Click this link to view O‘NET's Work Styles section for General and Operations Managers. Note that common work

Finn is interested in taking over a small business, but he wants to pay a fair price for it, so he consults their income stateme

Diano4ka-milaya [45]

Answer:

d. Calculate total revenue minus total expenses

Explanation:

Profit is Calculated as Total revenue minus Total expenses. Therefore, consider all Incomes generated by the Business whether Primary or Secondary. Also consider all Expenses incurred by the business including Non - Operating expenses.

4 0

3 years ago

The following totals for the month of April were taken from the payroll register of Magnum Company. Use this information to answ

jekas [21]

Answer:

The journal entry to record the monthly payroll on April 30 would include a credit to Salaries Payable for $8,150. The right answer is d.

Explanation:

In order to prepare The journal entry to record the monthly payroll on April 30 we would have to calculate the Salaries Payable as follows:

Salaries Payable=Salaries-FICA taxes withheld+Income taxes withheld+Medical insurance deductions

Salaries Payable=$12,000-$900+$2,500+$450

Salaries Payable=$8,150

Therefore, journal entry to record the monthly payroll on April 30 would be as follows:

Debit Credit

Salaries $12,000

FICA withheld $900

Income taxes withheld $2,500

Medical insurance deductions $450

salaries payable $8,150

So, The journal entry to record the monthly payroll on April 30 would include a credit to Salaries Payable for $8,150

6 0

3 years ago

Rogers, Inc., acquires 15% of Procter Corporation on January 1, 2020, for $70,000. During 2020, Procter reported net income of $

ioda

Answer:

a) Investment Value as at December 31, 2020 / Jan 1, 2021 $64,000

b) Value of Equity Investment Dec 31, 2021 $491, 000

Explanation:

First Part is to calculate the January 1, 2021 entry to adjust the Equity account based on additional acquisition on that date

It should be noted that the investment balance as at 31st December 2020, will also be the value of the investment balance for the start of the next year January 1st 2021.

Therefore,

Step 1: Calculate the Investment Balance as at 31st Dec, 2020

Acquisition Cost of 15% Investment (Procter Corporation Jan 1) $70,000

Subtract: The dividend received 31st Dec, 2020 ($40,000 x .15) ($6,000)

Investment Value as at December 31, 2020 $64,000

Step 2: Calculate the Investment Gain (Equity Investment)

The formula= Market value of Equity (year end) - Carrying Value (calculated in step 1)

= $68,000 - $64,000

= $4,000

Step 3: The journal entry to adjust the equity investment account

Date Particulars Debit Credit

Dec, 31, 2020 Equity Investment $4,000

Gain Unrealized on Equity Investment $4,000

being the journal record adjusting equity investment at the time of new acquisition

Part B: Balance of the Equity Investment Account Dec 31, 2021

The value of the Investment as at 31, Dec, 2020 $64,000

Add: The additional investment in Procter (Jan 1, 2021) $310,000

Add: Net Income Share for Rogers (45% x $300,000) $135,000

(45% because the initial 15% and the 30% additional)

Subtract: Dividend received (45% x $40,000) ($18,000)

Value of Equity Investment Dec 31, 2021 $491, 000

7 0

3 years ago

Green Landscaping Inc. is preparing its budget for the first quarter of 2017. The next step in the budgeting process is to prepa

Agata [3.3K]

Answer:

a-1. Total cash collection for the Quarter Ending March 31, 2022 = $336,000

a-2. Total cash payment for the Quarter Ending March 31, 2022 = $43,400

b-1. Account receivable balance = $68,000

b-2. Account payable balance = $7,200

Explanation:

Note: This question is not complete and contains different dates (2017 and 2022). The complete question is therefore provided and 2022 is picked as the date before answering the question. See the attached pdf file for the complete question with 2022 as the date.

The explanation of the answer is now given as follows:

a-1. Schedule of expected cash collections from clients.

Note: See part a-1 of the attached excel file for the Schedule of expected cash collections from clients.

From the attached excel file, we have:

Total cash collection for the Quarter Ending March 31, 2022 = $336,000

a-2. Schedule of expected payments for landscaping supplies.

Note: See part a-2 of the attached excel file for the Schedule of expected payments for landscaping supplies.

From the attached excel file, we have:

Total cash payment for the Quarter Ending March 31, 2022 = $43,400

b. Determine the following balances at March 31, 2022:

b-1. Accounts receivable

Account receivable balance = ($120,000*10%) + ($140,000*40%) = $68,000

b-2. Accounts payable

Account payable balance = $18,000*40% = $7,200

Download xlsx

xlsx

pdf

3 0

3 years ago

Kenneth Arrow argues that Group of answer choices settled economic life requires purely selfish behavior. with ethical codes, th

cluponka [151]

Kenneth Arrow simply argues that C. ethical codes can contribute to economic efficiency.

<h3>What is ethics?</h3>

It should be noted that ethics simply means knowing right from wrong. This is important in societies.

In this case, Kenneth Arrow simply argues that ethical codes can contribute to economic efficiency.

Learn more about ethics on:

brainly.com/question/13969108

4 0

2 years ago