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3 years ago

Prepare an income statement for Rex manufacturing for the year ended December 31 using the following information

Business

1 answer:

aalyn [17]3 years ago

3 0

The preparation of the income statement for the year ended December 31 is as follows:

Sales $94,000

Cost of goods sold

Begininng finish goods inventory $20,000

Add:Cost of goods manufactured $41,000

Cost of goods available for sale $61,000

Less: Ending finish goods inventory -$17,000

Cost of goods sold $44,000

Gross margin $50,000

Less: Operating Expenses

General and Advertising Expenses $15,000

Selling Expenses $13,000

Total operating Expenses $28,000

Operating Income $22,000

Learn more about the income statement here: brainly.com/question/14308954

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Tammy, a resident of Virginia, is considering whether to purchase a $100, 000 North Carolina bond that yields 4.6% before tax. S

Degger [83]

Answer:

A. Virginia Bond: $4,500

North Carolina Bond: $4,451

B. Virginia Bond

Explanation:

A. Calculation to Determine the after tax income for Virginia Bond

Using this formula

After tax income for Virginia Bond=Face value*Virginia bonds of comparable risk

Let plug in the formula

After tax income for Virginia Bond=$100,000*4.5%

After tax income for Virginia Bond=$4,500

Calculation to Determine the after tax income for North Carolina Bond

Interest income before tax $4,600

(100,000*4.60)

Less State marginal tax ($230)

(5%*$4,600)

Interest income net of state tax $4,370

($4,600-$230)

Add Federal marginal tax $81

(35%*230)

After tax income for Noth Caroline Bond $4,451

Therefore the the after tax income from each bond will be:

Virginia Bond: $4,500

North Carolina Bond: $4,451

B. Based on the above calculation the options that will provide the greater after-tax return to Tammy will be VIRGINIA BOND reason be that it has high After tax income of the amount of $4,500 compare to Noth Caroline Bond which has After tax income of the amount of $4,451.

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3 years ago

If OPEC decided to cut oil production for the coming year, what would be the MOST LIKELY effect?

LekaFEV [45]

Answer:

Maybe a loss in jobs?

Explanation: Because people who work for the oil company have to stop working idk

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3 years ago

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dividends in arrears occur when the company doesn't pay dividends to a. Cumulative preferred stockholders. B.noncumulative prefe

abruzzese [7]

The answer to this question is the letter "A" Cumulative Preferred Stockholders.

The cumulative preferred stockholders are paid on par value and not on the sales price. The dividends in arrears occur when the company does not pay dividends to cumulative preferred stockholders.

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3 years ago

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Which factor should be most important if you are considering purchasing a new video game?

marishachu [46]

B the quality is the most important when considering buying an item. Then you think of quantity.

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3 years ago

Alice and Harry Williams owned land in Clark County, Washington. They leased the land to to Whatcom Ltd. for use as a convenienc

mart [117]

Answer:

1) For seeking unpaid compensation.

2)Yes

3) by being proactive and ensuring that their documentation is in order and complies with the Act to protect against future mechanic's liens.

Explanation:

1) Mechanic’s liens are legal documents that essentially reserve the rights of the filer to seek unpaid compensation.

2) If the subcontractor or supplier (Donald in this case) isn't paid by the general contractor (whatcom in this case), the law allows the subcontractors to come after the house owner (Alice and harry) and the real property that was improved (which is often a house).

3) Property owners should be proactive from the start. Even before the construction process begins, owners should ensure that their documentation is in order and complies with the Act to protect against future mechanic’s liens. The Act affords great protection for owners when the Act is strictly adhered to. Even minor deviations from the Act by general contractors or subcontractors may declare a lien unenforceable.

Before the improvement starts, the property owner should have: a written construction contract with the general contractor, a contractor’s sworn statement, lien waivers, and an owner’s sworn statement.

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4 years ago