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3 years ago

An object that formerly was personal property but has become real property:

1 answer:

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<span>An object that formerly was personal property but has become real property is a fixture. A fixture is defined as any physical property that is attached/fixed to a real property, like land. Because they are attached to one another, the fixture because real property and treated as such pertaining to property law. </span>

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In its income statement for the year ended December 31, 2022, Sunland Company reported the following condensed data.

melomori [17]

Sunland Company

Multi Step Income Statement

For the Year Ended December 31, 2022

Net sales $ 2,200,000

Less: Cost of goods sold ($ 1,257,000)

Gross margin / Profit $ 943,000

Less: Operating expenses ($ 722,000)

Income from operations $ 221,000

Other revenues and gains:

Interest revenue $ 35,000

Other expenses ans losses:

Interest expense ($ 72,000)

Loss on disposal of plant assets ($ 18,000) ($ 90,000)

Income before income taxes $ 166,000

Income taxes expenses ($ 46,000)

Net income $ 120,000

Sunland Company

Comprehensive Income Statement

For the Year Ended December 31, 2022

Net income $ 120,000

Add: Other comprehensive income $ 8,400

Comprehensive income $ 128,400

Net income (NI), also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is a useful number for investors to assess how much revenue exceeds the expenses of an organization. This number appears on a company's income statement and is also an indicator of a company's profitability.

Learn more about Net income (NI) here

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2 years ago

Bolding Inc.'s contribution margin ratio is 61% and its fixed monthly expenses are $47,500. Assuming that the fixed monthly expe

Natali5045456 [20]

Answer:

c. $36,070

Explanation:

contribution margin ratio is the ratio of the contribution to sales of an entity for a given period.

contribution margin ratio= contribution/sales

where contribution is the difference between sales and the variable cost

Given;

sales = $137,000

contribution margin ratio = 61% = 0.61

0.61 = contribution/$137,000

contribution = $137,000 × 0.61

= $83,570

Net operating income is the difference between the contribution and the fixed cost.

Fixed cost = $47,500

Net operating income = $83,570 - $47,500

= $36,070

3 0

3 years ago

Assume a domestic company in the US, let's say Colgate-Palmolive, is deciding to export to a country where to date Colgate produ

MrMuchimi

Answer:

agent method of entry

Explanation:

Agent method of entry will demonstrate lower fixed costs associated.

8 0

3 years ago

Read 2 more answers

What is the effect of a 10 percent price increase on quantity demanded if elasticity is infinite?

Julli [10]

Answer:

Demand drops to zero

Explanation:

Infinite elasticity of demand is also called perfect elasticity of demand.

In this scenario the demand for a product is attached to it's price.

There is an infinite change in the quantity demanded as a result of change in price.

Graphically it is a horizontal demand curve as represented in the attached

Even a small increase in price will cause demand to fall to zero.

Examples are luxury goods such as high end cars and expensive jewelry.

4 0

3 years ago

When the price level falls: Multiple Choice the demand for money rises. there is a decrease in spending that is sensitive to int

const2013 [10]

Answer:

holders of financial assets with fixed money values increase their spending.

Explanation:

5 0

3 years ago