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PolarNik [594]
3 years ago
9

The following revenue and expense account balances were taken from the ledger of Acorn Health Services Co. after the accounts ha

d been adjusted on January 31, 20Y7, the end of the fiscal year:
Depreciation Expense $10,000
Insurance Expense 9,000
Miscellaneous Expense 8,150
Rent Expense 60,000
Service Revenue 634,900
Supplies Expense 4,100
Utilities Expense 44,700
Wages Expense 548,200

Requierd:
Prepare an income statement.
Business
1 answer:
trasher [3.6K]3 years ago
6 0

Answer and Explanation:

The preparation of the income statement is presented below:

Service revenue $634,900

Less:

Depreciation Expense $10,000

Insurance Expense 9,000

Miscellaneous Expense 8,150

Rent Expense 60,000

Supplies Expense 4,100

Utilities Expense 44,700

Wages Expense 548,200

Net loss -$49,250

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ABC Ltd (ABC) engaged the accounting firm of Ace & King to perform its annual audit. Ace amp; King performed the audit in a
Debora [2.8K]

Answer:

The auditor is entitled to collect the audit fee and is not liable for $90 000.

Explanation:

Ace & King did their job in a competent way, the fact that the company's controller was doing something illegal is not their responsibility. External auditors work with the information that is given to them and their job is limited to analyzing them and making their conclusions about them.

In this case, the controller was the person responsible for giving the information to the auditing company, so he had the chance to direct their conclusions. An external auditor is not responsible for what happens inside a firm, and if someone steals money or assets, he/she is responsible for it.

8 0
3 years ago
A partial listing of costs incurred during March at Febbo Corporation appears below: Factory supplies $ 9,000 Administrative wag
lana [24]

Answer:

$293,000

Explanation:

The computation of the product cost is shown below:

= Direct material + direct labor + factory supplies + factory depreciation + indirect labor

= $126,000 + $99,000 + $9,000 + $33,000 + $26,000

= $293,000

The factory supplies + factory depreciation + indirect labor = manufacturing overhead

All other cost are not relevant for the computation part. Hence, ignored it

6 0
3 years ago
Long-term investments that cost the company $25 were sold during the year for $54 and land that cost $53 was sold for $28. In ad
adell [148]

Answer:

Explanation:

Long-term Investment cost = $25

Long-term Investment sales value = $54

Gain from Long-term Investment = $(54-25) = $29

Land cost = $53

Land sales value = $28

Loss from sale of Land = $(28-53) = -$25

Cash Dividend paid = $22

Total change in Assets = $(29-25) = $4

Total change in Equity = -$22

6 0
3 years ago
Crossroad Corporation is trying to decide whether to invest to automate a production line. If the project is accepted, labor cos
barxatty [35]

Answer:

kaby lame

Explanation:

Now don't get us wrong – not all of these answers raise this excellent question

8 0
3 years ago
Yellowday Energy’s margin was 3% and turnover was 4.0 on sales of $50 million for the year. ROI for the year was:______
Firlakuza [10]

Answer:c. 12.0%

Explanation:Return on Investment (ROI) is a measure used by firms in order to determine how effective an investment is in terms of gains from its proceeds when compared to the amount invested .

Given

Yellowday Energy margin as 3%

turnover= 4.0 and sales as $50million,

we can calculate the ROI,Return on Investment , as the Profit margin multiplied by turnover

ROI = Profit Margin  x Turnover

  = 3% x 4.0

    = 0.03 x  4.0

     =0.12

0.12 x 100

= 12.0%  

4 0
3 years ago
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