Business, 08.03.2021 20:40 caseypearson377

Frozen Ice-cream Corporation (FICC) has the following items for the month of December 2020. Please use this information to answer the following questions. Utilities expense $6,000 Accounts payable $40,000 Prepaid Insurance $3,000 Revenue - Ice-cream sales $180,000 Cash $9,000 Dividends $1,000 Unearned revenue $2,000 Note payable (payable in 5 years) $60,000 Ice-cream inventory $8,500 Retained earnings (December 1, 2018) $17,000 Salaries expense $160,000 Rent expense $12,000 Accounts receivable $4,500 Common stock $500 Equipment $95,000 Income tax rate 25% Question A - FICK's Income Statement (A1): What is FICK's total revenue

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Answer from: amelvin41

Question Completion:

Unearned revenue is assumed to be $1,500 and not $2,000.

Frozen Ice-cream Corporation (FICC)

Income Statement for the month of December 2020:

Revenue - Ice-cream sales $180,000

Salaries expense $160,000

Rent expense $12,000

Utilities expense $6,000 178,000

Income before tax $2,000

Income tax (25%) 500

Net Income $1,500

Retained earnings (December 1, 2018) $17,000

Net income $1,500

Dividends $1,000

Retained earnings (December 31, 2018) $17,500

FICC's total revenue is $180,000.

Explanation:

a) Data and Calculations:

Trial Balance

Account Titles Debit Credit

Cash $9,000

Accounts receivable $4,500

Ice-cream inventory $8,500

Prepaid Insurance $3,000

Equipment $95,000

Accounts payable $40,000

Unearned revenue $1,500

Note payable (payable in 5 years) $60,000

Common stock $500

Retained earnings (December 1, 2018) $17,000

Revenue - Ice-cream sales $180,000

Salaries expense $160,000

Rent expense $12,000

Utilities expense $6,000

Dividends $1,000

Totals $299,000 $299,000

Income tax rate 25%

Answer from: Quest

b. condominum i think

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The federal reserve took an expansionary approach during the crisis. this was done by expanding the money supply and boosting liquidity. this can be seen in the fed's actions of lending to banks, purchasing securities, and lowering the federal funds rate in order to lower overall interest rates. the fed's goal was to increase consumer spending and overall liquidity within the system, and they pursued this by expanding the supply of liquid money.

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Frozen Ice-cream Corporation (FICC) has the following items for the month of December 2020. Please u...

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