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2 years ago

In its income statement for the year ended December 31, 2020, Kingbird, Inc. reported the following condensed data.

Business

1 answer:

tekilochka [14]2 years ago

6 0

Answer and Explanation:

The preparation of the multiple-step income statement is shown below:

Net Sales $2,415,700

Less: Cost of goods sold $1,314,300

Gross profit $1,101,400

Less: Operating expense -$736070

Operating income $365,330

Other revenue

Add: Interest revenue $31,590

Other expense

Interest expense $74,650

Loss on disposal of plant assets $18,990 $93,640 -$62,050

Net income $303,280

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Joaquin didn’t buy a netbook computer when they first came out, but he did purchase one a year after they were introduced to the

Andru [333]

Answer:

The answer is: Early adopter

Explanation:

Early adopter refers to consumers that use a new product or technology before others. Since early adopters tend to pay more for a new product, they also benefit first from the product's specifications and performance.

They also serve as reference for other users who are considering to buy or not to buy the new product.

3 0

3 years ago

The following information relates to the assets of Westfield Semiconductors as of December 31, 2019. Westfield uses the straight

Salsk061 [2.6K]

Answer:

See the explanation below.

Explanation:

Given the following:

Asset Acquisition-Cost Expected-Life Residual-Value Time-Used

Land $104,300 Infinite $100,000 10 years

Building 430,000 25 years 30,000 10 years

Machine 285,000 5 years 10,000 2 years

Patent 80,000 10 years 0 3 years

Truck 21,000 100,000 miles 3,000 44,000 miles

Therefore, we have:

Building annual depreciation = ($430,000 - $30,000) / 25 = $16,000

Building net book value (NBV) = $430,000 - (16,000 * 10) = $270,000

Machine annual depreciation = ($285,000 - 10,000) / 10 = $27,500

Machine NBV = $285,000 - ($27,500 * 2) = $230,000

Patent annual amortization = $80,000 / 10 = $8,000

Patent net written down value = $80,000 - ($8,000 * 3) = $56,000

Truck accumulated depreciation = ($21,000 - 3,000) * (44,000 / 100,000) = $7,920

Truck NBV = $21,000 - $7,920 = 13,080

Westfield Semiconductors Balance Sheet (Partial) as of December 31, 2019.

Details $

Property, plant, and equipment:

Land (Cost) 104,300

Building (NBV) 270,000

Machine (NBV) 230,000

Truck (NBV) 13,080

Total PPM 617,380

Intangible assets:

Patent (NRV) 56,000

Total tangible and intangible assets  673,380

4 0

3 years ago

Beef is a normal good. You observe that both the equilibrium price and quantity of beef have fallen over time.Which of the follo

postnew [5]

Answer: New medical evidence has been released that indicates a negative correlation between a person's beef consumption and life expectancy.

Explanation: The most consistent explanation with this observation is that new medical evidence has been released that indicates a negative correlation between a person's beef consumption and life expectancy. The medical evidence about correlation between the beef consumption of the people and their life expectancy would significantly affect equilibrium price and the quantity of beef bought negatively.

6 0

3 years ago

The net income for World Class Corporation was $140 million for the year ended December 31, 2021. Related information follows:

schepotkina [342]

Answer:

$169 million

Explanation:

To calculate the cash flow from operating activities we must start with the net income:

net income $140 million

plus patent amortization $1 million

plus decrease in accounts receivable $9 million

plus depreciation expense $20 million

minus decrease in salaries payable ($1 million)

cash flow from operating activities $169 million

8 0

3 years ago

Your grandparents would like to establish a trust fund that will pay you and your heirs $230,000 per year forever with the first

aksik [14]

Answer:

$3,438,289

Explanation:

First we need to calculate the future value of investment after 10 years.

A fix payment for indefinite period of time is a perpetuity payment. It will be value using perpetuity formula

Value of investment after 10 years = Yearly cash flow / interest rate

Value of investment after 10 years = $230,000 / 4.5% = $5,111,111

Now we need to discount this value to calculate the amount of deposit required today.

Present value = Future value x ( 1 + r )^-n

Today's value = $5,111,111 x ( 1 + 4.5% )^-9 = $3,438,289

7 0

3 years ago