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elena-s [515]
3 years ago
11

For Mortenson Company, the following information is available: Cost of goods sold $130,000 Dividend revenue 5,000 Income tax exp

ense 12,000 Operating expenses 46,000 Sales revenue 200,000 In Mortenson’s multiple-step income statement, gross profit: Group of answer choices should be reported at $75,000. should be reported at $70,000. should not be reported. should be reported at $17,000.
Business
1 answer:
koban [17]3 years ago
3 0

Answer: should be reported at $70,000.

Explanation:

Gross profit is the profit that is made by a business after the costs that are used during production has been deducted from the revenue gotten from sales. Therefore, the gross profit will be:

Sales revenue = $200,000

Less: cost of goods sold = $130,000

Gross profit = $200,000 - $130,000 = $70,000

Therefore, the gross profit should be reported at $70,000

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On December 31 of the current year, Aztec Company understated ending Merchandise Inventory by $10,000. How does this error affec
daser333 [38]

Answer:

Cost of goods sold will be overstated by $10,000

Net income will be understated by $10,000

Explanation:

The movements in inventory account can be shown as

Opening balance + purchases - cost of goods sold = ending balance

As such, understating the ending balance would result in an overstatement of cost of goods sold. This will in turn result in an understatement of gross and net income.

3 0
3 years ago
Levels of agriculture? ​
alexdok [17]

Answer:

Hello There!!

Explanation:

The steps of agriculture include many things like preparation of soil,adding manure, fertilizers and harvesting.

hope this helps,have a great day!!

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7 0
3 years ago
Read 2 more answers
Last month, Duncan Incorporated’s Assembly Division had total manufacturing costs of $457,250, total conversion costs of $279,00
mars1129 [50]

Answer:

The answer is: Duncan's materials costs per unit was $1.50 ($6.10 - $4.60) less than Davis's materials costs per unit.

Explanation:

We must first calculate the materials costs for both companies:

  • Duncan's total costs was $457,250 minus conversion costs of $279,000 equals total materials costs of $178,250.
  • Davis's total costs was $721,056 minus conversion costs of $381,408 equals total materials costs of $339,648 .

Now we calculate the materials costs per unit produced:

  • Duncan's total materials costs $178,250 divided by 38,750 units equals $4.60 per unit.
  • Davis's total materials costs $339,648  divided by 55,680 units equals $6.10 per unit.

So Duncan's materials costs per unit was $1.50 ($6.10 - $4.60) less than Davis's materials costs per unit.

.

6 0
3 years ago
an article titled “What the Top 1% of Earners Majored In,” that 8.2% of Americans who majored in economics for their undergradua
RUDIKE [14]

Your economics training provides you with a terrific set of job skills, and in fact the economics major provides you with virtually all of the top ten most important job skills.

Economics are not restricted to one specific job category. Thus you have a wide variety of employment choices available to you. Because you have both quantitative as well as qualitative skills, however, it is natural to exploit your comparative advantage and find a position that utilizes both sides of your training.

The job market recognizes the special job skills that a major in economics provides. 80% of graduates in economics receive starting salaries in the range of $24,800-42,000 (

8 0
4 years ago
2. On January 1, 2021, Legion Company sold $250,000 of 8% ten-year bonds. Interest is payable semiannually on June 30 and Decemb
Shalnov [3]

Answer:

$10,942.20

Explanation:

The computation of the bond interest expense for the six month is shown below:

= Carrying value of the bond × effective interest rate × number of months ÷ total number of months in a year

= $218,844 × 10% × 6 months ÷ 12 months

= $10,942.20

By multiplying the carrying value of the bond with the effective interest rate and the number of months we can get the bond interest expense and the same is to be considered

4 0
3 years ago
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