A profit and loss statement<span> will determine how well a business has done over the past year.The profit and loss statement is a financial statement which shows revenue, costs and all expenses that happened during a said period of time. Most companies do this quarterly or yearly. </span>
Answer:
Option (d) $5,000,000
Explanation:
Data provided in the question:
Reported revenues = $50,000,000
Operating expenses = $47,000,000
Net income = $3,000,000
Payroll costs included in the operating expenses = $15,000,000
Combined identifiable assets of all industry segments = $40,000,000
Now,
If the revenue derived from sales to any single customer is 10% or more of the revenue of an enterprise then the amount of revenue from each customer shall be disclosed.
Therefore,
Grum should disclose major customer data if
sales to any single customer amount at least = 10% of Reported revenues
= 10% of $50,000,000
= $5,000,000
Option (d) $5,000,000
Answer:
A. positive cash flow of $ 20 comma 900 from investing activities
Explanation:
book value - sales price = loss on sale
30,900 - sales price = 10,000
30,900 - 10,000 = sales price
sales price = 20,900
Assumming the purchase was on cash, it will be disclosure as cash generated from investing activities for 20,900
The reason is that cashflow do not focus on the gain or loss from the sale. It focus on the cash movements and this sale involve a cashinflow of 20,900
Answer:
purchases = 160000
Explanation:
given data
beginning inventory = $140,000
amount of inventory on hand = $80,000
net sales = $400,000
gross profit rate = 40%
solution
we first Computation of cost of goods sold hat is
Gross profit rate = 
× 100
= 
= = 
= 100 Gross profit = 16000000
so
Gross profit = 160000
and
Cost of goods sold is = sales - gross profit
so
Cost of goods sold = 400000 - 160000
Cost of goods sold = 240000
and
Cost of goods sold = opening inventory + purchases - closing inventory
so put here value
240000 = 140000 + purchases - 60000
so purchases = 160000
Answer:
B. False. It's called trade payables.
Explanation:
