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mylen [45]
3 years ago
14

The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Titl

e Debit Credit Cash $88,665 Accounts Receivable 232,400 Supplies 17,000 Equipment 395,000 Accumulated Depreciation $224,260 Accounts Payable 72,555 Capital Stock 220,000 Retained Earnings 127,145 Service Revenue 881,105 Interest Income 5,500 Dividends 9,000 Rent Expense 59,500 Wages Expense 529,000 Supplies Expense 42,000 Utilities Expense 8,000 Depreciation Expense 150,000 ________ Totals $1,530,565 $1,530,565 Use this information to prepare the Single-Step Income Statement for the fiscal year. There are additional lines in the formatted income statement form to allow for authorized alternate presentations.
Business
1 answer:
postnew [5]3 years ago
7 0

Answer:

Service Revenue           881,105

Wages Expense           (529,000)

Supplies Expense          (42,000)

Rent Expense                 (59,500)

Utilities Expense               (8,000)

Depreciation Expense  (150,000)

Interest Income            <u>     (5,500)   </u>

Net Income                        87,105

Explanation:

We list the revenue account and then, substract the expenses leaving the net income. As this is a single-step income statemnt we do not solve for operating and non-operating income.

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Turnbull Corp. is in the process of constructing a new plant at a cost of $30 million. It expects the project to generate cash f
zepelin [54]

Answer:

44%

Explanation:

Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested

Internal rate of return can be determined using a financial calculator

Cash flow in year 0 = $-30 million

Cash flow in year 1 = $13 million

Cash flow in year 2 = $23 million

Cash flow in year 3 = $29 million

IRR = 44%

To find the IRR using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.  

6 0
3 years ago
Alfonso has noticed that increases in unemployment insurance claims are associated with recessions, and therefore be advocates l
7nadin3 [17]

Answer:

<em>c. The reasoning of both Alfons and Mary suffers from the omitted variable problem</em>

Explanation:

The issue of omitted variables occurs as a result of mis-specification of a linear regression model, which could be either because the impact of the omitted variable on both the dependent variable is unclear, or the evidence was not accessible.

This causes you to omit the variable from your regression, resulting in over-estimation (upward bias) or underestimation (downward) of the influence of one of the other predictor variables.

3 0
3 years ago
Tamara has $500 she is looking to save for a class trip. She wants to earn the most possible interest and will not need access t
Olegator [25]
The answer will be (B) money market account
8 0
3 years ago
The management of California Corporation is considering the purchase of a new machine costing $400,000. The company's desired ra
Julli [10]

Answer:

c. 1.14

Explanation:

Year         Cash Flow    PV Factor 10%     PV of Cash flows

                        ($)                                                              ($)

Year 1             180,000         0.909                     163,620

Year 2             120,000         0.826                       99,120

Year 3             100,000         0.751                       75,100

Year 4               90,000         0.683                       61,470

Year 5               90,000         0.621                       55,890

                                                                Total              =    455,200

Initial cash outflow = $400,000

Cash inflow = $455,200

So, we can calculate the present value index by using following formula,

Present value index = Cash inflow ÷ Cash outflow

= $455,200 ÷ $400,000

= 1.14

4 0
3 years ago
Trusted wholesalers is a company that purchases products produced in mexico and sells them to companies based in the united stat
DENIUS [597]
The appropriate response is NAFTA or the North American Free Trade Agreement. It is an assertion among the United States, Canada, and Mexico intended to evacuate duty hindrances between the three nations.

<span>In 1994, the North American Free Trade Agreement (NAFTA) became effective, making one of the world's biggest facilitated commerce zones and establishing the frameworks for solid financial development and rising flourishing for Canada, the United States, and Mexico.</span>
7 0
3 years ago
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