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3 years ago

Below are the transactions and adjustments that occurred during the first year of operations at Kissick Co

Business

1 answer:

Karolina [17]3 years ago

7 0

Answer:

Income Statement Sales 9,00,000 Cost of goods sold 5,80,000 Gross profit 3,20,000 Salaries expense 3,90,000 Rent expense 2,40,000 Utilities expense 38,000 Loss from operations -3,48,000 Interest expense -59,400 Net loss -4,07,400 KI

Explanation:

Purchased $190,000 of store equipment, paying $51,000 in cash and agreeing to Paid the entire $139,000 owed for store equipment and $600,000 of the amount due to suppliers for credit purchases previously recorded. pay the difference within 90 days. that make it a way to create sales.

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Siegfried Basset is 65 years of age and has a life expectancy of 12 more years. He wishes to invest $20,000 in an annuity that w

MAXImum [283]

Answer:

amount receive is $2653.90

Explanation:

given data

time t = 12 year

present value = $20000

rate r = 8 % = 0.08

to find out

how much income receive each year

solution

we will apply here present value formula that is

present value = amount × $( \frac{1}{r} - \frac{1}{r*(1+r)^{t} } )$ .........1

put here all these value in equation 1 we get amount

present value = amount × $( \frac{1}{r} - \frac{1}{r*(1+r)^{t} } )$

20000 = amount × $( \frac{1}{0.08} - \frac{1}{0.08*(1+0.08)^{12} } )$

solve it and we get amount = 2653.90

so amount receive is $2653.90

5 0

4 years ago

Do you believe thicker/ Williams violated copyright law with "blurred lines" why or why not

PIT_PIT [208]

Answer:

why not

Explanation:

why not yes of course nA

8 0

3 years ago

Reece has decided to start his own brewery. To purchase the necessary equipment, Reece withdrew $20,000 from his savings account

KengaRu [80]

Answer:

The opportunity cost is the income earned from her balance on savings account at the interest rate of 3% per year that Reece would received if she had not opened her owned brewery business. This opportunity cost is $600 per year.

Explanation:

Please find the below for further explanation and calculations:

The opportunity cost per one year = Income earned on saving account per one year = 20,000 x 3% = $600;

The reason why it is an opportunity cost is because as a result of opening brewery business, Reece sacrifices the income earned on this saving, instead, she contributes the saving fund to her brewery business.

8 0

4 years ago

When identifying cash flows, depreciation is?

swat32

Depreciation is when the cash flow or the cost is going down or decreasing

8 0

4 years ago

The accounts listed on the trial balance with a credit balance include

deff fn [24]

The correct answer for this question is "c. owner's capital, revenue, and expense accounts." The accounts listed on the trial balance with a credit balance include the owner's capital, the revenue, and the expense accounts. The trial balance is a two-column schedule with all the debit balances listed in one column and all the credit balances listed in the other.

6 0

3 years ago