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Anna35 [415]
3 years ago
11

The following is the income statement for the period ending December 31, Year 1, for Manatee Construction Company:

Business
1 answer:
kaheart [24]3 years ago
3 0

Answer:

Sales 8,000,000 DEBIT

Gain from the sale of investments 100,000 DEBIT

 Income Summary   8,100,000 CREDIT

--to close revenues and earnings account

Income Summary 8,250,000  DEBIT

  Cost of goods sold                  6,500,000 CREDIT

   Salaries expense                      300,000 CREDIT

   Other administrative expenses 100,000 CREDIT

   Interest expense                       900,000 CREDIT

   Advertising expense                 450,000 CREDIT

--to close expenses account

Retained Earnings 150,000 DEBIT

  Income Summary     150,000 CREDIT

Explanation:

To close the accounts we use the income summary account as an auxiliar tool

The revenues and gains have a normla balance of credit thus, we debit to close them

The expenses are normal balance debit so we credit them against income summary.

Last we transfer the Income Summary account into retained earnings.

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When government is trying to raise tax revenue, it sometimes attempts to target higher-income people because they are in a bette
liubo4ka [24]

Answer: The labor supply curve for a wealthy individual is usually more elastic than a poor person's labor supply curve

Explanation:

Tax could be described as individuals paying a particular percentage of their income and whatever they use then pay to the government. The aim of the tax being collected is to generate funds internally which could be used in maintaining the economy.

Despite the government attempts to make tax be one-sided, it yields little or no result in favour of the poor as they end up being well tax as same as the rich. Those who are poor make use of services regularly, and most societies have them than those who are already established. The labor supply curve for a wealthy individual is usually more elastic than a poor person's labor supply curve. We would realize that we have more poor people in labour than those who are rich.

4 0
2 years ago
Cornerstone, Inc. has $125,000 of inventory that suffered minor smoke damage from a fire in the warehouse. The company can sell
kvv77 [185]

Answer:

It is better to cleaned and shipped to the firm's outlet center at a cost of $23,000 to be sold at $80,000

Explanation: In alternative A) the firm loss is $80,000 ($125,000-$45,000)

In alternative E) all $125,000 is lost

In alternative B, C and D) the loss is $68,000 ($125,000-$80,000+$23,000)

Relevant costs are those evitable, that are cause of a manager decision related to an specific business decision.  

The only cost that can be avoided in these example is the cost of $23,000 so the goods can be cleaned and shipped to the firm's outlet center

6 0
3 years ago
Is there anyone good in Accounting?
Helen [10]
Well, yes, is that's the question

3 0
3 years ago
The investment a company makes in training employees to perform their duties and redesigning products and processes to improve t
Andre45 [30]

Answer:

True

Explanation:

Prevention Cost is the cost which is incurred to avoid the loss due to defects in the products manufactured, here the cost incurred is as follows:

Training employees that is the benefit from training will be reducing cost and improving quality of the product, therefore, it will be considered as prevention costs.

Further cost incurred for redesigning products and processes will improve the quality of the product and the process therefore this cost can also be considered as prevention costs.

Final Answer

The above statement is true.

4 0
3 years ago
In accounting, currency, coins, checks, money orders, and funds on deposit in a bank are recorded in?
Dafna1 [17]

In accounting, currency, coins, checks, money orders, and funds on deposit in a bank are recorded in cash.

<h3>What is cash in a bank in accounting?</h3>
  • Cash in Bank refers to the current balance in checking or savings accounts or other accounts of a similar nature held in the name of the company or business requesting the certificate. Do not include amounts from personal bank accounts or retirement accounts.
  • Every month, the bank will normally send the account holder an official bank statement that lists all of the transactions that occurred on the account that month. Account information can be found on bank statements, including account numbers and a thorough list of deposits and withdrawals.
  • There are three different forms of accounting transactions based on the exchange of money: cash transactions, non-cash transactions, and credit transactions.

In accounting, currency, coins, checks, money orders, and funds on deposit in a bank are recorded in cash.

To learn more about bank accounts, refer to:

brainly.com/question/24179665

#SPJ4

8 0
1 year ago
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