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Oduvanchick [21]
3 years ago
15

The following account balances were taken from the adjusted trial balance for Capstone Messenger Service, a delivery service fir

m, for the fiscal year ended April 30, 20Y7: Depreciation Expense $9,800 Fees Earned 520,400 Insurance Expense 1,860 Miscellaneous Expense 3,920 Rent Expense 74,500 Salaries Expense 261,700 Supplies Expense 3,330 Utilities Expense 28,400 Prepare an income statement.
Business
1 answer:
Phoenix [80]3 years ago
4 0

Answer and Explanation:

The preparation of the income statement is presented below:

Revenues

Fees earned $520,400

Total revenues $520,400

Less expenses:

Depreciation Expense $9,800

Insurance Expense $1,860

Miscellaneous Expense $3,920

Rent Expense $74,500

Salaries Expense $261,700

Supplies Expense $3,330

Utilities Expense $28,400

Total expenses $383,510

Net income $136,890

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Cushenberry Corporation had the following transactions.1. Sold land (cost $11,360) for $14,200.2. Issued common stock at par for
miss Akunina [59]

Explanation:

The journal entries are shown below:

1. Cash A/c Dr $14,200

          To Gain on land A/c $2,840

          To Land $11,360

(Being the land is sold)

2. Cash A/c Dr $18,900

            To Common stock A/c $18,900

(Being the common stock is issued for cash)

3. Depreciation Expense A/c Dr $15,730

             To Accumulated Depreciation - Buildings A/c $15,730

(Being depreciation expense is recorded)

4. Salaries expense A/c Dr $8,080

                 To Cash A/c $8,080

(Being the salaries expense is paid for cash)

5. Equipment A/c Dr $8,420

              To Common stock A/c $1,170

              To Additional paid-in capital in excess of par value A/c $7,250

(Being the equipment is purchased)

6. Cash A/c Dr $1,236

Accumulated depreciation - Equipment A/c Dr $7,210

Loss on sale of equipment A/c Dr $1,854

                   To Equipment A/c $10,300

(Being the equipment is sold)

7 0
3 years ago
Bunker makes two types of briefcase, fabric and leather. The company is currently using a traditional costing system with labor
WARRIOR [948]

Answer:

$93,750

Explanation:

Required: "<em>Calculate the overhead assigned to the fabric case using the traditional costing system based on direct labor hours."</em>

<em />

Total estimated overhead costs (A) = 150,000

Total labor hours (B) = 15,000 + 9,000 = 24,000

Overhead allocation rate (C) = A/B = 150,000/24,000

Overhead allocation rate (C) = $6.25 Per labor hour

Total labor hours used by Fabric case (D) = 15,000 Hours

Overhead assigned to the fabric case (C*D) = $6.25 Per labor hour * 15,000 Hours = $93,750

5 0
3 years ago
A group of 2-year-old infants are selected for a special program because their iq scores are very low. five years later, most of
Gennadij [26K]
The special program that they have conducted to the infants worked. The experiment was a success. And because of this, they could conduct more, special programs and even in a larger amount of infants they can conduct this. This special program is really beneficial to each and every one of them.
3 0
3 years ago
A company produces products at 2 plants each of which have a capacity of producing 75 units. 50 units of each product must be sh
zalisa [80]

Answer:

the answer is 6

Explanation:

In this case we would need to have a combination of each plant with each customer. So the variable would be in this way (3C X 2P)

              Customer1            Customer2           Customer3

Plant1      P1C1                      P1C2                     P1C3

Plant2     P2C1                     P2C2                    P2C3

Once you have this you can calculate the best combination to minimize the cost of shipping

7 0
3 years ago
Bradley, the president of Commerce &amp; Trade, Inc., claims that certain actions by the federal government and the state of Del
olga nikolaevna [1]

Answer:

The correct answer is B

Explanation:

The Bill of Rights is the one which guarantees the liberties as well as the civil rights to the individual such as the religion, press and freedom of speech.

It states the rules for the procedure which is due for the law and also reserves all the powers not delegated to the Federal Government to the States or the people.

Therefore, the one where all the rights limit the federal government.

5 0
3 years ago
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