BUSINESS COLLEGE

Precious CurlsPrecious Curls is a retail chain specializing in​ salon-quality hair-care products. During the​ year, Precious CurlsPrecious Curls had sales of $ 39 comma 388 comma 000$39,388,000. The company began the year with $ 3 comma 500 comma 000$3,500,000 of merchandise inventory and ended the year with $ 4 comma 445 comma 000$4,445,000 of inventory. During the​ year, Precious CurlsPrecious Curls purchased $ 23 comma 350 comma 000$23,350,000 of merchandise inventory. The​ company's selling,​ general, and administrative expenses totaled $ 5 comma 450 comma 000$5,450,000 for the year. Prepare Precious Curls'Precious Curls' income statement for the year.

Answers

Answer 1
Answer:

Answer:

Instructions are listed below

Explanation:

Giving the following information:

Sales= $39,388,000.

The company began the year with:

$3,500,000 of merchandise inventory

Ended the year with:

$4,445,000 of inventory.

During the​ year:

Purchased $23,350,000 of merchandise inventory.

The​ company's selling,​ general, and administrative expenses totaled $5,450,000 for the year.

First, we need to calculate the cost of goods sold:

COGS= beginning merchandise inventory + purchases - ending merchandise inventory

COGS= 3,500,000 + 23,350,000 - 4,445,000= $22,405,000

Income statement:

Sales= 39,388,000

COGS= 22,405,000

Gross income= 16,983,000

Selling,​ general, and administrative expenses= 5,450,000

Operating income= $11,533,000

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Pink Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of operations for the company. The following data have been assembled for the business.Insurance Expense $2,500Service Revenue 84,000Utilities Expense 1,500Rent Expense 12,000Common Stock 5,500Cash 5,800Retained Earnings, January 1, 2018 4,700Salaries Expense 47,000Accounts Payable 600Office Supplies 1,900Dividends 4,500Accounts Receivable 7,000Equipment 12,600Required:Prepare the income statement of Pink Arrangements for the year ended December 31, 2018.

Answers

Answer:

$21,000

Explanation:

Preparation of income statement

Income statement of Pink Arrangements for the year ended December 31, 2018.

REVENUE:

Service Revenue 84,000

Less EXPENSE:

Insurance Expense (2,500)

Utilities Expense (1,500)

Rent Expense (12,000)

Salaries Expense (47,000)

NET INCOME 21,000

Therefore the Income statement of Pink Arrangements for the year ended December 31, 2018 will be shows the amount of $21,000

Final answer:

The income statement of Pink Arrangements for the fiscal year ending 2018 is prepared by subtracting the total operating expenses (Insurance Expense, Utilities Expense, Rent Expense, and Salaries Expense) from the Service Revenue. The result is an Operating Profit of $21,000.

Explanation:

To prepare the income statement of Pink Arrangements for the year ended December 31, 2018, you start by calculating the Gross Revenue. In this case, the Service Revenue of $84,000 is the Gross Revenue since the company is a service company.

From the Gross Revenue, we deduct the operating expenses - Insurance Expense, Utilities Expense, Rent Expense, and Salaries Expense. This gives us the Operating Profit or Loss. The calculations are as follows:

  1.  

With this, you can conclude that the Operating Profit of Pink Arrangements for the fiscal year ending December 31, 2018 is $21,000.

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Ruth wants to set aside funds to take an around the world cruise in 4 years. Ruth expects that she will need $25500 for her dream vacation. If she is able to earn 9% per annum on an investment, how much will she have to set aside today so that she will have sufficient funds available?

Answers

Answer:

Amount invested (P) = $18,065 (Approx)

Explanation:

Given:

Total amount need (A) = $25,500

Number of year (n) = 4

Rate of interest (r) = 9% = 0.09

Find:

Amount invested (P)

Computation:

A = P(1+r)ⁿ

25,500 = P(1+0.09)⁴

25,500 = P(1.41158161)

P = 18,064.8429

Amount invested (P) = $18,065 (Approx)

Writing a check on an account with insufficient funds is allowed under certain conditions.

Answers

Answer:

True

Explanation: If you have overdraft protection your account

Kroger, a grocery store chain, sells thousands of products from hundreds ofdifferent producers that are shipped through a variety of shipping companies
and stored at various warehouses facilities. The coordinated efforts with each
channel partner at each touch point takes efficiency and communication. In
order for the process to run smoothly, which three functions do channel
partners need to perform to efficiently flow products and titles to the
consumer to get payments back to producers?
O transactional, logistical, and facilitating functions
o facilitating, commercial, and institutional functions
logistical, commercial, and transactional functions

Answers

Answer:

transactional, logistical, and facilitating functions

Explanation:

Childers Company, which uses a perpetual inventory system, has an established petty cash fund in the amount of $400. The fund was last reimbursed on November 30. At the end of December, the fund contained the following petty cash receipts: December 4 Freight charge for merchandise purchased $ 62 December 7 Delivery charge for shipping to customer $ 46 December 12 Purchase of office supplies $ 30 December 18 Donation to charitable organization $ 51 If, in addition to these receipts, the petty cash fund contains $201 of cash, the journal entry to reimburse the fund on December 31 will include:

Answers

Answer:

A credit to Cash of $299

Explanation:

Journal Entry                     Debit    Credit

Merchandise inventory      $62

Delivery charges                 $46

Office supplies                    $30

Miscellaneous expenses    $51

Cash over and short            $100

Cash                                                   $299

Cash to be reimbursed = Minimum cash balance required - Cash balance left

Cash to be reimbursed = $500 - $201

Cash to be reimbursed = $299

Examples of physical capital include _______________________. Examples of human capital include ______________________________.A) knowledge one picks up through education and training; factories and computers
B) machines and factories; chairs and desks
C) knowledge one picks up through education and experience; factories and machines
D) machines and factories; knowledge one picks up through education and training

Answers

Answer:

D) machines and factories; knowledge one picks up through education and training

Explanation:

The physical capital is the capital that has the physical existence i.e. tangible. It could be seen, feel, or even touched. examples like plant, machinery etc

While on the other hand the human capital is intangible it only effects the production and the operations

Like - skills, knowledge, experience of a worker

Therefore the option D is correct
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