Do you think it is possible for a bad strategy to be implemented and executed well and

The following information is related to Kingbird Company for 2017.

Sati [7]

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

Details $

Sales Revenue 26,100,000

Cost of goods sold (16,100,000)

Gross profit 10,000,000

Operating expenses:

Selling and administrative expenses (4,710,000)

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 71,000

Income before tax 4,260,000

Income taxes for 2017 (1,254,000)

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) (91,000)

Net income 2,474,000

Preferred stock dividend (81,000)

Common stock dividend (251,000)

Retained earning for the year 2017 2,142,000

Retained earnings balance, Jan. 1, 2017 981,000

Retained earnings bal., Dec. 31, 2017  3,123,000 

8 0

3 years ago

A general partner who puts together the administrative organization of the limited partnership and handles the registration of t

Valentin [98]

Limited partner.

<h3>What is a Limited partner?</h3>

A limited partner is a shareholder whose liability for the company's debts is limited to the amount they contributed to the business.
Silent partners are another name for limited partners.

<h3>What is Limited Partnership?</h3>

Similar to a general partnership, a limited partnership (LP) must have at least one general partner (GP) and at least one limited partner, as opposed to the minimum requirement of two GPs for general partnerships.
Different from limited liability partnerships, which only have limited liability for each participant, are limited partnerships.
The GPs are, in most significant ways, in the same legal position as partners in a traditional firm: they have management control, share the right to use partnership property, divide the firm's profits into fixed shares, and have joint and several liabilities for the partnership's obligations.

Therefore, the answer is a limited partner.

Know more about a Limited partner here:

brainly.com/question/25012970

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5 0

2 years ago

Splish Inc. had pretax financial income of $139,400 in 2020. Included in the computation of that amount is insurance expense of

RoseWind [281]

Answer:

The Journal entry and their narrations is shown below:

Explanation:

The Journal entry is shown below:-

Income tax expenses Dr, $43,140

To income tax payable $40,140

To Deferred tax liability $3,000

(Being Income tax expenses for the year is recorded)

Working Note 1:-

Income as per tax purpose

Pretax financial income $139,400

Add: permanent difference

Disallowed insurance expenses $4,400

Less: Timing difference

Excess depreciation allowed $10,000

Income as per tax purpose $133,800

Working Note 2

Income tax payable

= Income tax rate × Income as per tax purposes

= 30% × $133,800

= $40,140

Working Note 3

Deferred tax liability = Timing difference × Tax rate

= $10,000 × 30%

= $3,000

6 0

2 years ago

Depreciation is an amortized expenditure True or False

IRISSAK [1]

False i think maybe not

4 0

3 years ago

Ch14 C1: Explain the purpose and nature of, and the role of ethics in, managerial accounting.

Wittaler [7]

Answer and Explanation:

Purpose of Ethics- Ethical codes are the fundamental principles that accounting professionals choose to abide by to enhance their profession, maintain public trust, and demonstrate honesty and fairness.

Nature of Ethics- Independence and objectivity, Integrity, Confidentiality, professional confidence and professional behaviour.

Role of Ethics:

Understanding the ethical frameworks for independence, integrity, confidentiality and professional competence can help decision-making & enhance reputation of the field of accounting.

8 0

2 years ago

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