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Arturiano [62]
3 years ago
13

E1-7 Preparing an Income Statement [LO 1-2]Home Realty, Incorporated, has been operating for three years and is owned by three i

nvestors. J. Doe owns 60 percent of the total 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, $221,000; salaries and wages expense, $108,000; interest expense, $7,400; advertising expenses, $9,575; and income tax expense, $19,600. Also during the year, the company declared and paid the owners dividends amounting to $14,000.Prepare the company’s income statement.

Business
1 answer:
Juli2301 [7.4K]3 years ago
6 0

Answer:

Explanation:

In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.  

The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:

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A company begins the quarter with $50 in supplies. They purchase an additional $100 of supplies. At the end of the quarter, they
Zinaida [17]

The company used $125 supplies  during the quarter.

The quantity of goods or service that a company has to offer its customers at any one time is defined as supply. For a real, brick-and-mortar store, this refers to the inventory that a company has on its premises and in warehouses that it may sell to clients.

Supplies and business services are temporary commodities and services that aid in the development or management of the completed product.

The supplies used during the quarter is computed below:

Particulars                        Amount

Beginning supplies                    $50

Purchases                            $100

Total supplies available    $150

Less: Ending supplies            $25

Supplies during the quarter    $125

Therefore, the supplies during the quarter is $125.

To know more about supplies click here:

brainly.com/question/4804206

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5 0
2 years ago
You may read in the newspaper that a study of a new drug for cancer “increased survival by an average of 8 weeks.” It turns out
Talja [164]

Answer:

Explanation:

Depends on the sample size.

Lots of people, median

Few probably neither is very helpful, but I'll pick the mean.

You need a single word answer? I'll pick median.

3 0
3 years ago
This member of the construction crew stands above all the crew chiefs and answers only to the director, the designers, and the b
olga55 [171]

Answer:

4. Technical Director

Explanation:

Based on the specifications of the role being mentioned it seems that this is referring to the Technical Director role. Like mentioned in the question this role is the senior technical person in a job site and answers only to the director. Their responsibilities are varied as they organize, coordinate, engineer, and schedule any and all elements regarding technical production.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

7 0
3 years ago
Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. T
Margaret [11]

Answer:

<em>Incomplete question is "2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021?"</em>

1. Gross accounts Receivable = Allowance Account balance at beginning / 10%

= $30,000 / 10%

= $300,000

2.     Year   Account Title                              Debit     Credit

       2021  Bad debt expense                   $105,000

                  ($500,000*10% + $55,000)  

                         To Allowance for Doubtful Accounts   $105,000

3.  Accounts receivable written off = Beginning balance of Allowance Account - Ending Balance of Allowance account

= $30,000 - (- $50,000)

= $30,000 + $50,000

= $80,000

4. Bad debt expense for 2021 (direct write off method) = Amount written off = $80,000

4 0
2 years ago
What would most likely happen to the price of cable TV in Sydney, NE, when the single cable TV firm now has a new competitor com
Vika [28.1K]

Answer:

If the the single cable TV firm from Sydney now has a new competitor coming into town, what will most likely happen with the price of the service is that it will go down and become more accessible to consumers, as a direct consequence of the generation of competition from market between the companies involved.

The concept of competition plays a central role in economic theory. it is a situation by which different actors (companies or consumers) compete for a share in the same activity, typically the sale or purchase of a product or service. For economic operators, it is often an advantage to have limited competition on their own side of the market and a lot of competition on the opposite side, as it allows for high profits. From the point of view of society, as high a competition as possible is usually an advantage, as it ensures the best possible utilization of society's resources.

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3 years ago
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