Based on the financial details of Ernst Consulting, the Income Statement would be:
Ernst Consulting Income Statement
Revenue
Consulting revenue <u> 18,350</u>
Total revenue <u> 18,350</u>
Expenses
Miscellaneous expenses 720
Rent expense 4,820
Salaries expense 8,370
Telephone expense 910
Total Expenses <u> (14,820)</u>
Net Income $3, 530
<h3>What is the Net Income used for?</h3>
The net income allows the company to see its total profits for the year after expenses have been accounted for.
It is calculated by deducting expenses from the revenue like Ernst Consulting's income statement shows.
Find out more on the Income Statement at brainly.com/question/21851842.
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Answer:
B. Strategic business units (SBUs)
Explanation:
A strategic business unit, popularly known as SBU, is a fully-functional unit of a business that has its own vision and direction. Typically, a strategic business unit operates as a separate unit, but it is also an important part of the company. It reports to the headquarters about its operational status.
Answer:
Dr Interest Expense account 10,000
Cr Cash account 10,000
Explanation:
We have to calculate how much interest did the company paid = $100,000 x 10/12 x 12% = $10,000
Then we must record the journal entries
- Dr Interest Expense account 10,000
- Cr Cash account 10,000
Since cash is an asset and it decreases, then it should be credited.
Since interest is an expense and it increases, it should be debited.
Answer:
Explanation:
Amount of Bolton Company inventory = 38,972
Calculations are attached
1. Find net realizable value, which is selling price - cost of disposal;
2. Then subtract normal profit from net realizable value = [g];
3. Find designated market value by choosing the middle value of cost to replace, net realizable value and [g];
4. Choose lowest between designated market value and selling price;
5. Multiply by quantity.