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WARRIOR [948]
3 years ago
7

Presented below is information for Concord Corporation for the month of March 2020.

Business
1 answer:
Zigmanuir [339]3 years ago
3 0

Answer:

(a) Multiple-step income statement.

Sales revenue                                          $388,710

Less Sales returns and allowances        ($12,620)

Net Sales                                                 $376,090

Less Cost of Goods Sold                      ($215,090)

Gross Profit                                              $161,000

Less Operating Expenses :

<em>Selling and Distribution Expenses :</em>

Freight-out                                 $6,220

Sales discounts                          $7,240  ($13,460)

<em>Administration Expenses :</em>

Rent expense                           $31,270

Salaries and wages expense  $56,180  ($87,450)

Operating Income / (Loss)                        $60,090

Explanation:

A multiple-step income statement, shows separately Income derived from Primary Activities of the Company (Operating Income) and the Income that includes Secondary Activities of the Company (Net Income).

Operating Expenses are further categorized under <em>Selling and Distribution Expenses </em>and<em> Administration Expenses.</em>

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Explanation:

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2 years ago
Agee Storage issued 33 million shares of its $1 par common stock at $21 per share several years ago. Last year, for the first ti
Tpy6a [65]

Answer:

$23 million

Explanation:

Calculation to determine at what amount will Agee’s total paid-in capital decline

First step is to calculate the Cash paid for the first repurchase

Cash paid for the first repurchase = 1 million * 19

Cash paid for the first repurchase = $19 million

Second step is to calculate the Value of first purchase

Value of first purchase = 1 million * 21

Value of first purchase = $21 million

Third step is to calculate the Benefit on first repurchase

Benefit on first repurchase = 21 million - 19 million

Benefit on first repurchase = $2 million

Fourth step is to calculate Cash paid for second repurchase

Cash paid for second repurchase = 1 million * 24

Cash paid for second repurchase = $24 million

Fifth step is to calculate the Value of second purchase = Reacquired shares * Common stock price

Value of second purchase = 1 million * 21

Value of second purchase = $21 million

Last step is to calculate the Decline in total paid-in capital using this formula

Decline in total paid-in capital= Benefit on first repurchase + Value of second purchase

Decline in total paid-in capital = 2 million + 21 million

Decline in total paid-in capital = $23 million

Therefore what amount will Agee’s total paid-in capital decline is $23 million

8 0
2 years ago
true or false: firms should obey all the laws, including but not limited to labor, consumer protection, and the environment.
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1 year ago
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eimsori [14]

Answer:

Dealers, Brokers

Explanation:

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3 years ago
A term that is not synonymous with property, plant, and equipment is
Murljashka [212]

Answer:

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