The financial records of Sunland Inc. were destroyed by fire at the end of 2020. Fortunately, the controller had kept certain statistical data related to the income statement as follows.
1. The beginning merchandise inventory was $75,440 and decreased 20% during the current year.
2. Sales discounts amount to $18,700.
3. 17,108 shares of common stock were outstanding for the entire year.
4. Interest expense was $18,000.
5. The income tax rate is 30%.
6. Cost of goods sold amounts to $440,000.
7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.
8. Four-fifths of the operating expenses relate to sales activities.
Required:
From the foregoing information prepare an income statement for the year 2020 in single-step form.
Answers
Answer:
Sunland Inc.
Income statement for the year 2020
Sales $1,100,000
Less Sales Discounts ($18,700)
Net Sales $1,081,300
Less Cost of goods sold ($440,000)
Gross Profit $641,300
Less Expenses
Administrative expenses ($440,000 x 20%) ($88,000)
Interest expense ($18,000)
Net Profit before tax $535,300
Income tax expense ($535,300 x 30%) ($160,590)
Net Profit after tax $374,710
Explanation:
The Income Statement shows the Profit earned during the Reporting Period. Only Revenues or Incomes and Expenses are recorded in this Statement.
Using the amount of admin expenses to fin the Gross Sales we have :
Gross Sales = 100 / 8 x $88,000 = $1,100,000
Related Questions
Thet has been a growing issue at your store during hours of operation when there are few colleagues stated at the store. Due to the lack of stat, there is
less chance of spotting that
What would you be most and east likely to co
PICK ONE OF EACH
Move a coleague from the register to the floor. This may lead to longer lines, but will reduce thelt and provide good service to customers
Conduct training with colleagues to ensure they are using appropriate asset protection techniques, such as being aware of one's
Ty to deter that by posting signs and making announcements to potential shopiters about security cameras and the monitoring
activities.
Limit the quantity of trequenty stolen tems on shelves. While this may convenience some of your customers, it will also help reduce
O
Answers
Answer: what exactly do I write about?
Explanation:
Most likely to conduct training with colleagues to ensure they are using appropriate asset protection techniques, as it can proactively address the issue of theft without compromising customer service. Least likely to limit the quantity of frequently stolen items on shelves, as it may inconvenience customers and affect sales negatively.
The question is discussing various strategies to mitigate theft in a retail setting due to few employees being present during certain hours. One strategy is to redistribute staff responsibilities and move a colleague from the register to the floor. This may slow down checkout times, but will likely decrease theft and improve overall customer service.
Another strategy is to conduct training with colleagues to enhance their asset protection skills. This includes steps like increasing vigilance and awareness of their surroundings. This approach relies on preventative measures.
A third approach is to deter theft by posting signs and making announcements about the presence of security cameras and ongoing surveillance. This acts as a deterrent by making potential shoplifters aware that they're being watched.
Finally, the store can limit the quantity of frequently stolen items displayed on shelves. While this might inconvenience some customers, it will also likely reduce theft.
Learn more about Issue of theft here:
https://brainly.com/question/32263129
#SPJ2
Opportunity cost is _____.
the cost of business itself
the cost of travel, entertainment and other activities that provide an opportunity for recreation
the cost of an alternative product or service that cannot be acquired because the available funds were used for another purpose
none of the above
Answers
Opportunity cost is the cost of an alternative product or service that cannot be acquired. Opportunity cost is frequently referred to as the second-best option.
The loss of gain that would have been realised if a different option had been chosen is sometimes product referred to as the alternative cost. The loss of benefit as a result of a change in choice is another way to explain it. The value of the next-highest-valued alternative use of a resource is what economists mean when they talk about its "opportunity cost." You cannot, for instance, read a book at home during the time you would have spent seeing a movie and spend the money you would have spent on something else.
To learn more about Opportunity cost, click here.
https://brainly.com/question/13036997
#SPJ1
Hi, i need help for this assignment from "Essentials of Investments", can you help me? I have to deliver by midnight!! URGENT
Answers
60% of the client's investment should be in the risky portfolio and 40% should be in T-bills.
What is the portfolio?
a. To find the proportion y, we can use the following formula:
0.17 = y(0.18) + (1-y)(0.055)
where y is the proportion of the investment in the risky portfolio.
Simplifying and solving for y, we get:
y = (0.17 - 0.055) / (0.18 - 0.055) = 0.60 or 60%
Therefore, 60% of the client's investment should be in the risky portfolio and 40% should be in T-bills.
b. To find the investment proportions in each security, we can multiply the overall investment proportions by the proportion invested in the risky portfolio.
Investment in T-bills: 40%
Investment in Stock A: 0.32 x 0.60 = 0.192 or 19.2%
Investment in Stock B: 0.36 x 0.60 = 0.216 or 21.6%
Investment in Stock C: 0.32 x 0.60 = 0.192 or 19.2%
Therefore, the client's investment proportions in the three stocks and in T-bills are:
T-Bills: 40%Stock A: 19.2%Stock B: 21.6%Stock C: 19.2%Read more about portfolio here:
https://brainly.com/question/25929259
#SPJ1
Assume that you manage a risky portfolio with an expected rate of return of 18% and a standard deviation of 34%. The T-bill rate is 5.5%.
Your risky portfolio includes the following investments in the given proportions:
Stock A 32%
Stock B 36 %
Stock C 32%
Your client decides to invest in your risky portfolio a proportion (y) of his total investment budget with the remainder in a T-bill money market fund so that his overall portfolio will have an expected rate of return of 17%.
Required:
a. What is the proportion y? (Round your answer to 1 decimal place.)
Proportion y ---------------%
b. What are your client's investment proportions in your three stocks and in T-bills? (Round your intermediate calculations and final answers to 2 decimal places.)
Security Investment Proportions
T-Bills --- ----%
Stock A-----------%
Stock B-----------%
Stock C--------%
1. The roles of money Eric has saved $30 per week to buy a new Blu-Ray player. He compares two different models: a Panaview that is priced at $130 and a Zony model that is priced at $140. Eric decides to purchase the Zony Blu-Ray player for $140. Identify what role money plays in each of the following parts of the story.
Answers
If real GDP in a year was $3,900 billion and the price index was 130, then nominal GDP in that year was approximately
Answers
Answer:
$5,070 billion
Explanation:
Given the following:
The real GDP in a year => $3,900 billion
The price index => 130,
The nominal GDP is measured as
=> 100 -130 = 30%
=> 30% × 3,900 = 1,170
=> 1,179 + 3,900 = 5,070
Therefore, in this case, the correct answer is $5,070 billion as the nominal GDP for the year.
If during the signing appointment the borrower divulges that the property being financed is an investment property, while the loan papers indicate it is for a primary residence, the Notary Signing Agent should:
Answers
Answer:
contact the lender's representative immediately before signing the documents.
Explanation:
The above is an example of Actual or Potential misrepresentation which falls under Code of Conduct 5.10. Once a notary signing agent notices that during the signing appointment, the information provided by the borrower differs from what is on the loan document, he should immediately report such false misrepresentation (potential or actual misrepresentation or falsehood known) witnessed by the NSA in connection with a transaction to the representative of the NSA.
By contacting the lender's representative, the purpose for obtaining the loan will be confirmed whether the property being financed is an investment property or for a primary residency otherwise the notary signing agent will be held responsible for any infraction if his signature is appended because he is expected to verify the authenticity of the information provided.
A patron of a sporting arena can purchase alcohol inside and take it out to the Parking lot true or false
Answers
If a patron of a sporting arena purchases alcohol inside, they can take it out to the parking lot so this is TRUE.
What are patrons of sporting arenas able to do?Alcohol consumption rules state that a person who purchases alcohol from a licensed venue is allowed to take that drink anywhere within the premises.
The parking lot of a sporting arena still counts as the premises of the sporting arena so the patron can take the alcohol there.
In conclusion, it is true that a patron of a sporting arena can purchase alcohol inside and take it out to the parking lot.
Find out more on the rights of a patron at https://brainly.com/question/26023428
#SPJ1
Pilet Pte Ltd balance sheet reflected assets of 10,000, liabilities of 5,000 and share capital of 2,000 as of December 31,2009. If retained earnings on December 31, 2010 balance sheet is 8,000 and Pilet paid a 2,000 dividend during 2010, then the amount of net income in 2010 would be
(a) $1,000
(b) $7,000
(c) $5,000
(d) None of the above
Answers
Answer:
(b) $7,000
Explanation:
retained earnings December 31, 2009 = $10,000 - $5,000 - $2,000 = $3,000
retained earnings December 31, 2010 = $8,000
dividends distributed during 2010 = $2,000
net income = ending retained earnings + dividends - beginning retained earnings = $8,000 + $2,000 - $3,000 = $7,000
If the reserve requirement is 20% and commercial bankers decide to hold additional excess reserves equal to 5% of any newly acquired checkable deposits, then the effective monetary multiplier for the banking system will be
Answers
Answer: 4
Explanation:
Based on the information provided in the question, the effective monetary multiplier for the banking system will be calculated as:
= 1/Reserve ratio
= 1 / (20 + 5%)
=1/(0.20+0.05)
= 1/0.25
= 4
Therefore, the effective monetary multiplier for the banking system is 4.
From the case Ford Hybrid Car Case, by ARVIND RANGASWAMY
Develop forecasts of hybrid car penetration in the U.S. market from 2007 through 2016 for each scenario you develop, along with a justification and explanation for your forecasts. (In applying the Bass model, note that market penetration data for the three analog products mentioned in the case, namely, ABS, EFI, and Diesel cars, were all reckoned in terms of the percentage of the target market that adopted the product. Thus the maximum market potential can at most be equal to 100).
Answers
The forecasts of hybrid car penetration in the U.S. market from 2007 through 2016 for each scenario are Optimistic, Pessimistic and Realistic.
Scenario 1: Optimistic
In this scenario, I assume that the following factors will contribute to the growth of the hybrid car market:
Increasing awareness of the environmental benefits of hybrid carsGovernment incentives for purchasing hybrid carsContinued improvement in the performance and affordability of hybrid carsBased on these factors, I forecast that the market penetration of hybrid cars in the U.S. will reach 10% by 2016.
Scenario 2: Pessimistic
In this scenario, I assume that the following factors will hinder the growth of the hybrid car market:
High price of hybrid carsLack of charging infrastructureConsumer resistance to changeBased on these factors, I forecast that the market penetration of hybrid cars in the U.S. will reach only 5% by 2016.
Scenario 3: Realistic
In this scenario, I assume that the following factors will influence the growth of the hybrid car market:
A combination of the factors in the optimistic and pessimistic scenariosBased on these factors, I forecast that the market penetration of hybrid cars in the U.S. will reach 7% by 2016.
For such more question on Optimistic:
https://brainly.com/question/31875171
#SPJ8
check all of the following that are true about the response to the financial crisis of 2009.
A. greater government intervention into the economy was the hallmark of the incoming Obama administration and its “stimulus” package that passed through Congress in February 2009
B. although it included temporary payroll tax cuts, most of the package’s $831 billion was focused on government spending and therefore represented a Classical approach to countering a recession
C. with unemployment rising over the previous year to 7.6 percent, Obama asserted that the American Recovery and Reinvestment Act (ARRA) was necessary because the government “was the only entity left with the resources needed to jolt our economy” back to life
D. following the enactment of the stimulus package, the unemployment rate continued to rise, not only surpassing the eight percent estimate of the administration, but staying above eight percent for 43 consecutive months until late 2012
Answers
Option A and C. The following that are true about the response to the financial crisis of 2009
Less government intervention into the economy was the hallmark of the incoming Obama administration and its “stimulus” package that passed through Congress in February 2009 with unemployment rising over the previous year to 7.6 percent, Obama asserted that the American Recovery and Reinvestment Act (ARRA) was necessary because the government “was the only entity left with the resources needed to jolt our economy” back to lifeWhat was the financial crisis of 2009The economic slowdown from 2007 to 2009 that followed the collapse of the U.S. housing bubble and the world financial crisis is known as "The Great Recession." Since the Great Depression of the 1930s, the Great Recession was the country's worst economic downturn.
Read more on financial crisis here: https://brainly.com/question/249622
#SPJ1
what does ip address mean??
Answers
Answer:
It is where you live and more stuff I forgot
It is possible for an increase in minimum wage to increase the number of workers hired in a competitive labor market, but not in a monopsony setting. True False
Answers
It is possible for an increase in minimum wage to increase the number of workers hired in a competitive labor market, but not in a monopsony setting. False, it is possible for a Monopsony to hired more workers but the workers are hired at the same minimum wage as before the rise in minimum wages. A monopsony, as compared to a perfectly competitive firm, pays a lower wage and hires more labor.
What is a Monopsony?A labor market in which there is only one firm demanding labor is called a monopsony.
A monopsonist is the sole demander of the labor in the market, the monopsonist's demand for labor is the market demand for labor.
Learn more about Monopsony here:
https://brainly.com/question/18559785
#SPJ1
In a period of falling interest rates, a bond dealer would engage in which of the following activities?I Raise prices in interdealer quote publications such as Bloomberg for municipal bondsII Place "request for bids" in services such as Bloomberg on appreciated positions where the dealer has no current interestIII Bid for bonds to cover previously established short positionsIV Buy put options on debt instruments to hedge existing short positionsA. I and II onlyB. III and IV onlyC. I, II, IIID. I, II, III, IV
Answers
Answer:
C. I, II, III
Explanation:
In a period of falling interest rates, a bond dealer would engage in all of the following activities except for IV. Therefore, a dealer would raise his quoted price in Bloomberg. If the dealer has an appreciated bond that he wishes to sell, he can place ''Request for Bids'' for those bonds in Bloomberg. The dealer may buy bond the he has previously sold short to limit losses due to rising price. To protect existing short position against the rising price, the dealer will buy call options, not put options. Put options are used in protecting existing long position from falling price.
Guji company had the following amounts of assets and liabilities at the beginning and end of last year:
Assets Liabilities
Beginning of the year………………Br.75,000 Br. 30,000
End of the year….……………………120,000 46,000
Determine the net income or net loss of Guji for the year under each of the following unrelated assumptions:
Owner made no additional investment and withdrew no amount during the year
Owner made no additional investment but withdrew Br.17,500 to pay for her personal expenses
Owner withdrew no amount during the year but made additional investment of Br. 32,500 cash.
Owner withdrew Br.17,500 and invested Br.25,000 cash during the year.
Answers
$32300 is the net income of Guji for the year under each of the following unrelated assumptions.
Explanation:Total assets=Total liabilities +Total equity
Beginning equity=(231,000-96500)=$134500
Ending equity=(262,000-78400)=$183600
Ending equity=Beginning equity+Issue of common stock+Net income-Dividends
183600=134500+23500+Net income-6700
Net income=(183600+6700-134500-23500)
=$32300.
Thus, $32300 is the net income.
For more details about the question click here:
https://brainly.com/question/27821255
#SPJ1
I AM SO FRUSTRATED RIGH NOW! I WANT TO CANCEL YOUR SERVICE IMMEDIATELY!!! I AM CONTACTING THE BETTER BUSINESS BUREAU, THIS IS BS. THERE IS NO OPTION TO CAN EL
Answers
Answer:
are u ok?
Explanation:
Consider a situation where a manufacturer from country A and a distributor based in country B are considering a relationship. To serve this market, the firm from A must invest in new equipment, which can be used only for the B market. The two firms transact infrequently, and there is significant uncertainty about the nature of the market demand. Trust between the two firms is low, and country B's legal system to be unsympathetic to foreign firms. How should the manufacturer choose to organize its transactions
Answers
Spot market is the most suitable in organizing its transactions.
What is Spot market?
This is defined as a public financial market in which financial instruments or commodities are traded for immediate delivery.
Deliveries aren't usually done later due to different factors such as uncertainties between the companies involved. This depicts the low trust talked about in this scenario hence why Spot market was chosen as the most appropriate choice.
Read more about Markets here https://brainly.com/question/924486
Nicholas just started a new business. He recognizes the need for performance appraisals but does not want to develop different ones for each job. He should use the ______ with all employees to rate their performance on a continuum such as excellent, good, average, fair, and poor.
Answers
If Nicholas wanted to use a performance appraisal style that rated performance on a continuum, he should use the Graphic rating scale form.
What is the Graphic rating scale form?It is a performance appraisal style where the various factors contributing to employee performance are rated on a continuum with answers such as excellent, very good, fair, and the like.
The advantage of this is that it can apply to several types of jobs so there would be no need to come up with new appraisal styles.
Find out more on the Graphic rating scale at https://brainly.com/question/25816641.
The company ABC, L.C. manufactures some products with an average sales price of € 25/unit, with fixed annual costs of € 110,000. The average unit variable costs are € 5.
a) At what volume of production will the threshold of profitability be reached?
b) Assuming that annual sales are estimated at 20,000 units, being the distribution evenly over a year, on what date will the break-even point be reached?
c) What would be the sales value or turnover corresponding to the threshold of profitability?
Answers
a. The threshold of profitability is the break-even point which is the level of production at which the total revenue equals the total costs which in this case is 5,500 units.
What is breakeven point?Break-even point is a business term that refers to the point at which a company's revenue from sales equals its total expenses, resulting in zero profit or loss. At the break-even point, the company is not making a profit, but it is also not incurring a loss.
It can also be used to analyze the profitability of different pricing strategies and help with decision-making on investments, expansion plans, and other financial decisions.
In the above case of company ABC, the break-even point is 5,500 units.
Learn more about breakeven point here:
https://brainly.com/question/15406644
#SPJ1
"One of the best methods of developing an economy is to expand local
markets so that the local community has access to all the markets.'
Based on the statement above, explain what local govemment needs to do to
expand local markets,
(2/2) (4
Answers
Answer:
This kinda hard
Explanation:
I can’t do it
jose is a very active toddler who prefers to do things by himself. according to erikson, jose prefers to be successfully resolving which developmental crisis?
Answers
What is the interest expense on December 31?
Answers
The interest expense on December 31 of the first year is $5,250.
What is the interest expense on bonds?The interest expense for a bond that has the same coupon rate as the market rate is always the same for all periods of the bond.
This shows that the bond was issued at neither premium nor discount but at par.
Data and Calculations:N (# of periods) = 20
I/Y (Interest per year) = 7.5%
PMT (Periodic Payment) = $5,250 ($140,000 x 7.5% x 1/2)
FV (Future Value) = $140,000
Results:
PV = $140,000.00
Sum of all periodic payments = $105,000 ($5,250 x 20)
Total Interest = $105,000
SchedulePeriod PV PMT Interest FV
1 $140,000 $5,250 $5,250 $140,000
2 $140,000 $5,250 $5,250 $140,000
Thus, the interest expense on December 31 of the first year is $5,250.
Learn more about the interest expense of bonds issued at par at https://brainly.com/question/16995383
#SPJ1
A clothing eCommerce comapny has an Average Order Value of $65. It costs the company $35 to produce the clothes in the average order and $15 to ship it to the customer. What is the Average Order's Gross Profit? * $65 $50 $30 $15
Previous question
Answers
The average order's gross profit for the ecommerce company is $15. The Option D is correct.
What is the calculation for the gross profit?To calculate the average order's gross profit, we will subtract the total cost of producing and shipping the clothes from the revenue generated by the order.
Revenue generated by the order is $65.
The total cost of producing and shipping the clothes is:
= $35 + $15
= $50.
The gross profit of the average order is:
= $65 - $50
= $15.
Read more about Gross profit
brainly.com/question/942181
#SPJ1
Which of the following would you classify as a true emergency? A. Overdrawing your checking account B. Losing your job C. Wanting tickets to a sold-out concert D. Having a balance on a credit card with 19.5% interest
Answers
Answer: B
Explanation:
Which of the following BEST describes a conflict of interest? O A. Two companies competing for the business of the same customer B. Parties engaging in an activity that does not equally benefit all parties C. An employee engaging in an activity that may benefit that individual to the detrimen O D. People on different sides of an issue agreeing to disagree O E. A company engaging in practices that conflict with government regulations Click to select your answer.
Answers
The statement that best describes conflict of interest is - An employee engaging in an activity that may benefit that individual to the detriment of his employer or clients of the firm
Conflict of interest arises when the interest of an employee is not aligned with the interest of his/her employer or clients.
For example, an employer might decide to take a project even though it is not profitable because if the project is undertaken it would increase the prestige of the employee. This project would be benefit the employee but not the employer.
To learn more about conflict of interest, please check: https://brainly.com/question/14787764?referrer=searchResults
You have 24 cups of milk.
You need 1.25 cups to make one serving of deep-fried chicken.
How many servings can you make? Whole servings only - round down
rather than using partial servings.
Answer:
to make a servings of roast beef gravy.
Answers
Answer:
19.2 serving
Explanation:
Because if you have 24 cups of milk and need 1.25 cups to make 1 serving we would have to divide.
24 cups of milk - 1.25 cups of milk per serving = 19.2
How do marginal costs
and benefits relate to trade-offs?
Answers
Answer:
A trade-off is the actual alternative option that is given up, while the value of this alternative option is the opportunity cost. ... Marginal cost is the cost of using one more unit of a good or service, and marginal benefit is the benefit or satisfaction received from using one more unit of a good or service.
Explanation:
Calculate the percent change in revenue from one month to the next if 1,000 units are sold on sale at $21 each during a month, and then 700 units are sold at $30 each during the next month.
Answers
There is no change in revenue from one month to the next.
To calculate the percent change in revenue from one month to the next, you will need to find the revenue generated in each month and compare them.
The formula to find the percent change is given by:
Percent change = [(New value - Old value) / Old value] x 100
Where the New value is the revenue generated in the second month and the Old value is the revenue generated in the first month. To find the revenue generated in the first month, we need to multiply the number of units sold by the sale price per unit.
Revenue in the first month = 1,000 x $21 = $21,000
To find the revenue generated in the second month, we need to multiply the number of units sold by the sale price per unit.
Revenue in the second month = 700 x $30 = $21,000
Using the formula, we can find the percent change in revenue from the first month to the second month:
Percent change = [(21,000 - 21,000) / 21,000] x 100
Percent change = 0%
Therefore, there is no change in revenue from one month to the next. This means that selling fewer units at a higher price did not generate more revenue than selling more units at a lower price. It is important for businesses to consider the optimal balance between price and quantity to maximize their revenue.
Know more about Revenue here:
https://brainly.com/question/29786149
#SPJ8
The Timberlake-Jackson Wardrobe Co. has 10.5 percent coupon bonds on the market with nine years left to maturity. The bonds make annual payments and have a par value of $1,000. If the bonds currently sell for $1,142.49, what is the YTM
Answers
Answer:
bébete la pastilla Randy jariel
According to modern classification of accounts, the sales account is a(n) ________account.
Answers
According to modern classification of accounts, the sales account is a revenue account.
What is a revenue account?Revenues are the assets generated by the operations and business activities of a company. In other words, revenues include the cash or receivables received by a business in exchange for the sale of its goods or services. The revenue account is a credit balance equity account.
When we earn revenue, we need to properly record it in our accounting books.
The two kinds of revenue account- operating and non-operating revenue accounts can be classified further into-
SalesRent revenueDividend revenueInterest revenueContra revenue (sales return and sales discount)Therefore, the sales account is a revenue account.
To learn more about revenue account, click here:
https://brainly.com/question/30030700
#SPJ1