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Sloan [31]
3 years ago
14

Slapshot Company makes ice hockey sticks and sold 1,890 sticks during the month of June at a total cost of $378,000. Each stick

sold at a price of $360. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price and other selling expense of $64,700. Administrative expense totaled $53,800.
Required:
Prepare an income statement for Slapshot for the month of June
Business
1 answer:
Grace [21]3 years ago
6 0

Answer:

<u>Slapshot Company</u>

<u>Income statement for the month of June</u>

Sales ( 1,890 x $360)                                   $680,400

Less Costs of Sales                                    ($378,000)

Gross Profit                                                  $302,400

Selling Costs :

Commissions                           $68,040

Other Selling Expense            $64,700

Administrative Expense          $53,800    ($186,540)

Net Income                                                   $115,860

Explanation:

The Income statement shows the <em>Profit</em> earned during the reporting period. This is determined as Gross Profit (Sales - Cost of Sales) minus the Operating Expenses.

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In determining whether to issue a loan, banks are not allowed to ask about an applicant's
Firlakuza [10]

Answer:

country of origin.

Explanation:

Banks have a set of requirements that borrowers need to meet to qualify for a bank loan. The banks will ask questions to determine if the customer is eligible for a loan. Most of the questions pertain to the purpose of the loans and the customer's ability to repay.

The bank will ask about employment history, credit history, tax information, personal information, the purpose of the loan,  collateral, and other questions related to the ability to repay. A person's country of origin is unnecessary and may elicit elements of discrimination.

3 0
3 years ago
Read 2 more answers
Jonathan (an individual) owns 100% of the stock of Husky, Inc. (a C corporation) and 100% of the stock of Calhoun, Inc. (another
BaLLatris [955]

Answer: A. As Expenses

B. No treatment.

Explanation:

A. The $100,000 was not structured and a loan so it will be accounted for as EXPENSES. This means that it will be deducted from the Income for the year from Calhoun's books.

B. A C Corporation is by definition taxed SEPARATELY from it's owners in the United States of America. Seeing as both Corporations were C Corporations, Jonathan as the owner of both companies need not worry about how he should treat the $100,000 payment as he will not ne taxed on it.

8 0
3 years ago
There are clear differences between branch plan and sequel plan decisions, but what causes one type to be chosen over another? P
fgiga [73]

Answer:

Find explanation below.

Explanation:

A branch plan is the contingency plan. It is chosen when planning for future possible occurrences. A Sequel plan on the other hand is made based on the outcome of the main plan. Therefore, a Sequel plan is made depending on whether the main plan was successful or unsuccessful.

Examples of Branch plan decisions:

  • A plan to dispatch military forces to aid a fight in another country.
  • Reassigning military personnel to another location.

Examples of Sequel plan decisions:

  • A plan to begin administering relief operations.
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8 0
3 years ago
18. Would you expect, in some cases, to see only an income effect or only a substitution effect? Explain.19. Which is larger, th
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The income effect because you’ll gain more money personally and the substitution effect is about everybody in the building getting a “fair share”.
8 0
3 years ago
Compared to those in low-income countries, the residents of countries with high per person incomes nearly alwaysa. live longer.b
Sedaia [141]

Answer:

The correct answer is the option D: all of the above.

Explanation:

On one hand, a <em>low income country</em> is the type of country whose economy is poor mostly. It is characterized by the fact that it has no industry and most of its population has not enough money to make a good living.

On the other hand, a <em>high per person income country</em> is the concept used to refer to the whole opposite situation, in which <em>most of the people has enough money to make a good living</em> and also the majority of them are happy with that style of living due to the fact that the economy is doing well. Therefore that <em>in this type of country is where the citizens have more advantages</em>, including both<em> lower infant mortality rate</em> and <em>lower illiteracy rate</em> as well too. In addition, is in those countries where the <em>people live longer</em> because there are better health condition to live, including better medication, doctors, etc.

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3 years ago
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