This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Use the following financial information to find the entry you would make on an income statement for ... (Read 99 times)

bio_gurl

  • Hero Member
  • *****
  • Posts: 524
on: Jun 24, 2018
Use the following financial information to find the entry you would make on an income statement for NET INCOME (LOSS) for the year ended December 31, 2011: Gross Sales, 123,000; Sales Returns and Allowances, 9,300; Sales Discounts, 8,700; Merchandise Inventory, January 1, 2011, 89,000; Merchandise inventory, December 31, 2011, 109,500; Net Purchases, 74,700; Freight In, 575; Salaries, 107,800; Rent, 20,100; Utilities, 1,425; Insurance, 2,250; and Income Tax, 15,900.
 A) 81,350
  B) 97,250
  C) (97,250)
  D) (15,900)

Question 2

Convert the decimal to a percent: .625


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

fatboyy09

  • Sr. Member
  • ****
  • Posts: 358
Reply #1 on: Jun 24, 2018
Answer to Question 1

C

Answer to Question 2

62.5


bio_gurl

  • Hero Member
  • *****
  • Posts: 524
Reply #2 on: Jun 24, 2018
Correct answers!


fatboyy09

  • Sr. Member
  • ****
  • Posts: 358
Reply #3 on: Jun 24, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

Did you know?

More than nineteen million Americans carry the factor V gene that causes blood clots, pulmonary embolism, and heart disease.

Did you know?

A strange skin disease referred to as Morgellons has occurred in the southern United States and in California. Symptoms include slowly healing sores, joint pain, persistent fatigue, and a sensation of things crawling through the skin. Another symptom is strange-looking, threadlike extrusions coming out of the skin.

Did you know?

Many supplement containers do not even contain what their labels say. There are many documented reports of products containing much less, or more, that what is listed on their labels. They may also contain undisclosed prescription drugs and even contaminants.

Did you know?

Normal urine is sterile. It contains fluids, salts, and waste products. It is free of bacteria, viruses, and fungi.

Healed bone fractures can provide clues about activities and fresh fractures can yield information a Healed bone fractures can provide clues about activities and fresh fractures can yield information a
Steps in protein synthesis: The DNA is used as a template to make mRNA (transcription). The mRNA is ... Steps in protein synthesis: The DNA is used as a template to make mRNA (transcription). The mRNA is ...
How to find the resultant vector of any two vectors How to find the resultant vector of any two vectors
Find Your Blind Spot Find Your Blind Spot
Find the first derivative, second derivative, and third derivative for each of the following Find the first derivative, second derivative, and third derivative for each of the following
Find an equation of the tangent line to the graph of f(x) = sqrt(x) / (x+1) at the point x=1 Find an equation of the tangent line to the graph of f(x) = sqrt(x) / (x+1) at the point x=1
Video: Glycolysis Animation

For a complete list of videos, visit our video library