1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Olenka [21]
3 years ago
10

Suppose in its income statement for the year ended June 30, 2017, The Clorox Company reported the following condensed data (doll

ars in millions). Salaries and wages expenses $ 460 Research and development expense $ 114 Depreciation expense 90 Income tax expense 276 Sales revenue 5,730 Loss on disposal of plant assets 46 Interest expense 161 Cost of goods sold 3,104 Advertising expense 499 Rent expense 105 Sales returns and allowances 280 Utilities expense 60 Prepare a multiple-step income statement

Business
1 answer:
Leviafan [203]3 years ago
5 0

The answer & explanation for this question is given in the attachment below.

You might be interested in
One idea for reducing cyberloafing is to develop software that recognizes and categorizes Internet sites into sites that employe
WITCHER [35]
I think true hope I helped
8 0
3 years ago
"during times of economic trouble, which are immigrants often accused of?" causing inflation and unemployment to increase planni
Vikki [24]
<span>During times of economic trouble, which are immigrants often accused of?
Taking jobs away from native-born residents. During economic trouble, immigrant are often accused on taking jobs away from native-born residents because they are typically cheaper to hirer for the same job. Immigrants often work harder as well by nature because they need to prove themselves (as they think) to keep their jobs and create a profitable life in America. This makes it hard for native-born residents to keep their jobs since the immigrants will do the same amount of work for less wage. </span>
4 0
3 years ago
Which of the following is true regarding GASB's definition of the financial reporting entity?
Mashutka [201]

Answer:

d. All of the above are true

Explanation:

According to my research on the GASB's definition of the financial reporting entity, I can say that based on the information provided by the GASB website, all of the above statements provided are true. They can consists of many components such as joint ventures or jointly governed organizations, governments can be general purpose governments or special-purpose governments, and Blending is used.

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

7 0
3 years ago
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$20 par value, 10
gogolik [260]

Answer:

1. See the attached excel file for the journal entries.

2. Ending balance of retained earning is $346,125

3.Total Stockholder's Equity is $1,616,125

Explanation:

1. Prepare journal entries to record each of these transactions.

Note: See the attached excel file for the journal entries.

The following are tge workings:

w.1: Treasury stock = $5,000 * $20 = $10,000

w.2: Dividend payable = (Issued and outstanding shares - Shares repurchase) * Dividend per share = (60,000 - 5,000) * $4 = 55,000 * $4 = $220,000

w.3: Cash = Number of shares sold * Selling price per share = 1,875 * $24 = $45,000

w.4 = Treasury stock = Number of shares sold * Treasury price per share = 1,875 * $20 = $37,500

w.5: Additional paid in capital = Number of shares sold * (Selling price per share - Treasury price per share) = 1,875 * ($24 - $20) = $7,500

w.6: Cash = Number of shares sold * Selling price per share = 3,125 * $17 = $53,125

w.7 = Treasury stock = Number of shares sold * Treasury price per share = 3,125 * $20 = $62,500

w.8: Balancing figure = Treasury stock (w.7) – Cash (w.7) - Additional paid in capital (w.5) = $62,500 - $53,125 - $7,500 = $1,875

w.9: Dividend payable = (Issued and outstanding shares * Dividend per share = 60,000 * $4 = $240,000

2. Prepare a statement of retained earnings for the year ended December 31, 2019.

Kohler Corporation

Statement of Retained Earnings

On December 31, 2019

<u>Particulars                                                  Amount ($)  </u>

Opening balance                                       400,000

Income for the year                                    408,000  

Dividend Paid (220,000 + 240,000)        (460,000)

Loss on sale of treasury stock               <u>        (1,875)    </u>

Ending balance                                     <u>      346,125   </u>

3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2019.

Kohler Corporation

Stockholder Equity Section of Balance sheet

At December 31, 2019

<u>Particulars                                                        Amount ($)</u>

Common stock issued ($20 * 60,000)               1,200,000

Paid-in capital in excess of par v - c. stock     <u>        70,000  </u>

Total contributed Capital                                     1,270,000

Retained Earnings                                      <u>      346,125  </u>

Total Stockholder's Equity                             <u>     1,616,125  </u>

Download xlsx
3 0
3 years ago
Unlike advertising, public relations select one:
NARA [144]
B. is the best choice
6 0
3 years ago
Other questions:
  • Avery Company has two divisions, Polk and Bishop. Polk produces an item that Bishop could use in its production. Bishop currentl
    12·1 answer
  • Which of the following is NOT a supertrend affecting the future of business? Multiple Choice Offshore suppliers are changing the
    7·1 answer
  • Checking and rechecking work for mistakes is an example of
    7·2 answers
  • LO 6.5Product costs under variable costing are typically:
    6·1 answer
  • What is the rate at which goods and services are produced based upon total output given total inputs?
    5·1 answer
  • Dec. 1 Merchandise with a list price of $4,700 is purchased on account, terms FOB shipping point, 1/10, n/30. The seller prepaid
    5·1 answer
  • Marie purchases a test to use for customer service representative applicants. The vendor that sells her the test explains that t
    13·1 answer
  • Of products found in each category.
    10·1 answer
  • Imagine that you are a management coach and one of your clients, a new manager, says, “I’ve heard that about two thirds of manag
    9·1 answer
  • hardwig inc. is considering whether to pursue a restricted or relaxed current asset investment policy. the firm's annual sales a
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!