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
Anit [1.1K]
3 years ago
9

Presented below is information for Cullumber Company for the month of January 2017.

Business
1 answer:
Law Incorporation [45]3 years ago
7 0

Answer:

you cannot journalize these transactions. you can prepare an income statement which is not the same:

Sales revenue                                   $393,500

Sales discounts ($8,800)

Sales allowances ($18,600)             <u> ($27,400)</u>

Net sales revenue                             $366,100

Cost of goods sold                         <u>($205,200)</u>

Gross profit                                       $160,900

Operating expenses:

Rent ($33,000)

Freight out ($8,200)

Insurance ($13,600)

Salaries ($60,200)                          <u>($150,000)</u>

Operating income                              $10,900

Income taxes                                      <u>($5,300)</u>

Net income                                          $5,600

Other comprehensive income         <u>  $2,000</u>

Total income                                       $7,600

You might be interested in
Bryce Co. sales are $801,000, variable costs are $465,100, and operating income is $287,000. What is the contribution margin rat
KATRIN_1 [288]

Answer:

Contribution margin ratio= 0.42

Explanation:

Giving the following information:

Bryce Co. sales are $801,000

Variable costs are $465,100

Operating income is $287,000.

<u>To calculate the contribution margin ratio, we need to use the following formula:</u>

contribution margin ratio= (sales - variable cost) / sales

contribution margin ratio= (801,000 - 465,100) / 801,000

contribution margin ratio= 0.42

8 0
3 years ago
Refer to the following table to answer the following questions:
sineoko [7]

Answer:

Following are the answer to this question:

In question first, the answer is "Option d".

In question second, the answer is "Option e".

In question third, the answer is "Option e".

In question fourth, the answer is "Option e ".

In question fifth, the answer is "Option b".

Explanation:

Given values:

Checkable \ deposits =  \$ 400,000,000\\Currency = \$ 340,000,000\\Traveler's \ checks = \$ 4,000,000\\Money \ market \ mutual \ funds = \$ 50,000,000\\Small \ time \ deposits = \$ 6,000,000\\Savings \ deposits = \$ 850,000,000\\

Solution:

  • \text{M1= currency +checkable deposits + travellers check}

    = $400000000+$340000000+$4000000

    = $744000000

\bold{\text{M2 = M1 +money market mutual funds + small time deposit+ saving deposit}}

      =  $744000000 + $50000000+$6000000+$850000000

       = $1,650,000,000

  • Saving account deposits, which means its amount of money increased throughout the M2 portion regular savings account. So M2 will grow  
  • Its increase in the number of employees may not impact the balance sheet with banks, because each bank maintains its entire cash flow
  • For banks, loans are investments if they're lending money as a bank to people. So, it's on income statement asset side
3 0
3 years ago
Earned value is: Group of answer choices The real budgeted value of the work that has actually been performed to date. The total
murzikaleks [220]

Answer:

The real budgeted value of the work that has actually been performed to date.

Explanation:

Earned value refers to the three primary project success metrics: cost, schedule, and performance. It measures the actual work performed against its budget and schedule. Did the actual work performed corresponds to its work budget and was it performed on time following the schedule? Earned value represents how much of the project's budget has been performed to date, both in monetary and productive terms.

4 0
3 years ago
The argument that industries should be temporarily protected by tariffs or quotas to allow firms to develop a competitive produc
olga55 [171]

Answer: infant industry argument

Explanation:

The infant industry argument simply means that the new industries in a particular economy should be protected at all cost from the multinationals or already developed foreign firms so that they themselves can grow and that the foreign firms will not hinder their progress and growth.

This usually applies to small and newly established firms. One of the main reason for taxation is to help protect such industries from competition thqt can hinder them.

8 0
3 years ago
An expansion is: a period in which the economy is growing at a rate significantly below normal. a period in which the economy is
Over [174]

Answer:

A period in which the economy is growing at a rate significantly above normal.

Explanation:

The economy experiences relatively fast growth during the expansion process, interest rates continue to be small, output rises and inflationary pressures are building up. Once the economy reaches a low point, the cycle peak is reached, and development starts to recover.

Expansion is sometimes described as the first step in the business cycle, but this is an arbitrary point of departure, here the economy has a constant stream in the supply of capital, and the investment booms.

8 0
3 years ago
Read 2 more answers
Other questions:
  • Warner Company purchases $50,000 of raw materials on account, and it incurs $60,000 of factory labor costs. Supporting records s
    11·1 answer
  • Tool Manufacturing has an expected EBIT of $65,000 in perpetuity and a tax rate of 21 percent. The firm has $190,000 in outstand
    7·1 answer
  • If natural monopolies are regulated to produce where there is a normal profit, they produce where Group of answer choices price
    13·1 answer
  • May, Inc. had the following transactions in 2019, its first year of operations: Issued 22,000 shares of common stock. The stock
    11·1 answer
  • One difference between the short run and the long run is that perfectly competitive​ firms: A. always earn more economic profit
    13·1 answer
  • Which factor will not cause an increase in demand for good X? a decrease in the price of good X a decrease in income if good X i
    7·1 answer
  • Sal is very clear in defining for his subordinates the incentives available to them for different levels of performance. He make
    8·1 answer
  • Moss County Bank agrees to lend the Sandhill Co. $455000 on January 1. Sandhill Co. signs a $455000, 6%, 9-month note. The entry
    10·1 answer
  • On March 1st, Mr. Smithe signed up for a fitness program at Fit Co. and paid $960 for the entire program upfront. The program in
    5·1 answer
  • Lore Co. changed from the cash basis to the accrual basis of accounting during 2005. The cumulative effect of this change should
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!