Answer:
D. $57,500
Explanation:
Gross income = sales - (goods returned + cost of goods sold) = $78,000 - ($1,500 + $19,000) = $78,000 - $20,500 = $57,500
Answer:
Retained Earnings
Explanation:
The statement of retained earnings is prepared after preparing the income statement but before preparing the balance sheet. The reason behind this is that the statement of retained earnings is used to calculate the amount of retained earnings at the end of the period to be shown in the balance sheet.
Answer:
a.
Date Account Title Debit Credit
Dec. 31, 2017 Insurance expense $2,600
Prepaid insurance $2,600
b.
Date Account Title Debit Credit
Dec. 31, 2017 Supplies Expense $9,700
Supplies $9,700
<u>Working</u>
Supplies = Beginning balance + Purchases - Closing balance
= 7,800 + 3,400 - 1,500
= $9,700
Answer: 0 years
Explanation:
The payback period calculates the amount of time taken to recoup the initial investment made in a project or in the purchase of a machine or building. It calculates how long the cumulative cash flow generated from a project equals the cost of the project.
The payback period for both machines are zero years because the cumulative cash flow is less than the cost of the machine.
For machine A - cumulative cash flow- $-47,000 is less than -$71,000
For machine B - cumulative cash flow, -$7,000 is less than -$52,000
Explanations on how the figures were derived is found in the attached tables.
Answer:
8000$
Explanation:
The Income Statement is one of an organization's centre budget summaries that show their benefit and losses. Revidup should report 8000$ as a cost on its income statement. The expense of the sum sold must be accounted for in the income statement whether the payment is in advance or if the amount of money is made later. The reason to report 8000$ is that, it is the cost of the amount sold and it is compulsory to report it as an expense in income statement.
