The Gingham Company's budgeted income statement reflects the following amounts:

In a firm's income statement, interest payments on debt are deducted Blank______ corporate taxes are calculated, which Blank____

seropon [69]

In a firm's income statement, interest payments on debt are deducted before corporate taxes are calculated, which reduces the firm's tax liability.

<h3>Income statement: What is it?</h3>

An overview of the company's operations for a specific time period is provided in the income statement. The revenue (gross and net sales), cost of products sold, operational expenditures (selling and general and administrative expenses), taxes, and net profit or loss are the statement's primary components.

<h3>What is displayed on a firm's income statement?</h3>

The statement logically and coherently presents the company's revenue, costs, gross profit, selling and administrative expenses, other expenses and income, taxes paid, and net profit.

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6 0

2 years ago

Joanna and her husband went to have dinner at their favorite restaurant- the Big Bite. They ordered the food, enjoyed the food,

In-s [12.5K]

Answer:

Debtor: Joanna and her husband; Creditor: Resturant

Explanation:

Hope this helps

6 0

2 years ago

The following information is for MTC Harry Company:

neonofarm [45]

Answer:

Results are below.

Explanation:

First, we need to calculate the total manufacturing costs:

total manufacturing costs= Raw materials used in production as direct materials + Direct labor costs + (Manufacturing overhead (actual) - Under-applied manufacturing overhead)

total manufacturing costs= 95,000 + 100,000 + (250,000 - 25,000)

total manufacturing costs= $420,000

Now, the cost of goods manufactured:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 130,000 + 420,000 - 145,000

cost of goods manufactured= $405,000

Finally, the cost of goods sold:

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 65,000 + 405,000 - 80,000

COGS= $390,000

3 0

2 years ago

Get Smart University is contemplating an increase in tuition to enhance revenue. If GSU feels that raising tuition would enhance

AlladinOne [14]

If GSU feels that raising tuition would enhance revenue, it is assuming that the demand for university education is inelastic.

The quantity of a good that consumers are willing and able to buy at different prices during a specific time period is known as demand in economics. The demand curve is another name for the relationship between price and quantity demand.
A change in demand whose percentage is less than a change in price. Demand is said to be inelastic, for instance, if the price of a good increases by 25% but drops in demand by just 2%.
When there is a small change in the quantity demanded when the price changes, a good or service has inelastic demand. The term "price inelasticity of demand" is another name for this. An example of inelastic demand is gasoline, where individuals generally buy the same amount even when prices rise.

Thus this is the answer.

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4 0

1 year ago

Teller, a calendar year company, purchased merchandise from TechCom on November 1 of the current year. TechCom accepted Teller's

ikadub [295]

Answer:

Dr Interest Receivable $240

Cr Interest Income $240

Explanation:

The reason is that the Techcom company is lender and must account the lending as a loan.

The loan will be paid with the interest at the end of the period. The interest received at the end of December 31 would be the single month loan at the $4800 at the interest rate which is 10 percent here.

The Interest Income = $4800 * (10% interest rate * 2/12) = $240

The interes would be recorded for the two months which is $240 and accounted for as under:

Dr Interest Receivable $240

Cr Interest Income $240

And at the end of January 31, Teller will make the payment which would be accounted for as under:

Dr Cash $5260

Cr Interest Revenue $120

Cr Notes Receivable $4800

Cr Interest Receivable $240

4 0

3 years ago