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STALIN [3.7K]
2 years ago
5

A company has the following selected account balances: Sales $ 250,000 Sales Discounts 1,500 Sales Returns and Allowances 2,300

Sales Salaries Expense 56,000 Store Supplies Expense 15,000 Advertising Expense 8,000 Cost of Goods Sold 125,000 What is the gross profit that would appear on a multiple-step income statement: multiple choice $121,200 $167,200 $42,200 $246,200
Business
1 answer:
Ulleksa [173]2 years ago
8 0

Answer:

$121,200

Explanation:

Calculation to determine the gross profit that would appear on a multiple-step income statement

First step is to determine the Net sales

Sales $ 250,000

Less Sales Discounts ($1,500)

Less Sales Returns and Allowances ($2,300 )

Net sales $246,200

Now let determine the Gross profit using this formula

Gross profit=Net sales-Cost of Goods Sold

Let plug in the formula

Gross profit=$246,200-$125,000

Gross profit=$121,200

Therefore the gross profit that would appear on a multiple-step income statement is $121,200

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Answer:

On December 31 of the current​ year, can the Board of Directors declare and pay a cash dividend of $ 2 ​million

If the company don´'t have enough cash on hand to distribute the previously announced sum to shareholders, it may have to borrow funds to honor the dividend payment.

Explanation:

Companies can pay dividends in  cash or additional shares.

If the company don´'t have enough cash on hand to distribute the previously announced sum to shareholders, it may have to borrow funds to honor the dividend payment.

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3 years ago
A sole proprietorship is: Select one: A. the easiest type of business to set up B. the least profitable type of business to set
ryzh [129]

Answer:

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2 years ago
The beginning inventory is 52,800 units. All of the units that were manufactured during the period and 52,800 units of the begin
Kazeer [188]

Answer:

a. As per the situation sales exceed production absorption costing income from operations is lesser than variable costing income from operations.

b. $776,160

Explanation:

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Fixed manufacturing costs = $14.70 per unit

Total Beginning inventory = Beginning inventory × Fixed manufacturing costs

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5 0
3 years ago
Imprudential, Inc., has an unfunded pension liability of $800 million that must be paid in 24 years. To assess the value of the
Anon25 [30]

Answer:

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Explanation:

<em>The present value of a future cash flow is the amount that can be invested today at a particular rate for a certain number of years to have the future cash flow </em>

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3 years ago
Read 2 more answers
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ikadub [295]

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8 0
3 years ago
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