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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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In the following case, either a recessionary or inflationary gap exists. Assume that the aggregate supply curve is horizontal, s
KengaRu [80]

Answer:

This is a recessionary gap of $60 billion.

Simple multiplier = 1/ (1-.75) = 1/.25 = 4

The government would then have to increase its spending on goods and merchandise by total gap divided my simple multiplier.

$60 billion/ 4 = $15 billionTransfer multiplier - Each dollar of a Transfer payment will increase real GDP by Transfer Payment Multiplier

= MPC / (1-MPC) = 0.75 / (1-0.75) = 0.75/0.25 = $3

The government must increase spending on transfer payments by total gap divided by transfer payment multiplier = $60 billion / $3 = $20 billion

6 0
3 years ago
Torino Company has 2,800 shares of $50 par value, 6.5% cumulative and nonparticipating preferred stock and 28,000 shares of $10
Feliz [49]

Answer:

The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is  $10,200.

Explanation:

In order to calculate the cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is , we have to make the following calculations.

First, we have to calculate the Annual preferred dividend = (2800*50*6.5%) = $9,100

Hence, First year preferred dividend = $9,100-$8,000 = $1,100

Finally, if we make $1,100+$9,100 = $10,200 and so this will be the cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders.

8 0
3 years ago
Allowance for Doubtful Accounts has a debit balance of $500 at the end of the year, before adjustment, and uncollectible account
tigry1 [53]

Answer: c. $18,000

Explanation:

Provision for doubtful accounts estimate;

= 600,000 * 3%

= $18,000

This is the Percentage of sales method and it ignores the existing balance in the Provision for doubtful accounts using only the estimate provided.

8 0
3 years ago
I sometimes start projectsThat I have difficulty finishing Disagree or agree
Naddik [55]

Answer:

agree lol

Explanation:

8 0
2 years ago
Read 2 more answers
A firm has a fixed production cost of ​$1 comma 000 and a constant marginal cost of production of ​$100 per unit produced. What
Semenov [28]

Answer:

option (D) TC = $1,000 + $100q

Explanation:

Data provided in the question:

Fixed cost of production = $1,000

Marginal cost of production = $100 per unit produced

Now,

let the total number of quantities produced be 'q'

also,

the total cost is given as:

⇒ Total cost, TC = Total fixed cost + Total marginal cost

or

⇒ TC = $1,000 + ( $100 ×  q )

or

⇒ TC = $1,000 + $100q

Hence,

The correct answer is option (D) TC = $1,000 + $100q

7 0
3 years ago
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