Prepare a 2020 income statement for Shanta Corporation based on the following information:________

Elisa is 21 years of age and a full-time student living with her parents. She had wages of $680 ($75 of income tax withholding)

Nadya [2.5K]

Answer:

C) Yes, Elisa can file a tax return

Explanation:

As in the given situation Elisa could file a tax return as she is considered to be dependent as her age is less than 24 years also her income is lower than the taxable income so she can file her return herself in order to claim the return

Therefore as per the given situation the option c is correct

3 0

3 years ago

What is an activity-based approach to designing a costing system?

DaniilM [7]

Answer: The correct answer is "C. An activity-based approach refines a costing system by focusing on individual activities as the fundamental cost objects. It uses the cost of these activities as the basis for assigning costs to other cost objects such as products or services.".

Explanation: The ABC costing model is a model that is based on the grouping into cost centers that make up a sequence of value of the products and services of the company's productive activity. It focuses its efforts on managerial reasoning in an adequate way the activities that cause costs and that are related through its consumption with the cost of the products. The most important thing is to know the generation of costs to obtain the greatest possible benefit from them, minimizing all the factors that do not add value.

6 0

3 years ago

The following data from the just completed year are taken from the accounting records of Mason Company: Sales$658,000 Direct lab

Alex_Xolod [135]

Answer:

1. Prepare a schedule of cost of goods manufactured

schedule of cost of goods manufactured

Direct labor cost $83,000

Raw Materials $133,000

Manufacturing overhead $202,000

Add Beginning Work In Process $5,900

Less Ending Work In Process ($20,500)

cost of goods manufactured $403,400

2. Prepare a schedule of cost of goods sold

schedule of cost of goods sold

Begining Finished goods $74,000

Add cost of goods manufactured $403,400

Less Ending Finished goods ($25,100)

Add Under- Applied Overheads $22,000

cost of goods sold $473,300

3. Prepare an income statement.

Sales $658,000

Less cost of goods sold ($473,300)

Gross Profit $184,700

Less Operating Expenses

Selling expenses ($106,000)

Administrative expenses ($46,000)

Net Income $ 32,700

Explanation:

1. Prepare a schedule of cost of goods manufactured

Raw Materials Consumed in Production

Begining Raw Materials Inventory $8,800

Add Raw material purchases $135,000

Less Ending Raw Materials Inventory ($10,800)

Raw Materials Consumed in Production $133,000

schedule of cost of goods manufactured

Direct labor cost $83,000

Raw Materials $133,000

Manufacturing overhead $202,000

Add Beginning Work In Process $5,900

Less Ending Work In Process ($20,500)

cost of goods manufactured $403,400

2. Prepare a schedule of cost of goods sold

Actual manufacturing overhead costs ($224,000) > Applied Manufacturing overhead($202,000)

Under- Applied Overheads

Applied Manufacturing overhead $202,000

Actual manufacturing overhead costs $224,000

Under- Applied Overheads $22,000

schedule of cost of goods sold

Begining Finished goods $74,000

Add cost of goods manufactured $403,400

Less Ending Finished goods ($25,100)

Add Under- Applied Overheads $22,000

cost of goods sold $473,300

3. Prepare an income statement.

Sales $658,000

Less cost of goods sold ($473,300)

Gross Profit $184,700

Less Operating Expenses

Selling expenses ($106,000)

Administrative expenses ($46,000)

Net Income $ 32,700

6 0

4 years ago

Findell Corporation is considering two projects, A and B, and it has gathered the following estimates for the projects Project A

Vilka [71]

Answer:

a. 1.096

Explanation:

The present value index is the same as the profitablility index(PI), which is computed by dividing the present value of future cash inflows by the initial investment(the present value of cash outflows). A profitability of above 1 means that the project is viable as the numerator(PV of cash inflows) exceeds the denominator( initial cash outlay).

Project A PI index= Present value of cash inflows/Present value of cash outflows

Project A PI index= $84,360/$77,000

Project A PI index= 1.096

8 0

3 years ago

Start with the beginning balances for these T-accounts: Accounts Receivable, $100,000, Allowance for Uncollectible Accounts,

iren [92.7K]

Answer:

T-accounts:

The ending balances of Accounts Receivable and Allowance for Uncollectible Accounts are:

Accounts Receivable = $75,000

and

Allowance for Uncollectible Accounts = $17,000

Explanation:

Accounts Receivable

Accounts Title Debit Credit

Balance $100,000

Service Revenue 697,000

Cash $714,000

Uncollectible written off $8,000

Balance $75,000

Allowance for Uncollectible Accounts

Accounts Title Debit Credit

Balance $14,000

Uncollectible written off $8,000

Uncollectible Expense 11,000

Balance 17,000

7 0

3 years ago

Prepare a 2020 income statement for Shanta Corporation based on the following information:_________.