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Lisa [10]
2 years ago
14

Melinda, who works in a jewelry store owned by Cindy, was picking up some gem stones for use in the store. On the way back to th

e jewelry store, she went through a drive-through fast food restaurant to get a soda. While in line, she negligently bumped the vehicle in front of her which was owned by Ralph. Melinda did not have insurance. Ralph asked Cindy to pay for the damage to his bumper. Cindy refused on the basis that she never gave Melinda authority to stop for a soda. Should Cindy be held liable
Business
1 answer:
baherus [9]2 years ago
6 0
Yes she should be held liable
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The following information is related to Kingbird Company for 2017.
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Answer:

Net income is $2,474,000

Retained earning for the year 2017 is $2,142,000

Retained earnings balance at December 31, 2017 is $3,123,000

Explanation:

A multi-step income statement is an income statement that shows gross profit and the detailed of each category of expenses and incomes to arrive at the net income of a company for a particular period.

This can be prepared as follows:

Kingbird Company

Mutiple step income statement

for the year ended December 31, 2017

<u>Details                                                                  $         </u>

Sales Revenue                                           26,100,000

Cost of goods sold                                  <u>  (16,100,000) </u>

Gross profit                                                10,000,000

Operating expenses:

Selling and administrative expenses      <u>  (4,710,000) </u>

Operating income                                       5,290,000  

Other income (loss):

Gain on the sale of investments                     111,000

Write-off of goodwill                                      (821,000)

Loss due to flood damage                            (391,000)

Interest income:

Interest revenue                                          <u>     71,000  </u>

Income before tax                                       4,260,000

Income taxes for 2017                              <u>  (1,254,000) </u>

Income after tax                                          3,006,000

Extraordinary items:

Loss on wholesale div. disp. (net of tax)      (441,000)

Loss on wholesale div. op. (net of tax)       <u>   (91,000) </u>

Net income                                                   2,474,000

Preferred stock dividend                                (81,000)

Common stock dividend                           <u>     (251,000) </u>

Retained earning for the year 2017             2,142,000

Retained earnings balance, Jan. 1, 2017   <u>     981,000 </u>

Retained earnings bal., Dec. 31, 2017       <u> 3,123,000 </u>

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Total Interest $1,651.70

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PV (Present Value) $47,698.45

N (Number of Periods) 40.000

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PMT (Periodic Payment) $4,000.00

Starting Investment $0.00

Total Principal $160,000.00

Total Interest $876,226.07

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