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gizmo_the_mogwai [7]
3 years ago
8

The Willie Company has provided the following information: Operating expenses were $345,000; Income from operations was $415,000

; Net sales were $1,100,000; Interest expense was $71,000; Loss from sale of investments was $87,000; Income tax expense was $58,000. What was Willie's net income
Business
1 answer:
drek231 [11]3 years ago
6 0

Answer:

net income = $199,000

Explanation:

In order to calculate net income, we will first start with EBIT or income from operations and then subtract income tax expense, loss from sale of investments and finally income taxes:

  • EBIT = $415,000
  • Interest expense = $71,000
  • Loss from sale of investments = $87,000
  • Income tax expense = $58,000
  • Net income = $199,000

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Explain the result of the violation of patent protection illustrated in the scenario below.
lesya692 [45]
<h2>Luke cannot sell the product because patent is already been issued to the similar product.</h2>

Explanation:

According to the given scenario, Luke though he is an inventor and he has created a product which is similar to already patented, Luke is not allowed to sale based on the patent rule.

Since there is a patent right obtained by someone for similar product, then what Luke is trying to do is against the Patent law.

Luke cannot prove that he already had an idea. Any law always needs a proof than a statement.

Luke may be punishable under the patent law if he tries to sell his invention.

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4 years ago
A large account receivable from taylor industries was considered fully collectible at september 30, year 5, the balance sheet da
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Since Taylor Industries will no longer be able to pay off its Account Receivable, X company will have to write off the Accounts Receivable. Writing off Accounts Receivable can be done in two ways.

1) Allowance method:
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2) Direct Write-off method.
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In the books of Taylor Industries, it must recognize the cancellation of the Accounts Payable from the transaction with X company.

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3 0
4 years ago
Transactions are posted into ledger account from ---
BaLLatris [955]

Answer:

The correct answer is "Journal entries passed in the journal".

Explanation:

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8 0
3 years ago
Freee Brainliest and 10 points<br><br><br> Free Brainliest for First person!
rusak2 [61]

Thx amazing person have a great day:)

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3 years ago
Read 2 more answers
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Vlad1618 [11]

Answer:

Only the fourth statement is correct

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The first statement is wrong as stock price can be worth less than its book or par value depending on the performance of the company from which the stock price derives its value.

The second statement is also not correct as convertibility implies that holders of preference shares or bonds are able to convert their holdings into a known quantity of common stock in the future not the other way round.

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