The income statement for the Clothing Division of Tom Ron Surf Company is as follows: Sales $445,000 Operating expenses 270,000 Net operating income 175,000 Interest expense 35,000 Earnings before taxes 140,000 Income tax expense (30%) 42,000 Net income $ 98,000 How much is net operating profit after taxes

Answers

Answer 1

Answer:

Answer:

78000

Explanation:

Related Questions

Which of the following is an example of a middle manager?Teller at a bankO Director of marketingO Chief executive officerO Salesperson in a retail store
According to Gardner, intelligence can be measure by a person havinga. the ability to create or find solutions to problems by gathering new knowledgeb. the ability to create a valued product or serviceC. Skills that allow them to solve problems in lifed. all of the above
A company has budgeted $328,000 to be used by both the marketing department and the finance department. The marketing department uses cash at the rate of $42,000 per month, which is three times the rate of the finance department. How many months until the budgeted amount is used up? Round all amounts to the nearest tenth.
Which of the following statements will an auditor most likely add to the negative from of confirmations of accounts receivable to encourage timely consideration by the recipient? A. "This is not a request for payment; remittances should not be sent to our auditors in the enclosed envelope" B. "Report any differences on the enclosed statement directly to our auditors; no reply is necessary if this amount agrees with your records" C. "If you do not report any differences with 15 days, it will be assumed that this statement is correct" D. "The following invoices have been selected for confirmation and represent amounts that are overdue"
Suppose that the salary range for recent college graduates with a bachelor's degree in economics is $30,000 to $50,000, with 25 percent of jobs offering $30,000 per year, 50 percent offering $40,000 per year and 25 percent offering $50,000 per year and that in all other respects, the jobs are equally satisfying. Assume that in this market, a job offer remains open for only a short time so that continuing to search requires an applicant to reject any current job offer. If this scenario describes job searches in general, the segment of the population that is most risk-averse will tend to earn:

Olive, the owner of Olive’s Orchard, contracts to sell its harvest to Pure Foods, Inc. Later Olive refuses to perform. Pure Foods files a suit to enforce the contract. Olive and Pure Foods are in a state that does not recognize the doctrine of unconscionability. To defend successfully against enforcement of the contract on similar grounds, Olive might rely on traditional notions of a. materiality. b. mistake. c. value. d. fraud.

Answers

Answer:

D)fraud

Explanation:

From the question, we are informed about Olive, the owner of Olive’s Orchard, contracts to sell its harvest to Pure Foods, Inc. Later Olive refuses to perform. Pure Foods files a suit to enforce the contract. Olive and Pure Foods are in a state that does not recognize the doctrine of unconscionability. To defend successfully against enforcement of the contract on similar grounds,. In this case, Olive might rely on traditional notions of a fraud. Fraud can be regarded as an act of deception which is intentional to deprive those that fall for it their legal right. It is activities that gives the perpetrator an unlawful gain or to deny a victim their right. It is carried out by people to get financial or personal gain in an unlawful manner. Some types of fraud that are common are are tax fraud, bankruptcy fraud. as well as credit card fraud,

Alpha Company sold goods to customers who used Under-the-Hill bank credit cards. Credit card sales on July 8, 2016 amounted to $12,000 and were subject to a 2.5% bank fee. Use this information to prepare the General Journal entry (without explanation) for July 8, 2016.

Answers

Answer:

Explanation:

The journal entry for July 8, 2016 is shown below:

Bank A/c Dr $11,700

Commission fee A/c $300 ($12,000 × 2.5%)

To Sales A/c $12,000

Since the sales is recorded at $12,000 which includes commission fee of $300 ($12,000 × 2.5%) , the remaining balance i.e $11,700 ($12,000 - $300) would be debited to the bank account.

This year Barney purchased 500 shares of Bell common stock for $20 per share. At year-end the Bell shares were only worth $2 per share. What amount can Barney deduct as a loss this year

Answers

Answer:

Barney is not entitled to a loss deduction.

Explanation:

Barney is not qualified for a loss deduction. Barney cannot have any realization because the stock has not been sold or become worthless. If Barney's stock becomes worthless then generally he may deduct its tax basis in the stock as a worthless stock loss for the year in which the stock becomes worthless.

A $20,000 municipal bond is offered for sale at $18,000. The bond interest rate is 6 percent per year payable semiannually. The bond will mature and be redeemed at face value 5 years from now. If you purchase the bond, the first premium you will receive is 6 months from today. You have decided that you will invest $18,000 in the bond if your effective semi-annual yield is at least 4 percent. What effective semi-annual rate will this investment yield?

Answers

Answer:

For this calculation we need to use the Effective Annual Yield Formula.

EY = (1 + r/n)^n - 1

Where:

EY = Effective annual yield
r = coupon rate
n = number o periods the coupon rate is compounded per year

Plugging the amounts into the formula we obtain:

EY = (1 + 0.06/2)^2 - 1

EY = 0.062

EY = 6.2%

To obtain the effective semi-annual yield, we simply divide the effective annual yield by two:

= 0.062/2

=0.031

Effective semi-annual yield = 3.1%

In this case, we would not invest in the bond because the effective semi-annual yield does not reach the required 4%.

Explanation:

A decrease in the wage rate of pizza makers will cause a movement from Point B on supply curve Upper S 2 to ______________.A. Point A on supply curve Upper S 2.
B. supply curve Upper S 1.
C. Point C on supply curve Upper S 2.
D. supply curve Upper S 3.

Answers

Answer:

D. supply curve Upper S 3

Explanation:

Final answer:

A decrease in the wage rate of pizza makers will result in a movement from Point B to Point C on supply curve Upper S 2. This is because the decrease in production cost (with the wage rate falling) allows more pizza to be supplied at the same price.

Explanation:

The subject of your question relates to the supply curve within the field of Economics. A supply curve illustrates how the quantity of a good supplied by producers responds to a change in price. In this case, we are considering a decrease in the wage rate of pizza makers, which is a cost of production. According to the law of supply, if the cost of production decreases, it will cause an increase in the quantity supplied. Therefore, a decrease in the wage rate of pizza makers will move us from Point B to Point C on the same supply curve i.e. on supply curve Upper S 2. This is because Point C will represent a higher quantity of pizza being supplied at the same price, as lower wage rate improves the profitability of producing pizzas.

Learn more about Supply Curve Movement here:

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Suppose the demand and supply curves for good X are both linear. And, the demand price for the first unit of X is $14, and the supply price for the first unit of X is $3. If the equilibrium price for good X is $8 and the equilibrium quantity of X is 12,000 units, then total consumer surplus is $________, total producer surplus is $________, and total social surplus is $__________ a. $36,000; $30,000; $66,000b. $30,000; $36,000; $66,000c. $6; $5; $11d. $6,000; $5,000; $11,000

Answers

Answer:

a. $36,000; $30,000

Explanation:

Consumer Surplus is the difference between price paid by the consumer & maximum price he is willing to pay. Graphically it is the triangular area above the equilibrium price, below the demand curve.

Producer Surplus is the difference between price received by the seller & his minimum selling price. Graphically it is the triangular area below the equilibrium price, above the supply curve.

So : The formula = 1/2 (price differential) (quantity)

Consumer Surplus = 1/2 (14-8)(12000) = 1/2 (6) (12000) = 1/2 (72000)

= 36000

Producer Surplus = 1/2 (8-3)(12000) = 1/2 (5) (12000) = 1/2 (60000)

= 30000

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In the context of using information technologies for a competitive advantage, which statement is true of a top-line strategy? a. It focuses on generating new revenue by offering new products and services. b. It focuses on improving efficiency by reducing overall costs. c. It focuses on helping different market segments achieve technological advancement. d. It focuses on refining operations by using latest technologies.

If the marginal cost of producing the fifth unit of output is higher than the marginal cost of producing the fourth unit of output, then at five units of output, average total cost must be rising.a. Trueb. False

Fixed costs are $1300000 and the variable costs are 80% of the unit selling price. What is the break-even point in dollars?

Wade Corp. has 150,000 shares of common stock outstanding. In 2020, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in the $1,210,000 are as follows.1. In 2020, Wade Corp. sold equipment for $40,000. The machine had originally cost $80,000 and had accumulated depreciation of $30,000. The gain or loss is considered non-recurring.2. The company discontinued operations of one of its subsidiaries during the current year at a loss of $190,000 before taxes. Assume that this transaction meets the criteria for discontinued operations. The loss from operations of the discontinued subsidiary was $90,000 before taxes; the loss from disposal of the subsidiary was $100,000 before taxes.3. An internal audit discovered that amortization of intangible assets was understated by $35,000 (net of tax) in a prior period. The amount was charged against retained earnings.4. The company recorded a non-recurring gain of $125,000 on the condemnation of some of its property (included in the $1,210,000).Instructions Analyze the above information and prepare an income statement for the year 2020, starting with income from continuing operations before income tax. Compute earnings per share as it should be shown on the face of the income statement. (Assume a total effective tax rate of 19% on all items, unless otherwise indicated.)