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Kitty [74]
3 years ago
10

Multiple-step income statements show

Business
1 answer:
devlian [24]3 years ago
4 0

Answer:

both income from operations and gross profit.

Explanation:

As we know that

The income statement recognized the revenues earned and the expenses incurred for a particular period

And the multiple-step income statement refers to the classification of expenses like

The format is shown below:

Sales                                   XXXXX

Less: Cost of goods sold  XXXXX

Gross profit                        XXXXX

Less: Operating expenses

Administrative expenses     XXXXX

Selling expenses                  XXXXX

Operating income                 XXXXX

Non operating income or others

Less: Interest expense           XXXXX

Rent revenue                          XXXXX

Net income                             XXXXX

Therefore, the third option is correct

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In contingency planning, a(n) _________ that threatens the security of the organization's information is called an _________
andreev551 [17]

Answer:

adverse event, incident

Explanation:

contingency planning is referred to as the planning for unexpected events. The main focus behind inducing Contingency planning is to restore the normal position without disrupting business operations.

An incident response plan is induced to take action against the incident while the Disaster recovery plan is used to restored business operation after incident occurred.

7 0
3 years ago
Moira Company has just finished its first year of operations and must decide which method to use for adjusting inventory account
Scrat [10]

Answer:

The Cost of good sold will decrease by 10,000

The other accounts balance will be the same.

<em>Missing Information:</em>

Ending balances in the relevant accounts were:

Work-in-Process            40,000

Finished Goods             80,000

Cost of Goods Sold     680,000

Explanation:

The company applied overhead for the amount of 435,000

This was charged into finished good which latter become cost of goods sold.

Then, as the actual overhead was 425,000 we have to adjust for the over-applied overehad. We applied more than it cost so we have to reduce it.

435,000 - 425,000 = 10,000

<u>We will decrease our COGS against the factory overhead account.</u>

COGS 10,000 debit

  factory overhead 10,000 credit

8 0
3 years ago
Shen manages a grocery store in a country experiencing a high rate of inflation. He is paid in cash twice per month. On payday,
IRINA_888 [86]

Answer:

The correct answer is option b.

Explanation:

Shen is working in a country where the inflation rate is high.  

He gets a salary every two weeks.  

After receiving his salary he immediately goes out and buys all the goods he is going to need over the next two weeks.  

He converts the remaining salary in a more stable currency.  

He does this in order to prevent his salary from losing purchasing power.  

This effort that he is making to prevent his real income from losing value is called the shoe-leather cost of inflation.  

The shoe-leather cost can be defined as the cost of time and effort made to prevent the cash holdings from losing their value.

3 0
3 years ago
A firm has the production function y = min{x1, x2} + min{x3, x4}. This firm faces competitive factor markets where the prices fo
ANTONII [103]

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

3 0
2 years ago
Morrow City Inc. manufactures small flash drives and is considering raising the price by 75 cents a unit for the coming year. Wi
JulsSmile [24]

Answer:

Operating profit is projected to be $35,100

Explanation:

                 Morrow City International

Analysis of the Current and Projected demand to determine the Operating Profit

Particulars         Current       Projected     Changes in

                           Demand      Demand       Demand        

Selling price          $8.50           $9.25            0.75

Less: Cost Price    $5.80           $5.80            0

Contribution           $2.7             $3.45            0.75

Margin

Unit Sold                <u>79,000        72,000        -7000</u>

Total                       $213,300     $248,400   $35,100

Contribution

Note: Total contribution = Unit sold * Contribution margin

3 0
3 years ago
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