The following incorrect income statement was prepared by the accountant of the Axel Corporation:
AXEL CORPORATION Income Statement For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue $690,000
Interest revenue 42,000
Gain on sale of investments 89,000
Total revenues and gains 821,000
Expenses and losses:
Cost of goods sold $375,000
Selling expense 69,000
Administrative expense 89,000
Interest expense 26,000
Restructuring costs 65,000
Income tax expense 49,250
Total expenses and losses 673,250
Net Income $147,750
Earnings per share $1.48
Required:
Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles.
Answers: 1
Business, 22.06.2019 19:20, cathydaves
Bcorporation, a merchandising company, reported the following results for october: sales $ 490,000 cost of goods sold (all variable) $ 169,700 total variable selling expense $ 24,200 total fixed selling expense $ 21,700 total variable administrative expense $ 13,200 total fixed administrative expense $ 33,600 the contribution margin for october is:
Answers: 1
Business, 22.06.2019 19:30, buggamarshall85
The owner of firewood to go is considering buying a hydraulic wood splitter which sells for $50,000. he figures it will cost an additional $100 per cord to purchase and split wood with this machine, while he can sell each cord of split wood for $125. if, for this machine, design capacity is 50 cords per day, effective capacity is 40 cords per day, and actual output is expected to be 32 cords per day, what would be its efficiency?
Answers: 1
The following incorrect income statement was prepared by the accountant of the Axel Corporation:
AX...
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