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
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

You might be interested in
It is May 1. The quoted price of a bond with a 30/360 day count and 12% per annum coupon in the United States is 105. It has a f
larisa86 [58]

Answer: option A is the correct option.

Cash price = 106.00

Explanation:

Cash price = quoted price + accrued interest

CP = Qp + I ..........................(1)

Quoted price = 105

Accrued interest = ?

STEP1 : FIND INTEREST;

Because the interest is not compounded

Accrued Interest = PRT ..........(2)

P= principal ( the face value)

R = rate per annum

T= period

P= 100

Since the period of payment of the face value was from April 1 to October 1 that means the period is 180 days, that means the 12% rate per annum (360 days), should be 6% rate per halve annum (180 days).

Therefore;

R = 6%

Since rate is applied every 30 days of the period which is 30/360 for an annum. Our period is 180 that's means rate will be applied to 30/180.

Therefore;

T = 30/180

Therefore using equation 2

I = 100 × 6% × (30/180) = 1.00

Accrued interest= 1.00

STEP 2: FIND CASH PRICE

using equation 1

Cash price = 105 + 1.00 = 106.00

4 0
3 years ago
Loews corporation, a conglomerate with 15 billion usd in revenues, competes across several industries including oil and gas, tob
Dvinal [7]
The statement above is FALSE.
Loews conglomeration is into many businesses including hotels, insurance, watches, oil, gas, tobacco, etc. The diversification strategy of the company is to buy up firms that are in financial mess, turn them into profitable ventures and then sell them at a premium. They also diversified by investing into new business fields.  
7 0
3 years ago
What would be the net effect of the government increasing the taxes by $10 billion at the same time that it decreased spending b
vazorg [7]

Answer:

a

Explanation:

4 0
2 years ago
Question 12 Which answer illustrates "compound interest"?
Ber [7]

Answer:D

Explanation:

7 0
2 years ago
Which situation is better for saving money in a CD (certificate of deposit): the purchasing a car or for use in an emergency? Ex
erica [24]

Answer:

Emergency

Explanation:

Always have extra money for problems that arise.

4 0
3 years ago
Other questions:
  • If a company wanted to quickly identify which employees speak spanish, what would be the best way to do this?
    14·1 answer
  • Monte’s Coffee Company purchased packaging equipment on January 5, 2014, for $86,900. The equipment was expected to have a usefu
    10·1 answer
  • The demand for apples in the U.S. is Qus = 800 - 20P, and Foreign Demand for apples is Qf = 1200 - 40P, where quantity demanded
    11·1 answer
  • The following units of an inventory item were available for sale during the year. Use this information to answer the following q
    14·1 answer
  • What's the best strategy for avoiding ATM fees?
    12·1 answer
  • The purpose of a(n) _____ is to obtain additional information on a candidate and to clarify information gathered throughout the
    5·2 answers
  • You bought a stock three years ago and paid $45 per share. You collected a $2 dividend per share each year you held the stock an
    5·1 answer
  • LLAP Company manufactures a special-ized hoverboard. LLAP began 2017 with an inventory of 240 hoverboards. During the year, it p
    9·1 answer
  • A loan is being repaid with level annual payments of $1,000. Calculate the outstanding balance of the loan if there are 12 payme
    6·1 answer
  • David retires at the age of 70, the last year he worked he earned $40,000 and his social security payments for the first ear tot
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!