The Information Above Is Taken from the Ledger and Other

question 163

Essay

$$\begin{array} { | l | r | l | r | } \hline \text { Cost of goods sold } & \$ 297,500 & \begin{array} { l } \text { Preferred shares, } \$ 1.00,25,000 \\\text { Shares issued \& outstanding }\end{array} & \$ 95,80 \\\hline \text { Gain on sale of property } & 17,500 & \text { Retained earnings January 1,2017 } & 86,000 \\\hline \text { Interest expense } & 4,250 & \text { Selling expenses } & 60,750 \\\hline \text { General expenses } & 52,000 & \begin{array} { l } \text { Common shares, 150,000 shares } \\\text { ssued \& outstanding }\end{array} & 275,000 \\\hline \text { Interest revenue } & 15,000 & \text { Sales Revenue } & 415,000 \\\hline & & \text { Dividends } & 50,000 \\\hline & & & \\\hline\end{array}$$ The information above is taken from the ledger and other records of Duchlorol Inc.at December 31,2017.Prepare a combined statement of income (single-step format_and retained earnings for the year ended December 31,2017.Assume Duchlorol Inc.'s tax rate is 30%.

Identify the qualitative and quantitative factors involved in make-or-buy decisions.

Differentiate between various capital budgeting approaches and understand their conceptual desirability.

Understand different types of power and their impact on influencing others.

Identify and differentiate between various influence tactics.

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Definitions:

Income Summary

The Income Summary is an account where revenues and expenses are compiled to show the net result of a company's operations for a particular period.

Permanent Account

An account within the general ledger that is not closed at the end of the accounting period, including assets, liabilities, and shareholders' equity accounts.

Accounting Time Period

The span of time covered by financial statements, typically a fiscal quarter or year, during which all financial transactions are recorded and reported.

Quarter

A three-month period on the financial calendar that acts as a basis for periodic financial reporting and dividends.