Use the following to answer questions 23- 30 PM Corp. reported the following income statement results: Sales $750,000
Sales return & allowances 10,000
Gross profit 312,280
Operating expense 234,100
Gain on sale of equipment 6,200
Net income 69,560
23. $____ Calculate Net sales 24. $____Calculate Cost of Goods Sold
25. $____ Calculate operating income
26. $ ____Calculate Income before Income tax (IBT) 27. $ ____Calculate income tax expense 28. ___.___%. Calculate the gross profit margin (one decimal place) 29. ___.___%. Calculate the profit margin (one decimal place) 30. $____ Assume the company had a loss (instead of the gain) determine IBT.
Answers
23. $740,000 Calculate Net sales, 24. $437,720 Calculate the Cost of Goods Sold, 25. $78,180 Calculate operating income, 26. $84,380 Calculate c (IBT), 27. 40% ($33,752) Calculate income tax expense, 28. 42.16%. Gross profit margin, 29. 9.40%. Profit margin, 30. $ (71,980). IBT
23. Net Sales = Sales - Sales returns and allowancesNet Sales = $750,000 - $10,000Net Sales = $740,000
24. Cost of Goods Sold (COGS) = Sales - Gross ProfitCOGS = $750,000 - $312,280COGS = $437,720
25. Operating Income = Gross Profit - Operating ExpensesOperating Income = $312,280 - $234,100Operating Income = $78,180
26. Income before tax (IBT) = Operating Income + Gain on sale of equipmentIncome before tax (IBT) = $78,180 + $6,200Income before tax (IBT) = $84,380
27. Income Tax Expense = Income before tax (IBT) x Tax RateIncome Tax Expense = $84,380 x 40%Income Tax Expense = $33,752
28. Gross Profit Margin = (Gross Profit / Net Sales) x 100Gross Profit Margin = ($312,280 / $740,000) x 100Gross Profit Margin = 42.16% (rounded to one decimal place)
29. Profit Margin = (Net Income / Net Sales) x 100 Profit Margin = ($69,560 / $740,000) x 100Profit Margin = 9.40% (rounded to one decimal place)
30. If the company had a loss instead of a gain, then the gain will become a loss. IBT = Operating Income + Loss on sale of equipmentIBT = $78,180 - $6,200IBT = $71,980 Therefore, IBT is $71,980 if the company had a loss.
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Related Questions
What are some actions that may be taken by a nation to reduce interest rates in a country
Answers
Answer:
If needed, the Federal Reserves has the ability to lower interest rates.
Explanation:
Is empathy matters in making friends and relationships Why?
Answers
The truth is that empathy makes people happier because it helps life feel more meaningful. Because they can see things from another person's point of view, they're more able to make and keep friends.
Empathy is the ability to put oneself in another person's shoes and comprehend or experience what they are going through from within their frame of reference. Since term was first used in the English language, scholars and laypeople have given empathy a broad variety of meanings.
Definitions of empathy cover a wide variety of behaviors, such as having compassion for others and a desire to assist them, feeling feelings similar to those of another person, understanding what another person is thinking or feeling, and blurring the lines between oneself and others.
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if the fed conducts open-market sales, the money supply
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When the Fed buys government bond from a bank, then, bank will acquires money which it can lend out, thus, leading to an increase to money supply.
The open market operations entails the purchase and sales of government bonds by the Federal Reserve (Fed).
When Fed purchases government securities on open market,, this increases the reserves of commercial banks, increases the price of government securities, reduces overall interest rates etc.Therefore, when the Fed buys the government bond from a bank, then, the bank will acquires money which it can lend out, thus, leading to an increase to money supply.
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How much does it cost to fly a dog internationally
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Answer:
at least 3 watts
What organizations, other than The IIA, promulgate guidance that is pertinent to internal auditors?
Answers
Several organizations promulgate guidance that is pertinent to internal auditors. Some of these organizations include:
1. The Institute of Management Accountants (IMA): The IMA provides guidance and resources relevant to internal auditors, particularly in areas such as managerial accounting, risk management, and internal controls.
2. The Committee of Sponsoring Organizations of the Treadway Commission (COSO): COSO is a joint initiative of several professional organizations and provides comprehensive frameworks, such as the COSO Internal Control Framework and the COSO Enterprise Risk Management Framework, which are widely used by internal auditors to assess and enhance internal controls and risk management practices.
3. The International Federation of Accountants (IFAC): IFAC sets international auditing and assurance standards that are relevant to internal auditors, including the International Standards on Auditing (ISAs) and the International Standards on Review Engagements (ISREs).
4. The Financial Accounting Standards Board (FASB): FASB establishes accounting standards that impact the work of internal auditors, ensuring consistency and transparency in financial reporting.
These organizations, among others, provide valuable guidance and resources that help shape the practices and standards followed by internal auditors worldwide.
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In a market economy, decisions about which goods are produced are based
on:
A. what health care organizations suggest will be best for citizens.
B. what the local community has made for generations.
C. what the government decides is important for society.
D. what businesses believe will generate the most profits.
SUBMIT
Answers
Using at least two terms from the unit, summarize the United States’ connection to the history of bananas, as documented in this TED talk.
Answers
Answer:
There was a U.S corporation called El Pupo that specialized in trafficking bananas. Bananas reached America in the early 1500’s. By the end of the 1800’s, bananas were a big hit in the U.S. Because U.S fruit companies wanted to grow their own bananas, they bribed government officials into giving them access to various lands. Rainforests were cleared, plantations were built, and the business escalated from there. Explanation: For anybody who still needs it. I got a 10/10. Just switch the words around a bit and you should be good.
Adalyn wants to find a job in Education and Training. She has excellent analytical thinking and leadership skills, but she does not want to work directly with students. Which career would be the best option for her? A. curriculum developer B. high school teacher C. school counselor D. speech-language pathologist
Answers
Answer:
A. curriculum developer
Explanation:
A curriculum developer refers to an individual who is typically an educational professional who is saddled with the responsibility of creating or developing topics, instructional materials and teaching techniques (methods) that are to be used by classroom teachers to instruct, lecture and teach students. Thus, curriculum developers do not work directly with students but are part of the chain responsible for ensuring that students get the best form of knowledge and learning experience in schools.
Additionally, curriculum developers are to ensure that the curriculum used for teaching students are totally or completely in compliance with sets of standards established by the school and regulatory agencies in the state.
In this scenario, Adalyn wants to find a job in Education and Training. She has excellent analytical thinking and leadership skills, but she does not want to work directly with students.
Hence, the career which would be the best option for her is to be a curriculum developer.
Answer:
A. curriculum developer
Explanation:
What is the definition of hangry my friend keeps saying it but i dont understand
Answers
Answer:
hangry is when you feel hungry and angry at the same time
Explanation:
basically, your angry because of the fact that your hungry
What are the qualifications to become a primary teacher and a secondary? Write them.
Answers
Answer:
The eligibility requirement for a Primary Teacher in a Government School is Senior Secondary School certificate or Intermediate or its equivalent, and Bachelor of Elementary Education (B. El. Ed.), or Diploma or certificate in basic teachers' training of not less than two years duration.
GDP is defined as:
A. Gross Domestic Product
B. Sum of consumer purchases over a period of time
C. Business Investment
D. Government investment
E. all of the above
Answers
Answer:
Gross Domestic Product.
Answer:
Gross domestic product
cycle counting part 2 a. increases annual inventory adjustments. b. is a process by which inventory records are verified. c. involves shutting down production once per year to perform the annual inventory count. d. cannot be performed in an independent demand situation.
Answers
The right response is (b), "Inventory records are validated by a technique called cycle counting." Cycle counting, as opposed to doing a single annual inventory count, is a technique used to confirm the correctness of inventory records by often counting smaller subsets of inventory items throughout the year
Instead of performing a single, annual inventory count, cycle counting is an inventory management strategy that involves regularly counting a small selection of goods to check inventory data. In order to increase accuracy and decrease the need for significant annual modifications, the procedure seeks to find and correct anomalies in inventory records. Businesses can optimise their inventory management procedures to avoid stockouts, overstocking, and associated costs by verifying inventory records using cycle counting. This will allow them to make sure that their inventory levels are always accurate. Cycle counting can also assist firms in identifying any operational problems that may be affecting the accuracy of their inventory, such as errors in the receiving, shipping, or stocking procedures.
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Which cost of problem loans is caused by declining bank profits and declining dividend payments? Increased regulatory expenses Increased advertising expenses to generate new loans Lost bank investors Increased legal expenses
Answers
Increased regulatory expenses cost of problem loans is caused by declining bank profits and declining dividend payments. The phrase "all costs incurred directly or indirectly by regulators" is used to characterise the regulatory compliance cost.
A total of sixteen direct and two indirect regulatory cost types were found by Marneffe and Vereeck (2011). The direct costs loans are expenses incurred by society in developing and putting legislation into place. Regulatory risk is the possibility that a change in laws or regulations will have an impact on a security, business, or sector. Companies are required to follow by rules established by governmental bodies that regulate their sector. As a result, every change in legislation may have an industry-wide impact.
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_____ is a career typically requiring a certificate from a vocational school program. Lawyer Actor Sales clerk Automotive mechanic
Answers
Answer:
The answer is Automotive Mechanic
Explanation:
To start with, a vocational school program also known as vocational training or Career and Technical Education (CTE) and Vocational Education and Training (VET), is any program that provides job-specific technical training for a particular career.
Students enrolled for such programs are given hands-on instructions that can lead to the award of certification. Automotive Mechanic is the best option and right answer for this question because the career requires hands-on experience which can be taught by vocational school programs. Other careers that require vocational school programs are plumbing, wiring, shoe making among others.
Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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3. Most employers will pay their employees by directly depositing their paycheck into their checking account. According to his check account statement, John was a paid Every .
A. $200.00, 3 weeks
B. $694.81, 2 weeks
C. $300.00, 1 month
D. $100.00, 2 weeks
Answers
Answer: B. $694.81, 2 weeks
Explanation:
John's payment will be an amount that is deposited into his account and therefore increases it. It will also have a detail that references it to being a salary such as wages, payroll, salary etc.
Looking at the statement, you will notice that there was a payroll payment of $694.81 on October 14,2018 which would make this John's salary. Two weeks later on October 28,2018, he got another payment which means that he gets paid twice a month and the salary is $694.81.
The payment made to John and its duration would be as follows:
B). $694.81, 2 weeks
Account StatementAs per the account details, the payroll payment dated 14th October 2018 displays an amount of $694.81.
This amount exemplifies his salary as the other transactions demonstrate withdrawals.
On 28th October 2018, he receives another payroll deposit of the same amount i.e. $694.81.
Therefore, it can be concluded that he is paid a sum of $694.81 every two weeks.
Thus, option B is the correct answer.
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Which of the following is the best definition of a minimum payment on a credit card?
a) A fee that must be paid whether the card is used or not
b) The smallest payment that will keep a credit card holder in good standing with the lender
C) The interest on the purchases that were made on the credit card
d) Alow introductory payment offered by the lender for a few months until the card holder has established good credit
Answers
I need a good answer to this by Friday. Research various sources or Web sites that can help an entrepreneur with writing a business plan.
Now create a "Top 10" list of these sources in a table. The first one has been done for you.
Discuss what your first choice of sources to use as an entrepreneur would be and explain why.
Answers
The Web sites that can help an entrepreneur in writing a good business plan are:
The Economist.Forbes.com/entrepreneur.Under 30 CEO, etc.What is a business plan?A business plan is known to be a kind of written document that tells onw what they need to know about how a business can be run and also startup.
Concussively, Note that a business plan is regarded as the roadmap for any company in terms of marketing, financial standpoints, etc. The Economist will help the entrepreneur to know more about starting a business and what the market looks like.
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What is the W-4 form used for?
filing taxes with the federal government
determining the amount of money an employee has paid out in taxes
calculating how much tax should be withheld from a person's paycheck
calculating how much income was paid in the previous year
Answers
Answer:
C. calculating how much tax should be withheld from a person's paycheck
Explanation:
In order to ensure that, all employees pay taxes on the income earned throughout the year, the internal revenue service (IRS) has made it compulsory and mandatory for all employers to make available a W-4 Form to all their employees, so as to enable these employees fill out how much income tax is to be withheld from their respective paycheck in relation to their filing status.
Hence, a W-4 form is used for calculating how much tax should be withheld from a person's paycheck and submitted to the internal revenue service (IRS).
Additionally, any employee who defaults in the payment of his or her income tax would be faced with stiff penalties such as failure-to-file, paying a fine etc.
Answer:
its c
Explanation:
just took the unit test on edge
A college student is thinking about running an ice cream truck over the summer. Which would likely be included in the total cost of the business?
Answers
When considering the total cost of running an ice cream truck business over the summer, several expenses are likely to be included. Here are some of the costs that the college student should consider:
1. Truck purchase or lease: The cost of acquiring or renting the ice cream truck itself would be a significant expense.
2. Fuel and maintenance: The cost of fuel to operate the truck and regular maintenance to keep it in good working condition should be factored in.
3. Permits and licenses: Obtaining the necessary permits and licenses to operate a mobile food business, including health and safety certifications, would incur fees.
4. Inventory and supplies: Purchasing ice cream and related products, such as cones, toppings, napkins, and disposable utensils, would be part of the business cost.
5. Equipment and utensils: Expenses for equipment like freezers, refrigerators, scoops, cash registers, and other utensils needed for serving and handling ice cream would be included.
6. Insurance: Liability insurance coverage to protect against potential accidents, damages, or legal issues should be considered.
7. Marketing and advertising: Costs associated with marketing the ice cream truck business, such as designing and printing flyers, online advertising, and signage, should be accounted for.
8. Employee wages: If the college student plans to hire staff to assist with operations, wages and payroll taxes would be part of the total cost.
9. Utilities and utilities: Depending on the specific setup, expenses like electricity, water, and other utilities for the ice cream truck, such as generators or refrigeration units, may need to be considered.
10. Miscellaneous expenses: Other costs to consider may include business insurance, accounting or bookkeeping services, banking fees, and any unexpected or miscellaneous expenses that may arise during the summer season.
It is important for the college student to carefully estimate and plan for these costs to ensure a realistic budget and financial sustainability for the ice cream truck business.
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Buying or selling stock is
saving
investing
Otrading
Odiversifying
Answers
Answer:
Trading
Explanation:
1. Saving is saving funds to invest in stocks.
2.
Buying stock is an investment.
3. Trading - meaning buying or selling any stock shares you own is trading.
what do i say to "tell me about yourself" in a job interview
(20 pts)
Answers
Answer:
1- Mention past experiences and proven successes as they relate to the position. ...
2- Consider how your current job relates to the job you're applying for. ...
3- Focus on strengths and abilities that you can support with examples. ...
4- Highlight your personality to break the ice.
Explanation:
Present: Talk a little bit about what your current role is, the seope of it, and perhaps a
big recent accomplishment.
- Past: Tell the interviewer how you got there and/or mention previous experience that's
relevant to the job and company you're applying for.
• Future: Segue into what you're looking to do next and why you're interested in this gig
(and a great fit for it, too).
cyclically adjusted budget deficits are generally than the actual budget deficits because actual budget deficits include cyclical deficits and cyclically adjusted budget deficits do not.
Answers
Cyclically adjusted budget deficits are generally smaller, less, or lower than actual budget deficits because the actual budget deficits include cyclical deficits and the cyclically adjusted budget deficits do not.
What is cyclically adjusted budget?The real deficits and surpluses in the federal budget are modified to take into account the automatic changes in tax receipts whenever the GDP changes using a cyclically adjusted budget balance. The real deficits and surpluses in the federal budget are modified to take into account the automatic changes in tax receipts whenever the GDP changes using a cyclically adjusted budget balance. In other words, the cyclically adjusted budget calculates the deficit or surplus at present tax rates and spending levels if the economy were operating at its maximum capacity. With the help of the cyclically adjusted budget, we can deal with any inflationary or deflationary periods that arise and have an impact on the budget balance.
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Discuss how you react to changes in the environment. For example, there is a change in your class schedule or a change in the price of your favorite food. Report on your reaction to changes in the environment.
-
Answers
Answer: my reaction would probably not be good
Explanation:
Mr.Crimpson is an economist. During the course of each day, he studied how to meet limited wants with limited resources.
True or False?
Answers
Answer:
True
Explanation:
Economic analysis is an analysis about how to fulfill infinite, overlapping needs with minimal capital. It's the method of determining how to "do the best from the least"—to have the most fulfillment with both the least amount of money and resources.
The production era marked a time when companies were able to increase their profits because they were able to decrease their production costs.
True
False
Answers
Answer:
true
Explanation:
it was the time of the production line making it easy to make expensive things with people that are lower skilled and cheaper overall
Answer:
True
Explanation:
have a good day
the concept of unemployment involves normative judgments because some people view employment as:
Answers
Answer:
an individual responsibility and some view employment as a social responsibility
In general, reducing the interest rate (i) of a credit card but keeping the present value (PV) and number of periods (n) the same will_______.
a.) decrease the monthly payment (P) needed to pay off the debt.
b.) increase the monthly payment (P) needed to pay off the debt.
c.) eliminate the monthly payment (P) needed to pay off the debt.
d.) have no effect on the monthly payment (P) needed to pay off the debt.
Answers
Answer:
A. decrease the monthly payment (P) needed to pay off the debt.i took the test⬇️
Answer:
a
Explanation:
You are reviewing your checking account balance of $800 after you've just sent in your rent check of $500. How much money is available for you to spend?
Answers
You are reviewing your checking account balance of $800 after you've just sent in your rent check of $500. The money that is available for you is $1300.
What we can do if we don't have sufficent balance?
If you had a check that you don't have sufficient funds for that has been run through the bank the bank will usually charge you an overdraft fee.
This means that you have arranged an overdraft loan/agreement with the bank. The bank will go ahead and pay the fund to the person or company you wrote the check to.
You will have a certain amount of time to put the money back into your account and pay the overdraft fee.
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