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Katen [24]
2 years ago
13

Determine what the net income or loss Use the business transactions below to: 1. Stockholders invest $40,000 in cash in starting

a real estate office operating as a corporation. 2. Purchased $500 of supplies on credit. 3. Purchased equipment for $25,000, paying $3,500 in cash and signed a 30-day, $21,500, note payable. 4. Real estate commissions billed to clients amount
Business
1 answer:
Angelina_Jolie [31]2 years ago
7 0

Answer:

the question is incomplete, so I looked for a similar one:

Real estate commissions billed to clients amount to $4,000. Paid $700 in cash for the current month's rent. Paid $250 cash on account for office supplies purchased in transaction 2. Received a bill for $800 for advertising for the current month. Paid $2,500 cash for office salaries. Paid $1,200 cash dividends to stockholders. Received a check for $2,000 from a client in payment on account for commissions billed

<u>Income statement</u>

Service revenue                             $4,000

Operating expenses:

  • Rent $700
  • Advertising $800
  • Office salaries $2,500         <u>($4,000)</u>

Net income                                          $0

Accrual accounting recognizes both expenses and revenues when they occur, not when a cash flow is associated to them. E.g. even though only $2,000 were paid by clients, the whole $4,000 must be considered revenue.

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The total number of items that the company carries within its product lines refers to the ___________ of the product mix.
wolverine [178]
D. consistency.
yeah! correct
7 0
3 years ago
Bayest Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead
Lemur [1.5K]

Answer:

$ 44000

Explanation:

Given:

Actual overhead manufacturing cost, Ac = $ 352000

Actual direct labor hours, Ah = 56000

Estimated manufacturing overhead cost, Ec = $ 330000

Estimated direct labor hour, Eh = 60000

Now,

Predetermined Overhead Rate = Ec/Eh

on substituting the values in the above formula we get

= $ 330000/60000 = 5.5

also,

Underapplied Overhead = Ac + (Ah × Predetermined Overhead Rate)

on substituting the values in the above formula we get

Underapplied Overhead = 352000 - (56000 × 5.5)

or

Underapplied Overhead = $ 44000

3 0
3 years ago
Presented below is information for Ivanhoe Co. for the month of January 2022. Cost of goods sold $221,000 Rent expense $33,500 F
zhenek [66]

Answer:

Sales Revenues   392,500

Sales Returns        (20,000)

Freight outs     <u>         (9,700)   </u>

Net Sales              362,800‬

Cost of good sold (221,000)

Gross profit             141,800

Operating Expenses

Rent expense                          (33,500)

nsurance expense                   (14,600)

Salaries and wages expense<u> (63,400)  </u>

Operating Income                    30,300‬

Income tax expense                  (4,300)

Net Income                                26,000

Other comprehensive income    2,000

Comprehensive Income           28,000

Explanation:

the OCI is listed after-taxed thus do not change the total income tax expense

comprehensive income will be the sum of both concepts net income and OCI

3 0
3 years ago
Which one of the following is an argument in favor of a low dividend policy? Few, if any, positive net present value projects ar
g100num [7]

Answer: The tax on capital gains is deferred until the gain is realized

Explanation:

The TAX DIFFERENTIAL VIEW of DIVIDEND POLICY is a notion that states that shareholders generally prefer capital gains fo dividend payouts because capital gains are taxed at a lower rate than dividend payouts.

Therefore they would like to pay less tax on dividends and instead wait until they make a capital gain as the taxes on that are less and are only charged after the gain is realized.

This translates to less dividends being paid by companies that follow this logic therefore the 4th option is correct.

4 0
3 years ago
There are three equally-sized distinct subpopulations in Utopolis: unemployed, workers, and retirees. There are four possible so
olganol [36]

Answer:

A) social state A and social state D

B) Social state D

Explanation:

A) The social states that might be chosen by the government are

State A  and State D  : Because it has a reasonable number of active worker that are far greater than the unemployed and Retirees and this means that there is a reasonable amount of income  in the social states and the data from other social states looks quite Fraudulent because there is no way the unemployed = workers and also = Retirees

B) The social state that will most likely be enacted is Social state D and this is due to the High ratio of Active workers compared to the unemployed and retirees

4 0
2 years ago
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