Business
Business, 31.03.2020 23:33, Jadiahd

On October 31, 2019, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows:

Accumulated Depreciation-Building $746,350
Administrative Expenses 515,750
Building 2,419,500
Cash 168,150
Common Stock 300,500
Cost of Merchandise Sold 3,925,500
Dividends 179,100
Interest Expense 9,950
Merchandise Inventory 1,020,900
Notes Payable 259,350
Office Supplies 19,150
Retained Earnings 1,343,400
Salaries Payable 7,600
Sales 6,144,850
Selling Expenses 732,500
Store Supplies 92,700

Required:
a. Prepare a multiple-step income statement for the year ended October 31, 2019. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.
b. What is a major advantage of the multiple-step income statement over the single-step income statement?

answer
Answers: 3

Other questions on the subject: Business

image
Business, 22.06.2019 17:30, leannhb3162
Aproject currently generates sales of $14 million, variable costs equal 50% of sales, and fixed costs are $2.8 million. the firm’s tax rate is 40%. assume all sales and expenses are cash items. (a). what are the effects on cash flow, if sales increase from $14 million to $15.4 million? (input the amount as positive value. enter your answer in dollars not in (b) what are the effects on cash flow, if variable costs increase to 60% of sales? (input the amount as positive value. enter your answers in dollars not in millions). cash flow (increase or decrease) by $
Answers: 2
image
Business, 22.06.2019 20:00, pickles3233
What is the difference between total utility and marginal utility? a. marginal utility is subject to the law of diminishing marginal utility while total utility is not. b. total utility represents the consumer optimum while marginal utility gives the total utility per dollar spent on the last unit. c. total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good. d. marginal utility represents the consumer optimum while total utility gives the total utility per dollar spent on the last unit.
Answers: 3
image
Business, 23.06.2019 00:10, pino2771
You are to receive five gold coins from your great uncle as an incentive to study hard. the coins were originally purchased in 1982. your great uncle will deliver the coins the week after finals (assuming your grades are "acceptable"). the amount your great uncle paid for the coins is a(n): indirect cost. overhead cost. opportunity cost. sunk cost.
Answers: 1
image
Business, 23.06.2019 10:00, cassiegagnier73
In two or three sentences describe how open market
Answers: 1
Do you know the correct answer?
On October 31, 2019, the balances of the accounts appearing in the ledger of Prestige Furnishings Co...

Questions in other subjects:

Konu
Mathematics, 20.10.2020 02:01
Konu
Spanish, 20.10.2020 02:01
Konu
Mathematics, 20.10.2020 02:01