Answer:
Big Tommy Corporation
Profit and Loss for the year ended December 31
Sales 404,000
Cost of Goods Sold 279,000
Gross Profit 125,000
<em>Operating Expenses:</em>
Salaries and Wages Expense 58,000
Office Expenses 16,000
Travel Expenses 1,000 75,000
Operating Income: 50,000
Non-Operating Expenses
Income Tax Expense 15,000 15,000
Net Income 35,000
Explanation:
Multistep income statement makes a clear distinction on Operating Incomes and Expenses and Non-Operating Incomes and Expenses
Operating income is Profit generated from Primary activities of the company
Non-Operating Incomes and Expenses do not relate to the Primary activities of the firm.They occur as a result of secondary activities.
When property is sold in the middle of year, both the buyer and seller can deduct their pro rated portion of the property tax.
The property taxes are based on the assessed value of the property. So when the property tax is pro rated at the time of the transfer, both the buyer and seller can deduct their pro rated portion of the property tax.
Buyer and seller prorations are often applied during real estate closing transactions to divide the cost of expenses like property taxes. Thus, the buyer gets a deduction for the prorated amount of property tax due after closing, and the seller gets the same deduction for the taxes.
Hence, both the buyer and seller receives the deduction for the real property tax.
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Answer:
The total shareholders’ equity at the end of Year 1 is $487,400
Explanation:
The computation of the ending total shareholders’ equity is shown below:
= Common stock value in exchange of cash + net income + net holding gains - dividend paid
= $442,400 + $98,000 + $1,000 - $54,000
= $487,400
While calculating the ending balance of shareholder equity we added the net income, net holding gains and deducted the dividend paid to the common stock value amount
Answer:
The total cost at 9000 anchor is $473400
Explanation:
To come up with the cost equation used by the manager, we need to find the variable cost per unit.
The total cost at production level of 5300 is = 5300 * 54 = $286200
Out of the total costs, $18000 are fixed.
Thus, variable costs at production of 5300 is = 286200 - 18000 = $268200
The variable cost per unit is = 268200 / 5300 = $50.60
Let x be the number of anchors produced.
The cost equation is = 18000 + 50.60x
At 9000 anchors, the total cost will be,
Total cost = 18000 + 50.60 * (9000) = $473400
Answer:
Cost per unit of widget produced = $6.52
Explanation:
As for the provided information:
Total units produced = 4,600 units
Total cost of production = costs for Department 1 + Department 2 + Department 3
= $18,000 + $8,000 + $4,000 = $30,000
It does not matter how many units are sold as the cost of sales will include, selling and administrative cost also.
Therefore, all the cost will be considered.
Thus total cost of production = $30,000 for 4,600 units.
Cost per unit of widget = 
