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
Ainat [17]
3 years ago
8

The following information is available for two different types of businesses for the 2014 accounting period. Lewis CPAs is a ser

vice business that provides accounting services to small businesses. Casual Clothing is a merchandising business that sells sports clothing to college students. Data for Lewis CPAs 1. Borrowed $80,000 from the bank to start the business. 2. Provided $60,000 of services to clients and collected $60,000 cash. 3. Paid salary expense of $40,000. Data for Casual Clothing 1. Borrowed $80,000 from the bank to start the business. 2. Purchased $50,000 inventory for cash. 3. Inventory costing $32,000 was sold for $60,000 cash. 4. Paid $7,200 cash for operating expenses. Prepare an income statement for each of the companies.
Business
1 answer:
Alik [6]3 years ago
5 0

Answer:

Lewis CPAs:

service revenue:    60,000

Salaries expense:  (40,000)

Net Income             20,000

Casual Clothing:

sales revenue            60,000

cost of goods sold:   (32,000)

Gross Profit                28,000

operating expense     (7,200)

Net Income                20,800

Explanation:

The net income is the difference between the revenues and expenses.

For Casual Clothing we also need to calcualte the gross profit which is, the difference between the sales revenue and the cost of  the good sold.

After that, we subtract the other operating expense to arrive the net income

You might be interested in
Anne is meticulous when it comes to planning her weekly grocery store visits. Before buying anything, she makes sure that she is
vlada-n [284]

Answer:

Anne exhibits high level of product involvement.

Explanation:

Product involvement is the level of consumers interest in the product and the associated relationship of the consumer with the product.

As it is evident from the question that  Anne is well informed about the deals and has interest in knowing about the product before buying it. This indicates the high level of product involvement.

7 0
3 years ago
Individuals with the primary responsibility for administering the systems that house the information used by the organization pe
Angelina_Jolie [31]

Answer:

"System administrators" is the right approach.

Explanation:

  • The system administrator seems to be an entity that maintains or operates a multi-standard technology environment and ensuring that Its resources and operating structures operate consistently and optimally.
  • It has been used throughout the broad organization to identify each administrator concerned for such a specialized IT system, including one which services servers.
3 0
3 years ago
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Vaugh
polet [3.4K]

Answer:

Beginning Raw material Inventory = Direct materials used - Raw Materials purchases + Ending raw materials inventory

= 188,420 - 159,120 + 22,610

= $‭51,910‬

Total cost of work in process = Cost of goods manufactured + Work in process (12/31)

= 544,240 + 83,230

= $627,470

Total Manufacturing costs = Total cost of work in process - Work in process (1/1)

= 627,470  - 220,940

= $406,530

Direct labor = Total Manufacturing costs - Total overhead - Direct materials used

= 406,530 - 139,320 - 188,420

= $78,790

3 0
3 years ago
5. A garden plant that has been passed down within a food family and is generally not commercially grown is called a/an _______
madreJ [45]

Answer:

The correct option is D, Heirloom.

Explanation:

A garden Plant that has been passed down within a food family and is generally not commercially grown is called a Heirloom Product. Such garden plants are planted by the gardeners for their own and family use. Such plants are not sold commercially. Generally they are planted to be used within the house. Family members use such plants to make foods.

4 0
3 years ago
"All of the following are reasons that implementing a new ERP may fail except
Andrews [41]

Answer:

D

Explanation:

ERP , an acronym for Enterprise resource Planning is a system adopted by organization to integrate different parts of the business either in real time or through software.

It has so many advantages towards business growth as well as limitations.

Of the listed options in the question ,the only exception to its limitation is that it may require procedures and reports to be standardized across business units, This is more of benefit than limitation.

4 0
3 years ago
Other questions:
  • The first step in developing a knowledge management system is to:
    14·1 answer
  • A drawback to using changes in domestic credit to adjust the domestic money supply to maintain a peg: A) is problems in emerging
    9·1 answer
  • Corporate profits are found by A. summing corporate income taxes, dividends, and undistributed corporate profits. B. adding corp
    7·1 answer
  • PLEASE HELP FAST How does Wallach relate the future to a part of speech? Explain.
    13·1 answer
  • Bob enters into a contract with jim and jen to build their new custom dream home in florida, and they agree on a price. before c
    12·1 answer
  • Westover Mills reduced its taxes last year by $210 by increasing its interest expense by $1,000. Which one of the following term
    14·1 answer
  • Look at the graph. A medical device company is selling a new diagnostic tool at the equilibrium price of $15. The company hires
    11·2 answers
  • This introduces an applicant and the applicant’s résumé to a potential employer: a. Personal Goal Statement b. Cover Letter c. J
    5·2 answers
  • (Present value) What is the present value of the following future amounts? a. $800 to be received 10 years from now discounted b
    11·1 answer
  • What is one advantage of being an entrepreneur
    13·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!