1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Zina [86]
2 years ago
13

Income Statement Wayne Corporation had the following revenue and expense account balances (in millions) for a recent year ending

May 31:
Depreciation Expense $925
Fuel Expense 3,228
Maintenance and Repairs Expense 1,573
Other Expense 4,995
Provision for Income Taxes 805
Purchased Transportation 1,203
Rentals and Landing Fees 1,748
Revenues 24,698
Salaries and Employee Benefits 8,815
Prepare an income statement.
Business
1 answer:
stiv31 [10]2 years ago
5 0

Answer:

                                       Income Statement

Revenue                                                                 $24,698

Expenses

Salaries and employee benefits      $8,815

Purchased Transportation                $1,203

Fuel Expense                                     $3,228

Rental and landing fees                     $1,748

Depreciation Expense                       $925

Maintenance and repairs expense   $1,573

Provision for income taxes                $805

Other expense (revenue) net            <u>$4,995</u>

Total Expenses                                                        <u>$23,292</u>

Net Income                                                               <u>$1,406</u>

You might be interested in
A manufacturing firm has an annual demand of 300,000 units. Using its current operation, the firm pays $800,000 in annual fixed
Elodia [21]

Answer:

It is cheaper to make the units in-house by $300,000.-

Explanation:

<u>First, we need to calculate the total avoidable production costs of making 300,000 units:</u>

Total variable cost= 300,000*15= $4,500,000

Total avoidable fixed cost= 800,000 - 200,000= $600,000

Total production cost= $5,100,000

<u>Now, the total differential cost of buying:</u>

<u></u>

Cost of buying= 300,000*18= $5,400,000

It is cheaper to make the units in-house.

5 0
3 years ago
On December 31, the company estimates future sales refunds to be $900. As of that date, the company has an unadjusted debit bala
dimulka [17.4K]

Answer:

Date      Account titles and Explanation       Debit    Credit

Dec 31   Sales return and allowance               $600

                     Sales refund payable                                $600

                     ($900 - $300)

              (To record the expected refund of sales)

4 0
3 years ago
Garfield Corp. expects to sell 1,300 units of its pet beds in March and 900 units in April. Each unit sells for $110. Garfield’s
Svetach [21]

Answer:

$47,200

Explanation:

For computing the budgeted purchase, first we have to determine the purchase unit which is shown below:

= Sale units + ending inventory units - beginning inventory units

where,

Sale units are 1,300 units

Ending inventory units = 900 units × 30% = 270 units

Beginning inventory units = 1,300 × 30% = 390 units

Now put these units to the above formula  

So, the units would equal to

= 1,300 units + 270 units - 390 units

= 1,180 units

Now the budgeted purchase would be

= 1,180 units × $40

= $47,200

4 0
3 years ago
Think about your decision to buy the textbook for this course. You paid $250 for the book, but you would have been willing to pa
mart [117]

If the questions are “would I choose to buy the book in the first place”, and “Would I sell the book at the end of the course”, the answer to both questions is yes. The benefit of buying the book for the course is $400 dollars, which is greater than the sales price of $250. Thus, I would buy the book. At the end of the course, the benefit of keeping the book is $50, while my potential sales price is $125 (50% of 250). Thus, I can sell the book for more than it is worth to me, so I will sell the book at the end of the course. 

7 0
3 years ago
You would like to combine a risky stock with a beta of 1.5 with U.S. Treasury bills in such a way that the risk level of the por
astra-53 [7]

Answer:

66.67 %

Explanation:

The computation of the percentage of the portfolio should be invested in Treasury bills is shown below:-

Let us assume beta be x

So the equation would be

Percentage of portfolio = x × (Beta of stock) + (1 - x) × (Beta of T - Bills) - 1

= x × (1.5) + (1 - x) × (Beta of T - Bills) - 1

1.5x + (1 - x) × (Beta of T - Bills) - 1

1.5x + 0 = 1

x = 1 ÷ 1.5

= 0.67

or

= 66.67%

7 0
3 years ago
Other questions:
  • Carla Corporation owns machinery that cost $24,800 when purchased on July 1, 2017. Depreciation has been recorded at a rate of $
    7·1 answer
  • In the current year, Oriole Corporation donated a painting worth $30,000 to the Texas Art Museum, a qualified charity. The museu
    7·1 answer
  • Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2018 (the end of Beale's fiscal year), the
    13·1 answer
  • The overarching purpose of credit risk analysis is to: Question 11 options: a) Identify credit opportunities b) Determine a comp
    9·1 answer
  • Consider jimmy choo designer shoes. jimmy choo faces many competitors, while in another way jimmy choo faces no competitors. thi
    13·1 answer
  • The following information ($ in millions) comes from a recent annual report of Amazon, Inc.:
    8·1 answer
  • Lean production should result in reduced inventories. If lean production is successfully implemented, the difference in net oper
    5·1 answer
  • The following lots of a particular commodity were available for sale during the year: Beginning inventory 10 units at $60 First
    11·1 answer
  • Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the following data to prepare for a red
    5·1 answer
  • For Accounting, I need help knowing how to journalize the following transaction:
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!