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viva [34]
3 years ago
14

Use the following information for Jake Company: Sales Revenue .......................................... $2,000,000 Interest/Div

idend Revenue .................. 50,000 Cost-of-Goods- Sold ............................ 1,000,000 Selling and Administrative Expenses.. 200,000 Loss on Discontinued Operations ..... 100,000 Unearned Revenue .............................. 100,000 What is Net Income for the Year Ended December 31, 2020 (ignore taxes)
Business
1 answer:
sashaice [31]3 years ago
6 0

Answer: $750,000

Explanation:

Net Income

Sales Revenue                                 2,000,000

Interest/ Dividend Revenue      <u>          50,000</u>

                                                         2,050,000

Cost of Goods sold                         (1,000,000)

Selling and Admin expenses            (200,000)

Loss on Discontinued                       <u> (100,000)</u>

Net Income                                        $750,000

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Several years ago, Grant County was sued by a former County employee for wrongful discharge. Although it was to be contested by
vovangra [49]

Answer:

d) Debit Expenses $50,000 and Claims payable $100,000; Credit Cash $150,000.

Explanation:

As for the information provided,

There was this law suit against the company from past several years. Where the lawyers already estimated that liability on the company will arise amounting $100,000.

Thus, on the provisional basis such claims of $100,000 would have been provided ideally.

Now, after final judgement the court had cleared about the claim which is $150,000.

Thus, entry to record such claim of $150,000 will be:

Expenses A/c Dr.               $50,000

Claims Payable A/c Dr.      $100,000

    To Cash A/c                                             $150,000

7 0
3 years ago
In Mordica Company, total materials costs are $35,500, and total conversion costs are $54,000. Equivalent units of production ar
MrMuchimi

Explanation:

The computation is shown below:

Material Cost per unit = Total Material Cost  ÷  Equivalent units of production

                                    =  $35,500 ÷ 10,000  units

                                    = $3.55

Conversion Cost per unit = Total conversion cost ÷  Equivalent units of production

                                          =  $54,000 ÷ 12,000  units

                                          = $4.5

Total Manufacturing cost per unit = Material cost per unit + conversion cost per unit

                                                        = 3.55 + 4.5

                                                        = $8.05

6 0
3 years ago
Payments from customers received before performing services for the customers are recorded as
Pachacha [2.7K]

Answer:

B) liabilities.

Explanation:

When the payment is received from the customer before performing the services is known as unearned service revenue

The journal entry is

Cash A/c Dr XXXXX

          To Unearned Service revenue A/c XXXXX

(Being advance payment is received)

We simply debited the cash account as cash is received and credited the respective account i.e unearned service revenue

7 0
3 years ago
A provider who directly treats a patient is called a(n)
N76 [4]

A provider who directly treats a patient is called a direct provider.

<h3>Who is a Patient?</h3>

This refers to the person that is under care, usually in the hospital for an ailment or health-related issue.

Hence, we can see that in the case of the person that takes care of a patient and treats him directly, this person is known as a direct provider and is responsible for getting him to wellness.


Read more about patients here:

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5 0
2 years ago
Read 2 more answers
Market segmentation is
Juli2301 [7.4K]

Answer: Option (a) is correct.

Explanation:

Correct Option: Breaking down a large, heterogeneous market into sub markets that are more homogeneous.

Market segmentation is a process or procedure for dividing a large consumer market into sub markets or sub groups and this segmentation is on the basis of consumer's characteristics such as needs, location, interests.

It creates an advantage for the marketer because these market segments makes the job of marketers easier. It also reduce the risk of unsuccessful and unwanted marketer campaigns.

6 0
3 years ago
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