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
Sophie [7]
2 years ago
6

Fill in the missing amounts.

Business
1 answer:
love history [14]2 years ago
4 0

Let understand that the organized table are intended to calculate missing numbers on Income Statement for the two companies are drawn below.

  • Here, we are calculating missing columns for Monty Corp. and Whispering Winds Corp.

  • Also understand that the bold numbers are the columns calculated according to the question.

Particulars                             Monty Corp.    Whispering Winds Corp.

Sales revenue                         $90,000                $111,000

Sales return and allowance   <u>$6,000</u><u>  </u>                 <u>$5,000</u>

Net sales                                 $84,000                 $106,000

Cost of goods sold                 <u>$53,760 </u>                <u>$65,720</u><u>   </u>

Gross profit                             $30,240                 $40,280

Operating expenses               <u>$15,120 </u>                 <u>$19,080 </u>

Net income                              <u>$15,120</u><u> </u>                 <u>$21,200</u>

In conclusion, the formulae used to derived the bolded answers are:

  • Sales revenue - Net sales = Sales returns and allowance
  • Net sales - Cost of goods sold = Gross profit
  • Gross profit - Operating expenses = Net income
  • Net sales + Sales return and allowance = Sales revenue
  • Net sales - Gross profit = Cost of goods sold
  • Gross profit - Net income = Operating expenses

See similar solution here

<em>brainly.com/question/15062414</em>

You might be interested in
Holiday Laboratories Laboratories purchased a high speed industrial centrifuge at a cost of $420,000. Shipping costs totaled $15
blsea [12.9K]

Answer:

$455,000

Explanation:

Given that,

high speed industrial centrifuge at a cost = $420,000

Shipping costs = $15,000

Foundation work =  $8,000

additional water line = $3,000

Labor and testing costs = $6,000

Materials used up in testing = $3,000

Total Costs to be capitalized:

= High-speed industrial centrifuge + Shipping costs + Foundation Work + Additional Water Line + Labor and testing costs + Materials used in testing

=  $420,000 + $15,000 + $8,000 + $3,000 + $6,000 + $3,000

= $455,000

4 0
3 years ago
Journalize the following transactions into the general journal in accordance with the rules of Journalizing, and the Double-entr
Ludmilka [50]

Answer:

May 24

Dr Retained earnings $1,500

Cr Cash $1,500

Being cash dividend paid to shareholders.

October 11

Dr Advertising Expense $1,000

Cr Cash $1,000

Being cash payment for monthly advertising expenses.

Explanation:

Rules:

Debit side:

Increase in asset

Increase in expense

Decrease in liability

Decrease in equity

Decrease in income or sales

Credit side:

Decrease in asset

Decrease in expense

Increase in liability

Increase in equity

Increase in income or sales

May 24

Dr Retained earnings $1,500

Cr Cash $1,500

Being cash dividend paid to shareholders.

October 11

Dr Advertising Expense $1,000

Cr Cash $1,000

Being cash payment for monthly advertising expenses.

8 0
2 years ago
Journalize the following transactions for Combs Company.
Anarel [89]

Answer: See explanation

Explanation:

a. Debit: Raw material $12000

Credit: Account payable $11500

Credit: Material price variance $500

(To record material purchase)

b. Debit: Work in process 11600

Credit: Raw material 11200

Credit: Material price variance 400

(To record material issued)

Note:

Material price variance for (a)= 12000 - 11500 = 500

Work in progress = 5800 × 2 = 11600

Material price variance for (b) = 11600 - 11200 = 400

5 0
3 years ago
Using the SMART goal-writing criteria, what refers to being able to complete a goal? A. Realistic B. Measurable C. Attainable D.
sineoko [7]

Answer:

C.

Explanation:

attainable or to attain the goal

6 0
2 years ago
If you encounter a team member expressing anger over a change, how should you respond?
choli [55]

If you encounter a team member expressing anger over a change, how should you respond  an emphasis on calm, professional manner in dealing with it

How angry does the person get over the matters or issues?

When a person expresses anger out of proportion to small or insignificant matters that seem to be the cause, there’s usually something more involved in the situation. Listen carefully to the person. Try to assess the person’s assumptions and identify the patterns and interactions that are producing the excessive response. Your tone ought to be calm but not patronizing toward the person who is angry ?

Dealing with Anger in the Workplace :

Managing anger requires not only a reactive approach to bad behavior, but also a proactive one. In other words, to prevent anger from occurring in the first place, your workplace should set a standard regarding people’s behavior and how the business will handle it.

Learn more about anger issues in workplace ?

brainly.com/question/19002925

#SPJ4

7 0
1 year ago
Other questions:
  • Talia lives in Houston, Texas. She has traveled to India several times and is interested in working for a multinational corporat
    6·1 answer
  • If you have a small number of incumbents in a job (6 people), how many should you interview as part of your job analysis?
    8·1 answer
  • Assume that the risk free rate increases, but the market risk premium remains constant. what impact would this have on the cost
    8·1 answer
  • Petty Cash is easily misappropriated if business processes and internal controls are not established and enforced. Provide and e
    8·1 answer
  • Item 5Item 5 Marketing researchers often use ________ by selecting a group of distributors, customers, or prospects, asking them
    11·1 answer
  • Western Electric has 32,500 shares of common stock outstanding at a price per share of $80 and a rate of return of 12.95 percent
    7·1 answer
  • In a monopoly:_________.
    15·1 answer
  • A __________ provides a summary of cash coming into and money going out of a firm from operations activities, financing activiti
    12·1 answer
  • Imagine that instead of hiring each assitant right away in the hiring assistant problem. we wait until the end to hire the best
    6·1 answer
  • What is responsibility accounting? why should noncontrollable costs be excluded from perfor-mance reports prepared in accordance
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!