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borishaifa [10]
3 years ago
9

Shmenson Company uses the periodic inventory system. Sales for 2020 were $470,000 while operating expenses were $175,000. Beginn

ing and ending inventories for 2020 were $70,000 and $60,000, respectively. Net purchases were $180,000 while freight in was $15,000. The net income or loss for 2020 was:
Business
1 answer:
jeka943 years ago
8 0

Answer:

The net income  for 2020 was $90,000

Explanation:

Shmenson Company

Income Statement for the year ended 2020

Sales                                                                             $470,000

Less Cost of Sales

Beginning Inventories                           $70,000

Add Net purchases                              $180,000

Add Freight In                                         $15,000

Less Ending Inventories                      ($60,000)     ($205,000)

Gross Profit                                                                  $265,000

Less Expenses

Operating expenses                                                   ($175,000)

Net Income                                                                    $90,000

Conclusion

Thus, the net income  for 2020 was $90,000.

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what types of political, economic, and competitive challenges does MTV networks international face by operating worldwide?​
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Economic challenges:

The level of economic growth may affect the amount and number of people who spend on entertainment leading to a decline in revenue and an increased need for aggressive marketing campaigns.

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6 0
3 years ago
At the high and low levels of activity during the month, direct labor hours are 90,000 and 40,000, respectively. The related cos
andre [41]

Answer:

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The total cost is a function of the fixed and variable cost. Whilst the fixed cost does not change at a certain range of activities level, the variable cost changes as the level of activities(units produced or sold).

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5 0
3 years ago
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