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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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AleksAgata [21]

Answer:

D. $10,000

Explanation:

The answer is D because as you earn $50,000 every year, and for the next year the tax rate is 20%, 20% of $50,000 is $10,000. Hope it helps!

8 0
3 years ago
The Truth-in-Lending Act gives debtors the right to rescind certain transactions for a period of ______ business days from the d
inysia [295]

Answer:

three

Explanation:

The Truth-in-Lending Act (TILA) applies to home loans. It requires lenders to disclose all costs related to a home loan, provides rescission rights for some transactions, and impose restrictions on home equity credits. But the TILA cannot set the interest rates or other fees charged by the lender, it only requires the lender to disclose the complete information, e.g. APR, monthly payments and amount financed.

3 0
3 years ago
The consumption function shows the relationship between consumption spending and _______. The slope of the consumption function
Stella [2.4K]

Answer:

Consumption Function : Relationship between Consumption Spending & Income

Consumption Function Slope = Marginal Propensity Curve  (MPC)

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Explanation:

Consumption Function is the curve representing relationship between Consumption spending and Income.

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b = MPC i.e change in C due to additional change in Y = ΔC / ΔY is the slope of Consumption Function

MPC = ΔC / ΔY .

So, change in consumption i.e ΔC = MPC X ΔY  

6 0
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Asynchronous Testing of 2 Specimen-Diversion Devices to Reduce Blood Culture Contamination: A Single-Site Product Supply Quality
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Skin antisepsis kits having alcohol and chlorhexidine gluconate or tincture of iodine are associated with low rates of blood culture contamination.

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Contamination of blood cultures is a typical problem, with rates for organizations ranging from 2% to more than 6%. Most contaminants produced from blood cultures are indigenous human microbial flora. Careful skin practice is an important factor in reducing the rate of blood culture contamination.

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brainly.com/question/1426959

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6 0
8 months ago
A simultaneous increase in both unemployment and inflation is most likely to be the result of a(n): Group of answer choices decr
sesenic [268]

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assuming the wage stays constant in the short run (price of labour), an increase inflation/general prices will lead to a decrease in the Supply of labour because the current wage is no longer enough to cover the same number of goods people used to buy which will then increase Unemployment. The Labor market will experience a situation where inflation and unemployment are increasing at the same time

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8 0
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