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zimovet [89]
2 years ago
11

Marigold Corporation had net sales of $2,423,800 and interest revenue of $36,500 during 2020. Expenses for 2020 were cost of goo

ds sold $1,458,000, administrative expenses $217,800, selling expenses $291,500, and interest expense $48,800. Marigold’s tax rate is 30%. The corporation had 108,300 shares of common stock authorized and 73,470 shares issued and outstanding during 2020. Prepare a condensed multiple-step income statement for Marigold Corporation.
Business
1 answer:
Irina18 [472]2 years ago
5 0

Answer:

See Extract

Explanation:

Here is an extract for the income statement.

Sales                                             $2,423,800

Less: Cost of goods                     ($1,458,000)

Gross Profits                                  <u>$965,800</u>

Less: Other expenses

Admin expense                              ($217,800)

Selling expense                              ($291,500)

Operating Profits                           <u>$456,500</u>

Add: Interest Income                       $36,500

Profit before Interest and Tax       <u>$493,000</u>

Less: Interest Payable                     ($48,800)

Income before Tax                        <u> </u><u>$444,200</u>

Less: Tax @ 30% of (444200)          ($133,260)

Profit After tax/                            

For Appropriation                           <u> $310,940</u>

There is no need to add dividend entry as nothing is declared yet.

Hope that helps.

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The+ebit+of+a+firm+is+$300,+the+tax+rate+is+35%,+the+depreciation+is+$20,+capital+expenditures+are+$60+and+the+decrease+in+net+w
-BARSIC- [3]

Answer:

Answer:

$215

Explanation:

Eagles product has an EBIT of $400

Its tax rate is 30%

= 30/100

= 0.3

The depreciation is $16

The capital expenditures are $56

The planned increase in net working capital is $25

Therefore, the free cash flow to the firm can be calculated as follows

Free cash flow= EBIT(1-tax)+depreciation-capital expenditures- change in working capital

= 400(1-0.3)+16-56-25

= 400-120+16-56-25

= $215

Hence the free cash flow to the firm is $215

4 0
2 years ago
A second mover: a.is typically ineffective in its response to a first mover. b.attempts to provide a product with greater custom
Viktor [21]

Answer:

b. attempts to provide a product with greater customer value than the first mover.

Explanation:

In marketing, it is believed that the first mover gains an edge over the followers. A first mover is the initial entrant and provider of products and services catering to a marketing segment.

A second mover refers to the immediate next of the first mover. The advantage second mover has over the first mover being, it can analyze the response the first mover generated and effectively gauge what went right and what went wrong for the first mover.

This way, the second mover can provide improved products than the first mover by not committing same errors as the first mover.

5 0
3 years ago
What’s going on here? As soon as Dewey Cheatum and Howe Motors increase the prices on their SUVs, then so does their only compet
IceJOKER [234]

Answer: The answer is oligopolistic competition

Explanation:

Price can be defined as the amount of money for which a goods or services is been offered for sale by the sellers of the goods. It is a sum of money at which the seller and the buyer agrees to exchange a goods or services. The price of a product or services usually shows the cost of the product and the quality of a product or services been offered for sale by the sellers. When a business set a price for their products or services they usually takes into consideration factors such as survival, profit maximization, return on their investment, market share, and the business prestige.

The strategy of setting the same price with your competitors is called oligopolistic competition. In this case, if one competitor wants to be ahead of other competitors in the market, then such a competitor has to include in their product features that will not be found in the product of their competitors, through this process such a competitor would be ahead of their competitors in the market by having the larger share of the market.

7 0
3 years ago
Bruce is a part-time student (more than half time) enrolled at a qualified postsecondary educational institution. He files as a
Dmitry_Shevchenko [17]

Answer:

The answer is: $2,250

Explanation:

The American Opportunity Tax Credit (AOTC) is a tax credit available for students that are enrolled at a qualified educational institution. The maximum annual credit is $2,250 per student, and it can be used during the first four years of higher education.

4 0
3 years ago
A portfolio with a 30% standard deviation generated a return of 15% last year when T-bills were paying 6.0%. This portfolio had
jarptica [38.1K]

Answer: 0.3

Explanation:

The Sharpe ratio is simply used by organizations and investors in order to compare the return on an investment to its risk.

From the question, we are informed that a portfolio has a 30% standard deviation generated a return of 15% last year when T-bills were paying 6.0%.

The Sharpe ratio will be:

= (15% - 6.0%)/30%

= 9%/30%

= 0.09/0.3

= 0.3

4 0
3 years ago
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