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3 years ago

HELP Question 3: To determine gross profit, A:subtract the cost of goods sold from sales.

Business

2 answers:

mylen [45]3 years ago

7 0

Answer:

Explanation:

Gross profit = total sales - total cost of sales

Gemiola [76]3 years ago

7 0

Answer:

A.) Subtract the cost of goods sold from sales

Explanation:

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Simpkin Corporation owns manufacturing facilities in States A, B, and C. B uses a three- factor apportionment formula under whic

ivanzaharov [21]

Answer:

Simpkin Corporation

Simpkin's apportionable income assigned to B is:________.

b. $533,333

Explanation:

a) Data and Calculations:

Apportionable operating income = $1,000,000

State A State B State C Totals

Sales $400,000 $800,000 $300,000 $1,500,000

Payroll 100,000 150,000 50,000 300,000

Property 200,000 200,000 200,000 600,000

State B's portion of the operating income = $1,000,000 * $800,000/$1,500

= $533,333

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3 years ago

Talbot Riding Stables provides stables, care for animals, and grounds for riding and showing horses. The account balances at the

Goshia [24]

Answer:

See answers below in the explanation

Explanation:

Journal Entries :

Journals

<u>Date Account and Explanation Debit Credit </u>

a Accounts receivable 210300

Service Revenue 210300

(Record earned revenue)

Cash 62300

Service Revenue* 62300

(Record earned revenue)

b cash 199100

accounts receivable** 199100

(Record collection Account)

*$41000+$20500=$62300

**$4400+$210300-$$15600=$199100

c Supplies 62900

Accounts Payable 62900

(record purchase of supplies on credit)

d Supplies 7400

Cash 7400

(record purchase of supplies

e Wages Payable 14200

Cash 14200

Record Payment of previous wages

Wages Expenses 112000

Cash 112000

(Record Payment to Employees)

f Income Tax payable 15100

cash 15100

(Record Payment of Income taxes

g Accounts Payable 73000

cash 73000

(record payment of account)

h Interest Expense 2700

Interest Payable 2700

Cash*** 5400

(Record Payment of Interest)

i No journal entry required

j Property Taxes Expense 17000

cash 17000

(Record payment of property taxes)

k Dividends 7200

Cash 7200

(Record Payment of dividends)

*** $60000*9%=$5400

6 0

3 years ago

Andrea Apple opened Apple Photography, Inc. on January 1 of the current year. During January, the following transactions occurre

nalin [4]

Answer:

Apple Photography, Inc.

Based on this information, the balance in the cash account at the end of January would be:_____.

b) $12,115.

Explanation:

a) Cash Account

Common Stock $13,600

Insurance (2,200)

Service Revenue 5,800)

Rent (1,600)

Office equipment (3,200)

Utilities (285)

Balance $12,115

b) Apple Photography, Inc had a balance in the cash account at the end of January of $12,115 which was the difference between the cash inflows and cash outflows during the month. The inflows represented cash received by Apple Photography from the owners and customers and the cash paid for running the business.

6 0

3 years ago

Stacy purchased a stock last year and sold it today for $4 a share more than her purchase price. She received a total of $1.15 p

dusya [7]

Answer: B. The capital gains yield is positive.

Explanation:

The Capital Gains Yield is a percentage figure that tells how much an investment has increased in price from it's acquisition.

It works by taking the new value and dividing it by the original value.

Using Stacy as an example, the Stock increased by $4 so assuming she bought the stock for even $0.1 then her Capital Yield is,

= 4/0.1

= 40 * 100%

= 4000% which is positive

As long as the stock was sold for more than it was bought, Capital Yield Gain is positive.

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3 years ago

you want to put $2,500 in a simple interest account. It has a 4% annual interest rate. How long will it take you to earn $200 in

Solnce55 [7]

It will take 2 years because eaxh year you get 4% of the $2500 which means $100 a year

6 0

3 years ago