Answer:
The answer is: Garnett Co.'s net income is $7,600
Explanation:
To determine the net income we must first calculate the cost of goods sold and the commissions paid:
- COGS = $50,000 x 40% = $20,000
- Commissions = $32,000 x 10% = $3,200
Now we can elaborate the following income statement for Garnett Co.
Total sales $32,000
COGS ($20,000)
Commissions ($3,200)
<u>Advertising expense ($1,200) </u>
Net income $7,600
Answer:
8%
Explanation:
The Coupon rate can be defined as the rate of interest that is paid by issuers of bond on the face value of the bond. This is the periodic interest rate that is paid by bond issuers to their purchasers.
For this question
The face value of the bond is 1000 dollars
The coupon is 80 dollars
Such that We have
80/1000
= 0.08
This is 8% coupon rate.
Answer:
Urgent Messenger Service
Income Statement
for the fiscal year ended November 30, 20Y1
$ $
Fees Earned 990,000
Supplies Expense <u>(7,150) </u>
Gross Income 982,850
Less: Operating Expenses
Depreciation Expense 12,200
Insurance Expense c 5,750
Miscellaneous Expense 6,650
Rent Expense 80,000
Salaries Expense 502,400
Utilities Expense <u>40,000</u>
<u>(647,000)</u>
Net Income <u>335,850</u>
Explanation:
Income statement shows the the income / loss of a business for the period. It measure the net value after deducting all the expenses from the all the incomes of the business.
Answer:
16.70%
Explanation:
Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.
IRR can be calculated using a financial calculator:
Cash flow in year 0 = $-440,000
Cash flow each year from year one to twenty = $77,000
IRR = 16.70%
To find the IRR using a financial calacutor:
1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.
2. After inputting all the cash flows, press the IRR button and then press the compute button.
I hope my answer helps you
