In vertical analysis of the income statement, we usually express each income statement item as a percentage of: sales.
<h3>What is income statement?</h3>
Income statement can be defined as the statement that help to show the income and expense of a company in which when the income is higher than the expense it is net income and when the expense is higher than the income it is net loss.
In vertical analysis of the income statement the income statement item is often express as a percentage of sale.
Therefore the correct option is D.
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Answer:
Dec. 2.
Dr. Inventory $4,000
Cr. Troy $4,000
Dec. 3.
Dr. Rent Expense $2,600
Cr. Cash $2,600
Dec. 5.
Dr. Office Supplies $450
Cr. Rigby Supply $450
Dec. 8.
Dr. Utility Expense $590
Cr. Cash $590
Dec. 9.
Dr. Equipment $6,500
Cr. Alright Equipment $6,500
Dec. 10.
Dr. Alright Equipment $6,500
Cr. Equipment $6,500
Dec. 11.
Dr. Troy $4,000
Cr. Discount received $40
Cr. Cash $3,960
Explanation:
Dec. 11
The terms 1/10 n/30 mean there is a discount of 1% available on the payment to be made in 10 days of the purchase. The net credit period is 30 days. As the payment is made within the discount period, hence the payment will be made net of discount.
Discount on Purchase = $4,000 x 1% = $40
Payment = Total amount due - Discount = $4,000 -$40 = $3,960
Answer:
The inventory turnover for the period is 5
Explanation:
Inventory turnover is the ratio which stated that how many times the company replaces as well as sells the stock of goods during a specific year or period.
The formula for computing the inventory turnover is as:
Inventory turnover = Cost of goods sold / Average inventory
where
Cost of goods sold (COGS) = $9,070,000
Average inventory = $1,814,000
Putting the values above:
Inventory turnover = $9,070,000 / $1,814,000
Inventory turnover = 5
Answer:
You will need to have $ 55,006.94
Explanation:
We need first to consider the following details according to the problem
We have a Annuity amount of $ 2900, a Rate(r)= 0.51%, and a Time(n)= 5 years (or 20 quarters )
.
To reach to the money that we would need to have in the bank today to meet the expense over the next four years we use the following formula:
PVA= annuity amount × [1 - (1 / (1 + r)n)] / r
PVA= $ 2900 x[ 1-{ 1/(1+0.0051)20)]/0.0051
PVA= $ 55,006.94
Answer:
Subrogation
Explanation:
Is a term describing a legal right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured.
This is done in order to recover the amount of the claim paid by the insurance carrier to the insured for the loss
