Vaughn's net income for the year 2022 is: c. $88,000.
<h3>Net income</h3>
Using this formula
Net income=Revenues - expenses
Where:
Revenues=$735,000
Expenses=$647,000
Let plug in the formula
Net income=$735,000-$647,000
Net income=$88,000
Therefore the correct option is c.
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Answer:
$35,143
Explanation:
Step 1 : Determine the value of Ending Inventory
Ending Inventory = $205,000 x 60 %
= $123,000
Step 2 : Determine the amount of unrealized profit in inventory
The Subsidiary (Carl Corporation) sold inventory to Parent (James Corporation).
James Corporation is the Parent of a Group since its owns more than 50% of voting rights of Carl Corporation
We use the gross profit percentage of the seller to determine the unrealized profit in inventory which is 40%.
Unrealized profit in inventory = 40/140 x $123,000
= $35,143
Conclusion :
The amount of intra-entity gross profit in inventory at December 31 that should be eliminated in the consolidation process is $35,143.
Answer:
Dr Potter's 8% Bonds $100,000
Cr Cash $100,000
Dr Cash $4,000
Cr Interest income $4,000
Explanation:
Based on the information given the appropriate journal entry will be:
Dr Potter's 8% Bonds $100,000
Cr Cash $100,000
(Being 8% Bonds purchased)
Dr Cash $4,000
Cr Interest income $4,000
($100,000*8%*1/2)
(To record semi annual interest receipt)
Answer:
Rental expense = $2,000
Demanded and supplies = 12,500
Explanation:
As we see that
Market equilibrium is that point in which the demand and the supplies are equal to each other.
So, at the rental expense per month of $2,000
The equilibrium number of apartments demanded and supplied is 12,500 as the demanded and the supplies are equal so it would be a market equilibrium.
So we considered the information which is mentioned in the question
