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yanalaym [24]
3 years ago
12

Presented below is information for Blossom Company for the month of January 2022. Cost of goods sold $270,000 Rent expense $35,0

00 Freight-out 6,800 Sales discounts 7,800 Insurance expense 13,000 Sales returns and allowances 12,000 Salaries and wages expense 45,000 Sales revenue 431,000. Prepare an incomestatemnt using the multi-step format.
Business
1 answer:
trapecia [35]3 years ago
5 0

Answer and Explanation:

The preparation of the multi-step income statement is shown below:

                                        Blossom Company

                                        Income Statement

                             For the Month January 2022

Revenues  

Sales revenue           $431,000

Less:  

Sales discount -$7,800  

Sales return  -$12,000

                                                 -$19,800

Net Sales                    $411,200

Less: Cost of goods sold -$270,000

Gross Profit                    $141,200

Less: Operating expenses:  

Freight out -$6,800

Insurance expense  -$13,000  

Salaries and wages expense -$45,000

Rent expense  -$35,000

Total Operating expenses -$99,800

Operating Income                  $41,400

We simply deduct the expenses from the gross profit so that the operating income could arrive

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The most basic form of concurrent ownership for unmarried persons recognized in california is
V125BC [204]

The most basic form of concurrent ownership for unmarried persons recognized in California is "tenancy in common".

Concurrent ownership in land and property law, alludes to a property that can be claimed by in excess of one individual at a given time. It is now and again additionally alluded to as concurrent estate. The general population engaged with such an exchange can be joint occupants, co-inhabitants, or co-proprietors also.

3 0
3 years ago
In an oligopoly, the total output produced in the market is
N76 [4]

Answer:

Letter c is correct. <em><u>Higher than the total output that would be produced if the market were a monopoly but lower than the total output that would be produced if the market were perfectly competitive.</u></em>

Explanation:

An oligopoly is a market situation that occurs when there are a small number of companies that dominate the supply of a particular product or service in a sector of the economy. It can occur naturally or structurally, and the purpose of this market configuration is to have greater competition and price control, so that there is greater profitability.

This scenario is characterized by imperfect competition, which is similar to the monopoly market, but in oligopoly production is higher than in monopoly, because there is more than one supplier of the same product. And production in an oligopoly is lower than in a perfectly competitive scenario where there are many suppliers and none have the ability to affect market price.

3 0
3 years ago
Cullumber Corporation has these long-term investments: common stock of Vejas Co. (10% ownership), cost $116,090, fair value $110
Dovator [93]

Answer and Explanation:

Partial Balance sheet

Investments  

Stock investments (At fair value)       $110,090

Debt investments (at fair value)       $163,100

Stock investments (At equity)       not given: $0

Total investment)                               $276190

4 0
4 years ago
The focus of Performance Based Logistics (PBL) is to leverage best practices of both Government and Industry.
natita [175]

The focus of Performance Based Logistics (PBL) is to leverage best practices of both Government and Industry.--- True

Explanation:

PBL is synonymous with performance-based life cycle product support, where outcomes are acquired through performance-based arrangements that deliver Warfighter requirements and incentivize product support providers to reduce costs through innovation. These Product Support Arrangements (PSA) are contracts with industry or intragovernmental agreements.

What is the focus of performance based logistics?

Performance-Based Logistics (PBL) is the purchase of support as an integrated, affordable, performance package designed to optimize system readiness and meet performance goals for a weapon system through long-term support arrangements with clear lines of authority and responsibility.

How long are PBL contracts?

Effective PBL contracts are typically multi-year contracts (i.e., 3 to 5 years with additional option or award term years), with high confidence level for exercising options/award term years.

Learn more about performance based logistics:

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8 0
2 years ago
The accounts receivable turnover is computed by dividing
Vika [28.1K]

Answer: The accounts receivable turnover is computed using the formula below: Net credit sales divided by Average accounts receivable

Explanation: The accounts receivable turnover ratio is a measure used to quantify a company's effectiveness in managing its receivables collections or amount owed by clients. The following steps are involved in calculating the accounts receivables turnover:

  • Get the accounts receivable at the beginning and end of the desired periods and divide by 2 to get the average, which is the denominator in the formula above.
  • Then get the net credit sales, which is the total sales revenue done on credit to customers, after backing out customers' returns

High accounts receivable turnover ratio means the company's collection process is highly effective while the low ratio signifies the opposite.

6 0
3 years ago
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