Splish corporation had net sales of $2,413,100 and interest revenue of $33,400 during 2020. expenses for 2020 were cost of goods sold $1,467,000, administrative expenses $220,000, selling expenses $292,200, and interest expense $53,900. splish’s tax rate is 30%. the corporation had 109,200 shares of common stock authorized and 71,090 shares issued and outstanding during 2020. prepare a condensed multiple-step income statement for splish corporation.
Answers: 2
Business, 22.06.2019 03:30
Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000. ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account. iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620. iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account. v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books. required: 1. prepare the journal entries to correct the errors. (narrations required) 14.5 marks 2. prepare the suspense account showing clearly the original trial balance error. 8 marks
Answers: 2
Business, 22.06.2019 12:30
Suppose a holiday inn hotel has annual fixed costs applicable to its rooms of $1.2 million for its 300-room hotel, average daily room rents of $50, and average variable costs of $10 for each room rented. it operates 365 days per year. the amount of operating income on rooms, assuming an occupancy* rate of 80% for the year, that will be generated for the entire year is *occupancy = % of rooms rented
Answers: 1
Business, 22.06.2019 14:40
Increases in output and increases in the inflation rate have been linked to
Answers: 2
Splish corporation had net sales of $2,413,100 and interest revenue of $33,400 during 2020. expenses...
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