BUSINESS COLLEGE

Net income or net loss for a period is calculated by the following formula

Answers

Answer 1
Answer: Revenues–Expenses–Current Debt = Net Profit or Net Loss
Answer 2
Answer:

Answer:none of above

Explanation:

Related Questions

Toys "R" Us has decreased its receivable turnover over the last three years: which of the following may be a possible cause of this decrease? A) the company has been more selective in choosing reliable customers. B) salesmen have granted customers an extension of credit terms. C) the accounting department has increased the allowance for doubtful accounts. D) all of the above are correct
Washington inc. issued $705,000 of 6%, 20-year bonds at 98 on January 1, 2009. Through January 1, 2017, Washington amortized $8,200 of the bond discount. On January 1, 2017. Washington Inc. retired the bonds at 102 (after making the interest payment on that date). What is the gain or loss that Washington Inc. would report for the retirement of this bond?
Suppose GDP in this country is $900 million. Enter the amount for consumption. National Income Account Value (Millions of dollars) Government Purchases ( G ) 250 Taxes minus Transfer Payments ( T ) 325 Consumption ( C ) Investment ( I )
All three of the $5000 billion GDP figures (Production, Income and Spending) are in ____________ dollars.
At the beginning of the period, the Cutting Department budgeted direct labor of $136,000, direct materials of $150,000 and fixed factory overhead of $11,900 for 8,000 hours of production. The department actually completed 10,600 hours of production. The appropriate total budget for the department, assuming it uses flexible budgeting, is Round your final answer to the nearest dollar. Do not round interim calculations.

Vern's makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for October, November, and December were $70,000, $60,000, and $50,000, respectively, what was the budgeted receivables balance on December 31?A. $40,000.
B. $46,000.
C. $49,000.
D. $59,000.
E. Some other amount

Answers

Answer:

B. $46,000.

Explanation:

The computation of the budgeted receivables balance on December 31 is shown below:

Particulars   Sale         October         NOvember         December       Balance

October      $70,000   $14,000         $49,000             $7,000           $0

                      ($70,000 × 20%) ($70,000 × 70%)     ($70,000 × 10%)  

NOvemeber  $60,000                        $12,000          $42,000          $6,000

                                            ($60,000 × 20%)   ($60,000 × 70%)

December    $50,000                                               $10,000            $40,000

                                                                                      ($50,000 × 20%)

Total it would be

= $6,000 + $40,000

= $46,000

ank states that its decision to offer home loans at an extremely low initial, but variable, rate is rooted in the idea that all have a right to owning an affordable home. The bank does not state that the loans are packaged in a product sold to another, larger bank that may or may not work with customers in difficult situations. The smaller bank is no longer exposed to the risk of longer-term loans, and makes a large profit. Which moral theory is the bank operating under?

Answers

Answer: Ethical Egoism

Explanation:

The theory of Ethical Egoism posits that people or entities are well within their rights to act in a manner that benefits their best interest and in so doing are being good in their own right.

The small bank acted in such a manner that it left itself unexposed to risk whilst still making quite a huge profit. The small bank pursued its own interests and so followed the moral theory of Ethical Egoism.

Final answer:

The bank is operating under the moral theory of Moral Egoism. It acts in its own best interest by making large profits off the home loans and offloading the long-term risk.

Explanation:

The bank's actions seem to align with the Moral Egoism theory. This theory suggests that an entity, in this case, the bank, acts in its own best interest. Offering home loans at extremely low initial rates turns in large profit for the bank, which is its main interest. However, offloading the risk of these loans onto another bank marks the bank's primary focus on their well-being rather than the consequences for their customers in the long run. These customers may struggle if the larger bank they deal with lacks flexibility in difficult situations.

Learn more about Moral Egoism here:

brainly.com/question/31872548

#SPJ3

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki’s records show the following for the month of January. Sales totaled 310 units.Date Units Unit Cost Total Cost
Beginning Inventory January 1 220 80 $17,600
Purchase January 15 310 90 27,900
purchase January 24 270 110 29,700

Calculate the number and cost of goods available for sale.

Answers

Answer:

Number = 1,490

Cost of goods available for sale = $75,200

Explanation:

Computing the number as:

Number = (Beginning inventory + Purchases + Purchases) - Sales

Number = (1,220 + 310 + 270) - 310

Number = 1,800 - 310

Number = 1,490

Computing the cost of goods available for sale as:

Cost of goods available for sale = Total cost of beginning inventory + Total Cost of purchase + Total Cost of purchase

Cost of goods available for sale = $17,600 + $27,900 + $29,700

Cost of goods available for sale = $75,200

Assume a firm has earnings before depreciation and taxes of $620,000 and depreciation of $320,000. a. If it is in a 35 percent tax bracket, compute its cash flow. b. If it is in a 20 percent tax bracket, compute its cash flow.

Answers

Answer:

The correct answer for option (a) is $515,000 and for option (b) is $560,000.

Explanation:

According to the scenario, the given data are as follows:

Earnings before depreciation and taxes = $620,000

Depreciation = $320,000

So, we can compute the cash flow by using following formula:

Cash Flow = EBIT × (1 - Tax Rate) + Depreciation

(a). For tax bracket = 35%

Here EBIT = EBITDA - Depreciation

= $620,000 - $320,000

= $300,000

Now by putting the value in the formula, we get:

Cash Flow = $300,000 × ( 1 - 35%) + $320,000

= $300,000 × 0.65 + $320,000

= $195,000 + $320,000

= $515,000

Hence, the cash flow is $515,000 for 35% tax bracket.

(b) For tax bracket = 20%

Here EBIT = EBITDA - Depreciation

= $620,000 - $320,000

= $300,000

Now by putting the value in the formula, we get:

Cash Flow = $300,000 × ( 1 - 20%) + $320,000

= $300,000 × 0.8 + $320,000

= $240,000 + $320,000

= $560,000

Hence, the cash flow is $560,000 for 20% tax bracket.

To encourage employee ownership of the company's common shares, KL Corp. permits any of its employees to buy shares directly from the company through payroll deduction. There are no brokerage fees and shares can be purchased at a 12% discount. During May, employees purchased 10,000 shares at a time when the market price of the shares on the New York Stock Exchange was $12 per share. KL will record compensation expense associated with the May purchases of:

Answers

Answer:

Dr Cash 105,600

Dr Compensation Expense 14,400

Cr Common Stock 10,000

Cr Paid-In Capital – Excess of Par 110,000

Explanation:

KL Corp Journal entry

Dr Cash 105,600

Dr Compensation Expense 14,400 (10,000*12*12%)

Cr Common Stock 10,000 (10,000*1)

Cr Paid-In Capital – Excess of Par 110,000

(10,000*(12-1))

In the future, electrical power may come from quantum nucleonics, a form of nuclear power that produces no residual radiation. The ability to use this form of power will require equipment adaptations, but it will solve the world’s need for clean and efficient power. Companies that replace inefficient sources of power with quantum nucleonics only after they are required to by the Environmental Protection Agency are operating at a(n) _____ responsibility level. Group of answer choices

Answers

Answer: legal

Explanation:

The Environmental Protection Agency (EPA) was established in so that both human and the environmental health can be protected.

Based on the information given in the question, the companies that replace inefficient sources of power with quantum nucleonics only after they are required to by the Environmental Protection Agency are operating at a legal responsibility level. It should be noted that the law will have to be obeyed by the business at this legal responsibility level.
Other Questions
Comparative advantage is based on the economic concept of:A. marginal cost.B. opportunity cost.C. nonsatietyD. rationality.
Mandalay Resorts had revenue of $2,462, income from continuing operation of $53, provision for income tax of $40, interest expense of $230, & depreciation & amortization of $216 (all in millions). Mandalay had EBIT (in millions) of: a. $539 b. $323 c. -$217 d. $1,923
The following data relates to Mangini Company's estimated amounts for next year. Estimated: Department 1 Department 2 Manufacturing overhead costs $320,000 $400,000 Direct labor hours 65,000 DLH 75,000 DLH Machine hours 2,000 MH 2,500 MHRequired:a. What is the company's plantwide overhead rate if machine hours are the allocation base? (Round your answer to two decimal places.)
Audra owns a rental house. She makes mortgage payments of $1,060 per month, which include insurance, and pays $2,700 per year in property taxes and maintenance. Utilities are paid by the renter. What should Audra charge for monthly rent to make $4,500 profit each year?