Answer:
North Company
Budgeted multiple-step income statement for the year ending December 31, 2020
Sales of $2,228,200
Cost of Goods Sold ($24 x 50,160) <u>($1,203,840)</u>
Gross Profit $1,024,360
Operating Expenses:
Selling and administrative expenses <u>($309,200)</u>
Operating Income $715,160
Non-Operating Expenses:
Interest Expense <u>($12,710) </u>
Operating Income before tax $702,450
Income taxes <u>($226,800)</u>
Operating Income after Tax <u> $475,650</u>
Explanation:
Multi-step Income statement segregate the Operating Income and Expenses from non operating Income and Expense. It shows the gross profit and net operating income separately.
Answer:
Journal Entry
Debit Pension Expense $111,691 Credit Bank $111,691
Explanation:
Computation of Pension expense
Service cost $88,500
Service cost amortization $10,600
Return on Plan asset - $63,100
Interest on liability $75,691
(688,100*11%)
Pension Expense $111,691
Answer:
Tenancy in common
Explanation:
This tenant could use a legal agreement known as Tenancy in common. This agreement is established between two people who are co-tenants of a residence, but while one person is interested in purchasing insurance to protect themselves from potential liability, the other tenant is not willing to purchase insurance. In this case, Tenancy in common, allows only one of the tenants to have support with the right of survivorship and in case that tenant dies, the right will not pass to the other tenant.
Alex is using a plug figure which will ensure that the plan for next year is internally consistent with a plan to identify the sources of financing for all assets that will be needed.
<h3>What is a balance sheet?</h3>
It should be noted that a balance sheet simply means a financial statement that shows the financial status of a company.
In this case, Alex is using a plug figure which will ensure that the plan for next year is internally consistent with a plan to identify the sources of financing for all assets that will be needed.
Learn more about balance sheet on:
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