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2 years ago

Multiple-Step and Single-Step Income Statements, and Statement of Comprehensive Income

Business

1 answer:

Lera25 [3.4K]2 years ago

8 0

Answer:

OPGENORTH COMPANY

Income Statement

For Year Ended December 31, 2016

Sales $160,000

Cost of goods sold $95,000

Gross profit $65,000

Operating expenses

Selling expense $14,000

General and administrative $17,000

expense

Total operating expense $31,000

Operating income $34,000

Other items

Interest revenue $2,500

Loss on sale of equipment (pretax) -$2,000

Loss from fire -$8,000 -$7,500

Income before tax $26,500

Income tax $7,950

Net income $18,550

Components of Income EPS

EPS = $18550 / $7000

= $2.65

OPGENORTH COMPANY

Statement of Comprehensive Income

For Year Ended December 31, 2016

Net income $18,550

Other comprehensive loss

Unrealized decrease in fair value -$1,800

of available for sale securities

Comprehensive income $16,750

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Answer:

B. Liquidation.

Explanation:

Liquidation is and aftermath of the inability of a company or establishment to meet up with her obligations at the required moment. Thus, the company folds-up, lay off her staff and stop operating. While reorganization is a form of restructuring in a company or establishment. It may involve change of positions and duties among capable staff.

The example in the given scenario is that of liquidation because it ceased from operation.

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2 years ago

Which one of the following statements correctly states a relationship?

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2 years ago

Tamarisk Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Carla Vista Company. The t

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Answer:

a. $46,000

see the other answers in the explanation

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(a) Fair value of leased asset to lessor $245,000

Less: Present value of unguaranteed residual value $24,335 X .63017

(present value of 1 at 8% for 6 periods) $15,335

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*Present value of an annuity due of 1 for 6 periods at 8%.

(c)

1/1/17

Lease Receivable 245,000

Cost of Goods Sold 229,665

Sales Revenue 229,665

Inventory 245,000

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Cash 46,000

Lease Receivable 46,000

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Lease Receivable 15,920

Interest Revenue 15,920

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Lease Receivable 46,000

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2 years ago

EK Chemical Company sells a specialty chemical in packages marked 83 g. In reality, EK has set the process mean at 84.0 g, and t

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Answer:

0.7207

Explanation:

Mean μ = 84g

SD σ = 1.85g

Upper specification limit (USL) = 88g

Lower specification limit (LSL) = 78g

Cpk = Min[USL - μ/3σ, μ-LSL/3σ]

Cpk = Min[88 - 84/3*1.85, 84-78/3*1.85]

Cpk = Min[4/5.55, 6/5.55]

Cpk = Min[0.7207, 1.0811]

Cpk = 0.7207

So, the process capability index for the current manufacturing process is 0.7207

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2 years ago

Since the international market is significantly larger than the domestic market, exporting is nearly always a way to increase a

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Exporting is almost always a technique to improve a company's revenue because the worldwide market is substantially greater than the domestic market. True.

What does export mean?

Exporting is the process by which businesses from one nation sell their products and services to clients or customers in another nation. Energy and natural resources, as well as raw materials like food or textiles and completed consumer goods like electronics, are frequently exported between nations.

Exporting is the practice of producers and merchants who sell their wares to consumers in other countries. One approach for firms to expand their potential market, increase revenue, and expand is by exporting.

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