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8090 [49]
2 years ago
13

A company reports Gross margin of $100,000, Cost of goods sold of $70,000, and Selling and administrative expenses of $45,000. N

et operating income (loss) is ______.
Business
1 answer:
Sveta_85 [38]2 years ago
5 0

The company incurs net operating loss of  -$15,000 having reported gross margin initially.

<h3>What is net operating income?</h3>

Net operating income is the sum total of a company's profit after subtracting its regular, recurring costs and expenses.

Net Operating income or loss is computed as :

= Total Revenue - Cost of Goods Sold - Operating Expenses

= $100,000 - $70,000 - $45,000

= -$15,000

Therefore, the net operating loss for the company is -$15,000

Learn more about net operating income here : brainly.com/question/25895372

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Larned Corporation recorded the following transactions for the just completed month.
lara [203]

Answer:

1. Dr Raw materials $80,000

Cr Account payable $80,000

2. Dr Work-in-Process $62,000

Dr Manufacturing overhead $9,000

Cr Raw materials $71,000

3. Dr Work-in-Process $101,000

Dr Manufacturing overhead $11,000

Cr Cash $112,000

4. Dr Manufacturing overhead $175,000

Cr Accumulated depreciation $175,000

Explanation:

Preparation of Journal entries

1. Based on the information given we were told that the amount of$80,000 in raw materials were been purchased on account which means that the Journal entry will be :

Dr Raw materials $80,000

Cr Account payable $80,000

(Raw materials purchased on account)

2. Based on the information given we were told that the amount of $71,000 in raw materials were been used in production in which the amount of $62,000 was for used for direct materials while the remaining was for indirect materials which means that the Journal entry will be:

Dr Work-in-Process $62,000

Dr Manufacturing overhead $9,000

(71,000-62,000)

Cr Raw materials $71,000

(raw material charged to production)

3. Based on the information given we were told that the Total labor wages amount of $112,000 were been paid in cash in which the amount of $101,000 was for direct labor while the remaining was for indirect labor which means that the Journal entry will be :

Dr Work-in-Process $101,000

Dr Manufacturing overhead $11,000

(112,000-101,000)

Cr Cash $112,000

(Wages charged to production)

4. Based on the information given we were told that the Depreciation of the amount of $175,000 was incurred on factory equipment which means that the Journal entry will be :

Dr Manufacturing overhead $175,000

Cr Accumulated depreciation $175,000

(Depreciation charged)

4 0
3 years ago
Alyona recently purchased a car. In her first auto loan statement, she was surprised to find a letter for a life insurance compa
Ad libitum [116K]

Answer:

Credit life Insurance

Explanation:

The scenario describes Credit life insurance

This is a form of insurance policy that that is designed to pay off the balance on a policy holder's outstanding loan in case of death. It is designed for the protection of lender and heirs who are co signers from loss in case of the death of the borrower.

The insurance is liable to the balance on the loan as at the time of the death of the borrower.

3 0
3 years ago
The refusal of the US Senate to ratify the ITO's charter "doomed" the International Trade Organization (ITO).
alex41 [277]
Im not sure i think it may be false tho
6 0
3 years ago
Read 2 more answers
Use the following information to answer the next two questions: Q14 and Q15. The Cavallas Co. had the following balances in sele
Annette [7]

Answer:

Debit bad debt with $4,000, and credit Accounts receivable also with $4,000.

Explanation:

New bad written off = Accounts receivable × 4% = $100,000 × 4% = $4,000

The journal entries will be as follows:

<u>Details                                            Dr ($)                 Cr ($)          </u>

Bad debt                                        4,000

Accounts receivable                                                4,000

<u><em>Being a bad written off the accounts receivable                      </em></u>

3 0
3 years ago
Adjusting factory overhead LO P4
irga5000 [103]

Answer:

26,500 Under applied

Explanation:

<em><u>Lock-Tite Company</u></em>

Actual Factory Overhead 215,000

Factory overhead Indirect materials 15,000

Indirect labor 80,000

Other overhead costs 120,000

Direct Labor = 345,000

Predetermined Overhead = 70% of $ 345,000= $ 241,500

Actual Overhead = $ 215,000

Difference = Predetermined Overhead - Actual Overhead

                = 241,500- $ 215,000= 26,500 Under applied

We find the difference between actual overhead and applied overhead to find the underapplied ( overapplied overhead. If the actual overhead is less than applied overhead it is underapplied. But if the actual overhead is greater than applied overhead it is over applied.

Raw materials Opening $ 43,000

Add Materials Purchases 195000 ( 210,000 - 15000)

Less Raw materials Closing $ 52,000

Direct Materials Used 186,000

Direct Labor  345,000

FOH   215,000

Total Manufacturing Costs  746,000

Add Work in process  Opening 10,200

Less Work in process Closing 21,300

Add Finished goods  Opening 63,000

Less Finished goods Closing  35,600

Cost Of Goods Sold 762,300

8 0
3 years ago
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