actual overhe
valina [46]

Answer:

a. Under applied by $9,000

Explanation:

Budgeted overheads = $1,240,000

Budgeted overheads = 400,000

Budgeted rate per hour = $1,240,000/400,000 = $3.10

Actual overhead = $1,200,000

Actual Hours = 390,000

Actual Rate per hour = $3.077

budgeted overhead for actual hours = 390,000 \times $3.10 = $1,209,000

Thus, overheads under applied = Standard - Actual = $1,209,000 - $1,200,000 = $9,000

Since actual overheads are less than budgeted it is under applied in case it was more than budgeted then i would be over applied.

Final Answer

a. Under applied by $9,000

8 0
3 years ago
In 2020, Creeper Corporation had a $4,000 net long-term capital loss that it could not carry back. For 2021, it reported the fol
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Answer:

d. Net long-term capital gain of $1,000

Explanation:

2020, $4,000 net long-term capital loss that it could not carry back.

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2021, Short-term capital gain $3,000

In 2021, Creeper would reports a:

Net long-term capital gain = Long-term capital gain + Short-term capital gain - Net long-term capital loss

Net long-term capital gain = $2,000 + $3,000 - $4,000

Net long-term capital gain = $1,000

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2 years ago
The total earnings of an employee for a payroll period is referred to as
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Answer:

Net pay.

Explanation:

An employee can be defined as an individual who is employed by an employer of labor to perform specific tasks, duties or functions in an organization.

Basically, an employee is saddled with the responsibility of providing specific services to the organization or company where he is currently employed while being paid a certain amount of money hourly, daily, weekly, or monthly depending on the contractual agreement between the two parties (employer and employee).

Net pay can be defined as the total amount of money earned by an employee for a payroll period. Thus, it is the earnings of an employee after all deductions, fees, or contributions have been subtracted from the gross pay and as such, it is the take home of an employee for a payroll period.

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2 years ago
Niall is an assembly-line worker in a car-manufacturing firm in detroit. assembly-line workers like niall constitute the _____ o
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If Niall is an assembly-line worker in a car-manufacturing firm in detroit. assembly-line workers like niall constitute the <u>Factors of production</u> of the car-manufacturing firm.

<h3>What is Factors of production?</h3>

Factors of production can be defined as factors, inputs or resources that contributed to the production of goods and services.

Labor, land , capital as well as entrepreneurship play a major role when it comes to production of goods and service as they are the factors that contributed to the production of goods and services which in turn means that they are essential.

Therefore If Niall is an assembly-line worker in a car-manufacturing firm in detroit. assembly-line workers like niall constitute the <u>Factors of production</u> of the car-manufacturing firm.

Learn more about Factors of production here:brainly.com/question/17518033

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