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nikklg [1K]
3 years ago
12

The Income Summary account, for Wise Tools appears below. Based on the data contained in the account, determine which of the sta

tements below is correct. Income Summary Debit Credit 12/31 beginning inventory 4,000 12/31 ending inventory 9,000 12/31 expenses 51,000 12/31 revenues 45,000 Multiple Choice Wise Tools will report a $6,000 net loss for the period ending 12/31 Wise Tools will report net income of $6,000 for the period ending 12/31 Wise Tools will report net income of $1,000 for the period ending 12/31 Wise Tools will report a $1,000 net loss for the period ending 12/31
Business
1 answer:
NikAS [45]3 years ago
7 0

Answer:

Wise Tools will report a $1,000 net loss for the period ending 12/31.

Explanation:

Calculation to determine which of the statements about Wise Tools is correct

Revenues $45,000

Less Expenses ($51,000)

Less Beginning Inventory ($4,000)

Add Ending inventory $9,000

Ending Net Loss -$1,000

Therefore the correct statements Wise Tools is:

Wise Tools will report a $1,000 net loss for the period ending 12/31.

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Natali [406]
<span>A BUSINESS ANALYST is a person who is well versed in an organization's strategy and focuses on ensuring that business processes and information systems meet the organization's competitive strategies.</span>
4 0
4 years ago
Fischer Company uses 12,000 units of a part in its production process. The costs to make a part are: direct material, $15; direc
Trava [24]

Answer:

Difference= $60,000 in favor of buying

Explanation:

Giving the following information:

Number of units= 12,000

Make in-house:

Direct material, $15

direct labor, $27

variable overhead, $15

applied fixed overhead, $32

Buy:

Buying price= $60

If Fischer buys the part, 75 percent of the applied fixed overhead would continue.

<u>First, we will calculate the avoidable fixed overhead per unit:</u>

Avoidable fixed overhead= 32*0.25= $8

<u>Now, the total differential cost of making in-house:</u>

<u></u>

Total cost of production= 12,000*(15 + 27 + 15 + 8)

Total cost of production= 12,000*65

Total cost of production= $780,000

Total cost of buying= 60*12,000= $720,000

Difference= $60,000 in favor of buying

4 0
3 years ago
The legal proceeding or legal action brought by either the buyer or the seller under a purchase contract to enforce the terms of
Fynjy0 [20]
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3 0
3 years ago
A rich donor gives a hospital $100,000 one year from today. Each year after that, the hospital will receive a payment 5% larger
wariber [46]

Answer:

D) $779,843.27

Explanation:

The present value of this donation = Donation in Year 1/(1+ discount rate)^9 + Donation in Year 2/(1+ discount rate)^8 + ….. + Donation in Year 2/(1+ discount rate)^1

= $100,000/(1+9%) + $100,000*(1+5%)/(1+9%)^2 +$100,000*(1+5%)^2/(1+9%)^3…. +$100,000*(1+5%)^9/(1+9%)^10 = $779,843.27

Or we can easily input in excel and generate NPV as file attached; in which the formula is NPV(discount rate, cash inflow year 1 : cash inflow year 10) = (9%, 100000,100000*(1+5%)….,100000*(1+5%)^9) = $779,843.27

Download xlsx
5 0
3 years ago
Using the picture of the supply and demand curves below, identify the point which
Doss [256]

Answer:

c is the correct represent the equilibrium price if I am not wrong

Explanation:

<em>sry </em><em>if </em><em>I </em><em>a</em><em>m</em><em> </em><em>wrong</em>

8 0
3 years ago
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