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katrin2010 [14]
3 years ago
6

Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.)

Business
1 answer:
Mila [183]3 years ago
8 0

Answer: Cost of Goods sold

Explanation:

Common size analysis refers to making all entries in the income statement, a percentage of sales for that year.

Current Year                                                      Prior Year

Sales                                      100%                           100%

Cost of Goods sold               75.7%                          46.5%

Gross Profit                            24.3%                          53.5%

Operating expenses             17.3%                             35%

Net Income                              7.0%                            18.5%

<em>Looking at the percentages above, one can see that the COGS increased the most from the previous year by going from 46.5% to 75.7% representing an increase of 29.2%.</em>

<em>This had the most impact on Net income as it substantially reduced Gross profit. </em>

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Answer: Option (A) is correct

Write-off  refers to accounting term that curtails the amount of an asset while synchronously soliciting liabilities. It is principally utilized in its literal term by organizations seeking to rationalize unpaid loan obligations,receivables, or losses.  Delinquent account refers to a credit account, where a individual has be found lacking  to make at least the minimum monthly payment.

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Question 1 Multiple Choice Worth 10 points)
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Answer:

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Athena Company provides employee health insurance that costs $15,100 per month. In addition, the company contributes an amount e
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Answer:

Debit to Employee Benefits Expense $21,140

Explanation:

Preparation of Athena Company entry to record the accrued benefits for the month

Using this formula

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Debit to Employee Benefits Expense $21,140.

Therefore the entry to record the accrued benefits for the month would include a: Debit to Employee Benefits Expense $21,140.

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4 years ago
Suppose you have $850 and plan to purchase a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. Ho
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Answer:

FV= $772

Explanation:

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Explanation:

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Swift showed an interest in music at an early age, and she progressed quickly from roles in children’s theatre to her first appearance before a crowd of thousands. She was age 11 when she sang “The Star-Spangled Banner” before a Philadelphia 76ers basketball game, and the following year she picked up the guitar and began to write songs. Taking her inspiration from country music artists such as Shania Twain and the Dixie Chicks, Swift crafted original material that reflected her experiences of tween alienation. When she was 13, Swift’s parents sold their farm in Pennsylvania to move to Hendersonville, Tennessee, so that she could devote more of her time to courting country labels in nearby Nashville. A development deal with RCA Records allowed Swift to make the acquaintance of recording-industry veterans, and in 2004, at age 14, she signed with Sony/ATV as a songwriter. At venues in the Nashville area, she performed many of the songs she had written, and it was at one such performance that she was noticed by record executive Scott Borchetta. Borchetta signed Swift to his fledgling Big Machine label, and her first single, “Tim McGraw” (inspired by and prominently referencing a song by Swift’s favourite country artist), was released in the summer of 2006.

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