1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Tpy6a [65]
3 years ago
10

The following information is related to Nash Company for 2020.

Business
1 answer:
Yuri [45]3 years ago
3 0

Answer:

Nash Company

Multi-step Income Statement

For the year ended December 31, 2020:

Sales Revenue                                     $23,000,000

Cost of goods sold                                  14,720,000

Gross income                                         $8,280,000

Operating Expenses:

Selling and administrative expenses     4,324,000

Loss due to flood damage                        358,800

Write-off of goodwill                                  754,400

Total operating expenses                   $5,437,200

Operating income                               $2,842,800

Interest revenue                                         64,400

Gain on the sale of investments               101,200

Income before taxes                          $3,008,400

Income taxes for 2020                           1,144,480

Income after taxes                              $1,863,920

Loss on the disposition of

 the wholesale division (net of tax)       404,800

Loss on operations of the

 wholesale division (net of tax)               82,800

Net Comprehensive Income             $1,376,320

Dividends declared: preferred stock      73,600

Earnings available to equity holders  1,302,720

Retained earnings  1/1/2020                 901,600

Dividends declared: common stock    230,000

Retained earnings, 12/31/2020       $1,974,320

Explanation:

Nash's multi-step income statement has separate sections for operating income and other incomes before net comprehensive income.  This last income is the point at which dividends are paid out to preferred stockholders before the retained earnings beginning balance are added, and then dividends are paid to the common stock.

You might be interested in
Which factors decrease because of protectionism? competition job security domestic production goodwill with trade partners impor
sveticcg [70]
Protectionism<span> is the economic policy of restraining trade between states through certain methods. From the choices listed above, I think the correct answer is the third option. The factor that would </span>decrease because of protectionism is <span>goodwill with trade partners.</span>
6 0
3 years ago
A monopoly A. ​doesn't lose any sales when it raises its price. B. must have a patent to protect its products. C. produces the m
Ugo [173]

Answer:

A. ​doesn't lose any sales when it raises its price

Explanation:

  • As monopoly is ruled by one set of prices and they are price makers thus even f the prices rise the price will be set above the marginal cost to maximize the profits. Thus a monopoly does not lose its market share as it acts as a single dominating factor in the supply and trade of the goods and services. And it stipulates the financial dealing through a single seller.
6 0
3 years ago
Read the scenario. Brad has a steady job, earns a solid income, and plans to live in a nearby city for the long term. He is look
Bogdan [553]
Buying both a car and a home.
8 0
3 years ago
Read 2 more answers
X Company is concerned that it does not have enough employees to ensure adequate segregation of duties in its revenue cycle. Whi
MAVERICK [17]

Answer:

The correct answer is C)Opening the mail and recording entries in the sales journal.

Explanation:

It is the correct answer because both activities can be done sitting on the desk, using the same computer. All the other answers refer to activity pairs that would require physical activity, and this would reduce efficiency. For example, making journal records and delivering inventory are extremely disjointed activities, it is like being an accountant and a delivery person at the same job.

5 0
3 years ago
Group Working age population Discouraged workers Employed Unemployed # in Millions 215 5 138 According to the table, the labor f
patriot [66]

Answer:

A decrease in labor force participation rate

Explanation:

The workers which are discouraged can opt out of the labor market since there is no incentive for them work anymore. The workers choosing to go out of the labor market will decrease the overall labor force participation rate. The unemployment rate can also be affected but the main effect would be on labor force participation rate

4 0
3 years ago
Other questions:
  • William pays his $500 premium every 6 months for automobile insurance with collision coverage. His deductible is $750. William c
    13·2 answers
  • BeeGood Honey recently expanded its distribution to include 74,600 households within the Southwestern United States in an area w
    5·1 answer
  • Crisp Cookware's common stock is expected to pay a dividend of $3 per share at the end of this year; its beta is 0.9; the risk-f
    7·1 answer
  • Suppose the chester company expands to other markets with good designs, high awareness and easy accessibility, what strategy wou
    11·1 answer
  • Bruce went shopping at the Hermes store in New York City. This is a very high-end fashion store. When he entered the store, an a
    6·1 answer
  • Suppose that a new high school opens next to a popular fast food restaurant. Explain what will happen to the derived demand for
    6·1 answer
  • A profit-maximizing entrepreneur rents an apple orchard for a day. He is a price taker in both the market for labor and the mark
    8·1 answer
  • From an entrepreneurial perspective, ______ is a description of the future you envision for your business.
    12·1 answer
  • What type of advertising schedule is best suited for products and services that are consumed regularly at relatively steady rate
    15·1 answer
  • Using the transportation method for solving the optimal shipping a product from factories to warehouses, as per text, you should
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!