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2 years ago

Wayman Corporation reports the following amounts in its December 31, 2021, income statement.

Business

1 answer:

professor190 [17]2 years ago

7 0

Answer:

Wayman Corporation

Income Statement for the year ended December 31, 2021

Sales Revenue $460,000

Cost of Goods Sold ($140,000)

Gross Profit $320,000

Operating Expenses

Advertising Expense $40,000

Salaries Expense $50,000

Utilities Expense $60,000

Total operating expense ($150,000)

Operating Income $170,000

Interest Expense ($30,000)

EBT $140,000

Income tax expense ($60,000)

Net Income $80,000

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At January 1, 2018, Transit Developments owed First City Bank Group $600,000, under an 11% note with three years remaining to ma

VashaNatasha [74]

Answer:

interest payable 66,000

note payable 384,000

Land 325,000

Gain on disposal 125,000

Explanation:

600,000 x 11% = 66,000 interest payable

the land is being used to settle the note along with the accrued interest at the time:

the accounting of Transit developments record the land at cost: 325,000

as the market valuye is 450,000 so a gain for 125,000 will be recognize.

450,000 market value - 66,000 interest payable: 384,000 payment on the note principal

the entry will write-off the interest payable, decrease the note by that amount and recognize the land gain on disposal

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2 years ago

"I don't know, but I'll find out" is a customer service example of

Phantasy [73]

Answer:

an uninformed sales rep.

Explanation:

The phrase 'I don't know 'is forbidden in the customer service language. It implies that the customer service agent lacks knowledge or basic training to perform his or her duties. The expression reflects poorly on the agent and the employer.

Customers expect service agents to know most, if not everything, about their organization's products and services. That's the reason they seek support from the service department

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2 years ago

Read 2 more answers

You are planning for retirement 33 years from now. You plan to invest $3,500 per year for the first 6 years, $8,800 per year for

lianna [129]

Answer:

Total FV= $3,433,859.29

Explanation:

First, we will calculate the future value of each equal annual deposit. Then, the ending value in 33 years of investment as a whole.

FV= {A*[(1+i)^n-1]}/i

A= annual deposit

FV1= {3,500*[(1.137^6) - 1]} / 0.137= $29,648.89

FV2= {8,800*[(1.137^11) - 1]} /0.137= $199,476.80

FV3= {14,400*[(1.137^16) - 1]} /0.137= $714,882.03

Now, the total future value:

FV= PV*(1+i)^n

FV1= 29,648.89*(1.137^27)= 949,600.61

FV2= 199,476.80*(1.137^17)= 1,769,376.65

FV3= 714,882.03

Total FV= $3,433,859.29

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2 years ago

Ron is 30 years old and is retiring at the age of 65. when he retires, he will need a monthly income of $1,270 for 10 years. if

Alika [10]

Ron will not make his monthly goal of $1,270 and will need $741.68 to supplement his monthly income when he retires.

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2 years ago

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The _____ is an agency of the federal government that offers both managerial and financial assistance to small businesses.

Reil [10]

Answer:

D. Small Business Administration.

Explanation:

The Small Business Administration (SBA) is an agency of the federal government that offers both managerial and financial assistance to small businesses. SBA was established in 1953 as an autonomous or independent agency of the government of the United States of America. Generally, it is saddled with the responsibility of providing both managerial and financial assistance and counseling to small businesses in order to bolster the American economy.

The small business administration (SBA) serves as an intermediary between entrepreneurs and investors or creditors, in order to provide them with the necessary funds required to plan, start and grow their business.

Basically, SBA provides services such as entrepreneurial development, access to funds, advocacy and contracting to small businesses (entrepreneurs) in the United States of America.

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2 years ago