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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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Let’s suppose you would like to buy a home for $250,000. But like most U.S. citizens, you don’t have enough cash on hand to pay

noname [10]

Answer:

1. Calculate the monthly payment for a 30-year mortgage loan.

we can do this by using the present value of an annuity formula

the loan's interest rate is missing, so I looked for a similar question and found that it is 6%

present value = monthly payment x annuity factor

monthly payment = present value / annuity factor

present value = $200,000 (loan's principal)
PV annuity factor, 0.5%, 360 periods = 166.79161

monthly payment = $200,000 / 166.79161 = $1,199.101082 ≈ $1,199.10

2. Calculate the amount of interest that you’d pay for a 30-year mortgage loan.

total interests paid during the 30 years = (monthly payment x 360) - principal = ($1,199.10 x 360) - $200,000 = $231,676

8 0

3 years ago

a flexible budget shows what budgeted amounts should have been at the actual level of activity. as a result of this change in ac

Leona [35]

Flexible budgeting will show a change in the total of what fixed costs, variable costs and what revenues should have been at the actual level of activity.

Flexible budgeting differs from static budgeting in that it includes a leeway in organizational budgets according to production or sales in a given period.

This type of budget is prepared at the end of the accounting period and is used for organizational control purposes, as it allows for unforeseen situations that may occur in the micro or macro environment.

Therefore, flexible budgeting is used as a control instrument that considers costs as variables based on defined estimates.

Its main advantage is its greater flexibility and ability to keep budgets up to date.

Learn more here:

brainly.com/question/15244518

3 0

3 years ago

some pencils are to be shared between grade 7, grade eight students receive 196 more than grade 7 students no, find the total nu

allochka39001 [22]

Answer:

203

Explanation:

5 0

3 years ago

Should employers be allowed to question employees about non-health related issues such as criminal record, marital or family sta

larisa86 [58]

Answer and explanation:

Speaking from the ethical point of view, employers should not request employees' background documentation such as criminal records or information like family or citizenship status because they should trust in workers. However, there are many cases in which individuals are forced to lie because of external problems they are facing such as economic hardship in their families so they cannot afford to lose their jobs for missing paperwork.

To conclude, companies must request employees' background documentation periodically to find out if they are being honest in the information they are providing to the team about themselves.

5 0

4 years ago

On January 2, 2020, Howdy Doody Corporation purchased 15% of Ranger Corporation's common stock for $59,000. Ranger's net income

Zanzabum

Answer:

Total amount to be shown in income statement as income from this investment is $19,125

Explanation:

Item Amount

Dividend received by Howdy Doody corporation $10,125

($67,500 x 15%)

Increase in Fair value of Stock credited to $9,000

income statement ($68,000-$59,000)

Total amount shown in income statement $19,125

as income from this investment.

Conclusion: Howdy owns only 15% of the shares in Rangers hence it does not have significant influence so Fair value method for recording investment will be used. Howdy will record dividend received as income from investment and increase in fair value of investment as well.

3 0

4 years ago