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serg [7]
3 years ago
12

The adjusted trial balance of Pacific Scientific Corporation on December 31, 2018, the end of the company’s fiscal year, contain

ed the following income statement items ($ in millions): sales revenue, $2,106; cost of goods sold, $1,240; selling expenses, $126; general and administrative expenses, $105; interest expense, $35; and gain on sale of investments, $45. Income tax expense has not yet been recorded. The income tax rate is 40%. Assume the company’s accountant prepared a multiple-step income statement.
Business
1 answer:
lyudmila [28]3 years ago
6 0

Answer:

2018 Multi Step - Income Statement

$ 2.106,000 Sales

$ 2.106,000 Net Sales Revenues

-$ 1.240,000 Cost of goods sold

$ 866,000 Gross PROFIT

-$ 105,000 General and administrative expenses

-$ 126,000 Selling expenses

-$ 231,000 Operating Expenses

$ 635,000 INCOME FROM OPERATIONS

$ 35,000 Gain on sale of investments

$ 35,000 Other Revenues and Gains:

-$ 105,000 Interest Expenses

-$ 105,000 Other expenses and Loss

$ 565,000 NET INCOME AFTER TAXES

-$ 226,000 Income Tax Expenses

$ 339,000 Net INCOME

Explanation:

In the Multistep income it's possible to segregate the operative expenses and revenues of the non operative, it also shows the gross profit, which is  

the Net Sales Revenues less the Cost of Goods Sold.  

First it's shown the Gross Profit, then substracted the operating expenses  

to arrive at operating income.  

Finally with the non operating movements we have the net Income After Taxes and with the taxes expenses we have the Net Income of the company.  

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Fritz Evans is the owner and operator of Be-The-One, a motivational consulting business.
almond37 [142]

Answer:

2013 Equity: 298,000

2014 Equity: 327,000

Explanation:

(A)

Assets = Liabilities + Equity

395,000 = 97,000 + Equity

395,000 - 97,000 = Equity

298,000 =  Equity

(B)

if asset increase by 65,000

and liabilities increase by 36,000

(395,000 + 65,000)  = (97,000 + 36,000) + Equity

460,000 = 133,000 + Equity

Equity = 460,000 - 133,000 = 327,000

5 0
3 years ago
The SOC categorizes occupations according to _____.
Solnce55 [7]

similar occupations in different industries require similar skills.

Hope it helps


3 0
3 years ago
When a customer is venting their anger, they will be easier to deal with if you _____.
defon

Answer:

A resposta correta é A. reconheça a raiva deles e deixe-os compartilhar um pouco com você.

8 0
3 years ago
This year, the Tastee Partnership reported income before guaranteed payments of $161,500. Stella owns a 40% profits interest and
Aloiza [94]

Answer

The answer and procedures of the exercise are attached in the image below.  

Explanation  

Please consider the data provided by the exercise. If you have any question please write me back. All the exercises are solved in a single sheet with the formulas indications.  

5 0
3 years ago
Each year a cash grant is given to a deserving college student. The grant consists of the interest earned that year on a $440,00
Harlamova29_29 [7]

Answer:

The cash award will be equal;l to $444422.01

Explanation:

We have given amount invested P = $440000

Rate of interest r = 8.3%

Time t = 1 year

As the amount is compounded on daily basis

We know that 1 year = 365 days

So rate of interest r=\frac{1}{365}=0.00273 %

Time period n = 365

We know that final amount is equal to A=P(1+\frac{r}{100})^n

So A=440000(1+\frac{0.00273}{100})^{365}=444422.01$

So the cash award will be equal;l to $444422.01

6 0
3 years ago
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