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nignag [31]
3 years ago
5

Smith Corporation has provided the following information: Cash sales totaled $135,000. Credit sales totaled $289,000. Cash colle

ctions from customers for services yet to be provided totaled $48,000. An $10,000 gain from the sale of property and equipment occurred. Interest income totaled $8,700. How much of these items were included in operating income
Business
1 answer:
klasskru [66]3 years ago
3 0

Answer:

$434,000

Explanation:

The total amount that should be included in the operating income as follows:

1. Cash sales $135,000

2. Credit sales $289,000

3. Gain from the sale of property and the equipment $10,000

Operating income $434,000

hence, the $434,000 should be included in the operating income

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Hogan Industries had the following inventory transactions occur during 2017: Units Cost/unit Feb. 1, 2017 Purchase 110 $46 Mar.
Rama09 [41]

Answer:

The answer is: Gross profit = $2,788

Explanation:

  • Feb. 1         Purchase    110 units     $46 per unit
  • March 14    Purchase    190 units    $48 per unit
  • May 1         Purchase     135 units   $ 50 per unit

312 units were sold at $64 per unit, tax rate is 30%

Using FIFO, what is the company's gross profit? We first calculate COGS

Cost of goods sold - 312 units:

  • 110 units at $46 per unit = $5,060
  • 190 units at $48 per unit = $9,120
  • 60 units at $50 per unit = $3,000

Total COGS = $17,180

<u>Income statement for Hogan Industries 2017</u>

Total revenue         $19,968

<u>COGS                     ($17,180)     </u>

Gross profit             $2,788

<u>Taxes 30%             ($836.40)   </u>  

Net profit                $1,951.60

6 0
2 years ago
During 2018, its first year of operations, Pave Construction provides services on account of $154,000. By the end of 2018, cash
seraphim [82]

Answer:

Bad debts expenses                                        Debit                $ 11,750

Allowance for uncollectible receivables        Credit                                $ 11,750

Explanation:

The allowance for uncollectible accounts receivables balances are calculated as a percentage of the receivable balance.

The receivable balances as at December 31, 2018 is

Services provided on account                          $  154,000

Cash collections received                                 <u>$  107,000</u>

Receivables from services uncollected           <u>$    47,000</u>

Estimated percentage considered uncollectible     25 %

Allowance for uncollectible accounts   $ 47,000 * 25 % = $ 11,750

6 0
3 years ago
In capitalism, most businesses have a profit motive. Describe at least one reason that businesses with a profit motive may be he
klemol [59]
Even though that particular business have the motive of increasing profit there would be a lot of benefits that the society will get such as...
Since most of the business are working for profit in the market this create competition among each other this results to a lower price in markets therfore the society can afford to  buy things.

A bad side of such business could be  the monopoly power, if there is no company that produces similar good or service they tend to abuse the consumers by increasing the price of the goods and services they provide as there are no other firms that provide similar goods or services.

7 0
3 years ago
Help ASAP Plz i have 3mins left thx!!!
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1. A) Because you don't want to be stuck living with your parents until you are 30

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Reason:

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4 0
3 years ago
Read 2 more answers
As a major steel manufacturer, SteelMakers Inc. focuses on having the most efficient manufacturing processes in place. The compa
salantis [7]

Answer: Production orientation

     

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In the given case, Steel makers are focusing on making their business process the best in market so that they can gain a competitive advantage.

  Thus, from the above we can conclude that the correct option is C.

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