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lidiya [134]
3 years ago
14

Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the tot

al outstanding stock of 9,000 shares and is the managing executive in charge. On December 31, the following financial items for the entire year were determined: sales revenue, $181,000; salaries and wages expense, $100,000; interest expense, $6,600; advertising expenses, $9,175; and income tax expense, $18,800. Also during the year, the company declared and paid the owners dividends amounting to $15,000.Prepare the company’s income statement.
Business
1 answer:
arlik [135]3 years ago
7 0

Answer:

Explanation:

The preparation of the company’s income statement is presented below:

                               Home Realty, Incorporated

                                     Income statement

Sales revenue                         $181,000

Less: Total expenses

Salaries and wages expense ($100,000)

Interest expense                     ($6,600)

Advertising expenses             ($9,175)

Income tax expense               ($18,800)

Net income                              $46,425

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I think the answer is b
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3 years ago
Zoo Inc. is preparing its cash budget for March. The budgeted beginning cash balance is $21,000. Budgeted cash receipts total $1
sveticcg [70]

Answer: Please see answer below in the explanation column

Explanation:  Zoo Inc company's cash budget for November indicsating borrowing is given by

Cash balance, beginning $ 21,000

Add cash receipts 117,000

Total cash available--(Cash balance + cash receipts)= $138 ,000

Less cash disbursements $ 86,000

Excess (deficiency) of cash available over disbursements (The beginning balance plus the expected cash receipts less the expected cash disbursement)  ($ 21,000+$117,000)--$86,000 = $52,000

 Financing ($65,000 − $52,000)=  $13,000

Borrowings ----$100,000

Cash balance, ending ----$100,000+ $52,000 = $152,000(Burrowings + Excess cash available over disbursements)

6 0
3 years ago
The great promise of exporting is that: Group of answer choices large revenue opportunities are often found in foreign markets.
DENIUS [597]

Answer:

large revenue opportunities are often found in foreign markets.

Explanation:

With regard to the promise made for an exporting purpose we get to know that there is a big opportunities with respect of generating high amount of revenue and the same could be founded in the foreign markets

Therefore as per the given situation, the above option represent the answer

and, the same should be applied

7 0
3 years ago
A company has budgeted total overhead at actual units produced of $10,400. The company has actual total overhead of $12,000. The
ElenaW [278]

Based on the information given the controllable variance is:$1,600.

<h3>Controllable variance</h3>

Using this formula

Controllable variance=Actual total overhead -Budgeted total overhead at actual units produced

Let plug in the formula

Controllable variance=$12,000-$10,400

Controllable variance=$1,600

Inconclusion the controllable variance is:$1,600.

Learn more about the controllable variance here:brainly.com/question/24304293

4 0
3 years ago
Explain single product cost-volume-profit (CVP) and break-even analysis. Provide a hypothetical example of CVP and breakeven ana
pickupchik [31]
Cost volume profit shows the relation between sales volume, price and costs, these three factors affects the profit of company. Such CVP analysis used in decision making for the company. Profit volume(PV) ratio is one of the ratio from CVP analysis. PV ratio is the ratio between Contribution and sales of the company.

For example:- Let's say Sales of the company is $10,000,000 and variable cost = $3,585,000

Contribution will be Sales-variable cost = $10,000,000 - $3,585,000 = $6,415,000

PV ratio = Contribution/sales *100 = $6,415,000 / $10,000,000 * 100 = 64.15%

Here in this example, PV ratio of 64.15% is the contribution before fixed cost that a company has earned from its sales.

Break Even Analysis:-

Break even analysis show the situation where the company is at zero profit situation, means no profit no loss situation. Break even analysis or the break even point is the point that given the level at which company earns no profit or incurred no loss. Break even point is one of the analysis that comes under Break even analysis. Break even analysis is the ratio between fixed cost and PV ratio (%) of the company.

For example;- Let's say in the above example Fixed cost of the company is $1,300,000 and PV as calculated in the above example is 64.15% , Break even point will be Fixed cost / PV ratio = $1,300,000 / 64.15% = $2,026.500. This is the point where company is at zero profit/loss situation means company incurred no loss and earned zero profit.
7 0
4 years ago
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