answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Firlakuza [10]
2 years ago
10

The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue, $245,000; Sala

ries Expense, $104,000; Supplies Expense, $17,000; Rent Expense, $23,000; Depreciation Expense, $38,000; and Delivery Expense, $15,000. Prepare an income statement for the year ended December 31, 2021.

Business
1 answer:
Radda [10]2 years ago
7 0

Answer:

Explanation:

In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.  

Before preparing the income statement, we have to compute the net income or net loss for the given period which is shown below:

Net income = Service revenue - Salaries Expense - Supplies Expense - Rent Expense - Depreciation Expense - Delivery Expense

= $245,000 - $104,000 - $17,000 - $23,000 - $38,000 - $15,000

= $48,000

The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:

You might be interested in
In 2015, an inventor dreamed up and constructed a certain new kind of widget. He kept his invention a secret. Two years later, a
tatuchka [14]

Answer:

Please take a look to the explication below.

Explanation:

The inventor who filed the patent application for the widget in December 2017 would receive the patent protection. As the invention is novel and not obvious, the inventors are eligible for patent protection. US had moved from first-to-invent to first-to-file system after the America invents Act in 2011 and hence patents are awarded to the inventor who first files for patent protection.

Before the law, it was awarded to the person who first invented the invention even if they did not file for patent protection. But now it goes to the person who first files the invention and hence the inventor who first invented but filed in March 2018 is not entitled for the patent.

6 0
2 years ago
Paige is writing about the progress her team made in setting up a new software system. In one detail, she tells that the team co
astra-53 [7]
The correct answer is "also".

Also is used to connect two ideas, it is considered to be an adverb. Some authors/writers describe the word "also" as a focusing adjunct, wherein it is placed in between the subject and predicate, which shows the reader to focus in between the two ideas.
6 0
2 years ago
Read 2 more answers
Aruba Company had a checkbook balance on December 31,
g100num [7]

Answer:

  1. $7,440,000
  2. $5,500,000

Explanation:

1. Checkbook balance of $8,000,000 in December 2020.

Check payable to Aruba of $2,000,000 has not yet being deposited so it should be removed from cash balance

Check payable that was returned by the bank of $500,000 should not be included either because it did not clear.

Check drawn on Aruba account of $1,500,000 was recorded but not yet mailed so it should be added back.

Cash on hand - undeposited collections and Change fund are actual cash that should be added as well.

= 8,000,000 - 2,000,000 - 500,000 + 1,500,000 + 400,000 + 40,000

= $‭7,440,000‬

2. Cash equivalents are those instruments that can be easily converted to cash. They typically mature within 3 months.

The Cash equivalents here are Treasury bills and Money Market placements

= 2,500,000 + 3,000,000

= $5,500,000

3 0
2 years ago
Sean wants to buy a friend’s car, but he does not have the $3,000 that his friend is asking. He has $2,500 and is considering bo
vladimir1956 [14]

Answer:

I think Sean should negotiate for 2,500 dollars and save the 500 dollars for college or for something else he might want or need to buy.

8 0
2 years ago
The publisher of an economics textbook finds that, when the book's price is lowered from $70 to $60, sales rise from 10,000 to 1
max2010maxim [7]

Answer:

b. 2.6

Explanation:

Price elasticity of demand measures how much quantity demanded changes in response to a change in price.  The Midpoint Method uses the average percent change in both quantity and price.

The formula for calculating midpoint elasticity of demand is a below

PED=(Q2−Q1)÷(Q2+Q1)/2

        (P2−P1)÷(P2+P1)/2

Where Q is quantity and P is price

PED=(15000−10000)÷(15000.+10000)/2

        (60−70)÷(60+70)2

PED =5,000÷12,500

          (10)÷65

PED =0.4

        0.154

PED =2.5974

PED   =2.6

3 0
2 years ago
Other questions:
  • You should answer all the questions on a test unless _____.
    10·2 answers
  • Ethan received his credit card statement in the mail and noticed an unfamiliar charge. He notified his bank immediately, and a m
    7·2 answers
  • The b vitamin content of a whole grain is dramatically decreased during the refining process. to counteract these losses, in the
    5·1 answer
  • Kesterson Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 6.20 Direct labor
    12·1 answer
  • Sally owns a very expensive fur coat that Mary would like to buy. During the course of conversation, Mary asks how much Sally wo
    9·1 answer
  • Duke’s Garage has cash of $68, accounts receivable of $142, accounts payable of $235, and inventory of $318. What is the value o
    9·1 answer
  • b. When launching a new brand, we discussed in lecture that it is best to build the brand first with PR, and then sustain it wit
    7·1 answer
  • Workers picking strawberries can pick 100 baskets an hour, but the value of 20 baskets is all it costs the employer to pay them
    13·1 answer
  • Upon acquiring a new computer operating system, management at Berryhill worried that computer virus might cripple the company's
    13·1 answer
  • Maxwell purchased $30,000 worth of 52-week T-Bills for $29,650. What will be the rate of return on his investment? (Round you tw
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!