Answers
As a result of the government imposing a binding price floor on a competitive market, d. the quantity bought and sold will decrease.
In the field of business, a binding price floor can be described as a higher equilibrium price than the normal market price.
When a binding price floor is imposed by the government, then the products will cost more in production. This is because the raw materials for making the products will go higher and as a result, the prices will increase for the product. This will cause the number of products to be bought and sold to be decreased. As the market is already competitive, imposing a binding price floor will further decrease the bought and sold of production.
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Related Questions
Problem 8, MacroSoft Inc. has capitalized $600,000 of software costs. Sales from this product were $360,000 in the first year. MacroSoft estimates additional revenues of $840,000 over the product’s economic life of 5 years.
Instructions
Prepare the journal entry to record software cost amortization for the first year. Show all computations.
Answers
Journal Entry:
Date: [First year-end date]
The amortization expense for the first year is $120,000.
Debit: Amortization Expense - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Credit: Accumulated Amortization - Software Cost - Year 1 ($600,000 / 5 years) = $120,000Explanation:To record the software cost amortization for the first year, we need to allocate a portion of the capitalized software costs as an expense. Since the software has an estimated economic life of 5 years, we divide the total software cost ($600,000) by 5 to determine the annual amortization expense. In this case, the amortization expense for the first year is $120,000. We debit the Amortization Expense - Software Cost account to recognize the expense and credit the Accumulated Amortization - Software Cost account to accumulate the amortization over time.For more such questions on Journal Entry
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If firms in a competitive market are earning negative economic profits, we would expect firms to [A] the market, causing the market price to [B]
[A]- leave, enter, no change, uncertain
[B]- rise, fall, no change, uncertain
Answers
In a market that is competitive and where businesses are making money, new businesses will be motivated to enter the market.
What is a Competitive market?Yes, even if a company is at a loss economically, it should nevertheless keep producing. Till P > = Minimum AVC, a company should keep operating and not stop producing. In this scenario, the company will generate enough income to pay its variable costs and continue operating.
In a completely competitive market, companies can only make or lose money in the short term. Because an unlimited number of enterprises generate uniform, endlessly divisible things, losses and profits are finally eliminated. If an industry's businesses are losing money, they will leave.
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Concord Windows manufactures and sells custom storm windows for three-season porches. Concord also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Concord enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,360 and chooses Concord to do the installation. Concord charges the same price for the windows irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $620. The customer pays Concord $1,920 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Concord completes installation on October 15, 2020, and the customer pays the balance due.
Prepare the journal entries for Geraths in 2020. (Round amounts to nearest dollar.)
Answers
Answer:
Concord enters into the following contract on July 1, 2020, with a local homeowner for a price of $2,360.
There will be no Journal entry
On September 1, 2020
Windows = $1,920
Installation = $620
Total = $2,540
Particulars Amount
Installation $576
($620/ $2,540) * $2,360
Windows $1,784
($1,920 / $2,540) * $2,360
Revenue recognized $2,360
Date Account details Debit$ Credit$
Sep 1,2020 Cash 1,920
Account receivable 440
Unearned service revenue 576
Sales revenue 1,784
Cost of goods sold 1100
Inventory 1100
15 Oct,2020 Cash 440
Unearned service revenue 576
Service revenue (installation) 576
Account receivable 440
(Revenue recognized after service provided)
Which is NOT an example of an expense a) advertising b)insurance c)dividends d)depreciation
Answers
Answer:
c. dividends
Explanation:
not payable... so
Dividends are not an example of an expense.
What are dividends?
A dividend or dividends can be define as a distribution of profits by a corporation to its shareholders. When a corporation earns a profit or surplus, it is able to pay a portion of the profit as a dividend to shareholders. Any amount not distributed is taken to be re-invested in the business which is called retained earnings.
The current year profit as well as the retained earnings of previous years are available for distribution and a corporation is usually prohibited from paying a dividend out of its capital. Distribution to shareholders may be in cash which is usually a deposit into a bank account or, if the corporation has a dividend reinvestment plan, the amount can be paid by the issue of further shares or by share repurchase. In some cases, the distribution may be of assets.
The dividend received by a shareholder is income of the shareholder and may be subject to income tax. The tax treatment of this income varies considerably between jurisdictions.
The corporation does not receive a tax deduction for the dividends it pays.
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When can setting a savings goal help you?
Answers
Answer: it can really help you at anytime because it will help you get to your goal faster like lets say you get 10 dollars a day but you need to buy food instead of yusing all your money on food you can set aside 5 dollars into your savings to get closer to your goal
Explanation: hi
Slide presentation software
Internet access
Interview with business owner (optional)
Social entrepreneurs often develop social enterprises with a two-fold purpose: to achieve a profit and to support a social or an environmental goal. These goals often fit into their 3 Ps measure: profits, people, and planet.
In this activity, you will create a slideshow presentation about a social enterprise business in your local town, county, or state (or nearby locale, if none are in your own).
Step 1:
Review the criteria for social enterprises.
Research online for a list of businesses in your state.
Locate a business that is considered a social enterprise.
If possible, contact the business and get a statement from the owner about their social/environmental goals; ask if you can get permission to share a photo of the business.
Step 2:
Open a new slide deck
Create a title slide: Social Enterprise Business
Add 3–5 slides
Include a final reference slide
Step 3:
After title slide:
Slide 1: List the name and type of business
Slide 2: Provide a description of the business
Slide 3: Describe their social and/or environmental goals
Slides 4–5: If possible, share a statement from the owner about their goals and share a picture, if permission has been obtained.
Final slide: Reference slide
Answers
The slideshow presentation should include a title, business description, Social and Environmental Goals etc.
In business, a presentation is a formal or informal communication tool used to convey information to an audience. It can take various forms, such as a slideshow presentation, a speech, or a demonstration, and can be delivered in person or remotely.
The purpose of a business presentation is to inform, educate, persuade, or inspire the audience, depending on the topic and objective of the presentation.
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Super Carpeting Inc. (SCI) just paid a dividend (Do) of $1.68 per share, and its annual dividend is
expected to grow at a constant rate (9) of 3.50% per year. If the required return (rs) on SCI's stock is
8.75%, then the intrinsic value of SCI's shares. .............................
per share.
Which of the following statements is true about the constant growth model?
с
The constant growth model can be used if a stock's expected constant growth rate is less than its
required return.
C
The constant growth model can be used if a stock's expected constant growth rate is more than
its required return.
Use the constant growth model to calculate the appropriate values to complete the following
statements about Super Carpeting Inc.:
• If SCI's stock is in equilibrium, the current expected dividend yield on the stock will
be..................per share.
• SCI's expected stock price one year from today will be........
...per share.
. If SCI's stock is in equilibrium, the current expected capital gains yield on SCI's stock will
be.............
....per share.
Answers
The constant growth model can be used if a stock's expected constant growth rate is less than its required return. So, the correct answer is option a.
Dividends (D1) For next period = D1 (1 + g)
= 1.65 x(1.035)
= 1.7388
P0 = (Div1 )/(r - g)
= 1.7388
= .0875- .35
= $33.12 per share
Div 1 = Dividend for next period
r = required rate of return
g = growth rate of dividend
A dividend is the payment of business profits to qualified shareholders.
The board of directors of an organisation decides on dividend distributions and quantities.
When expressed as a percentage of a company's stock price, the dividend yield is the dividend paid out per share.
Many businesses save their profits to reinvest in the business rather than paying dividends.
Shareholders with voting rights must approve dividends. Although they are less prevalent, dividends can also be distributed as stock shares.
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A successful data-driven market segmentation program depends on each of the following except:
a.
the rejection of tradiitional marketing research techniques
b.
the use of transactional and event data
c.
a common definition of market segments across all areas of the business
d.
developing a centralized and accessible CRM (Customer Relationship Management) database
Answers
A successful data-driven market segmentation program depends on the "use of transactional and event data", "a common definition of market segments", "and the development of a centralized CRM database" but it does not depend on "the rejection of tradiitional marketing research techniques".
The correct option to the given question is option a.
Traditional marketing research techniques, such as surveys, focus groups, and interviews, have long been used to gather insights about consumer behavior and preferences. While these techniques may have limitations, they still play a valuable role in understanding customer motivations and attitudes. Data-driven market segmentation programs can benefit from a combination of both traditional and data-driven research approaches. The use of transactional and event data is crucial for a data-driven market segmentation program. This type of data provides valuable information about customer behaviors, purchase patterns, and interactions with the business.
Having a common definition of market segments across all areas of the business ensures consistency and alignment in marketing efforts. This allows for targeted and personalized messaging that resonates with each segment. It also facilitates coordination between different departments, such as marketing, sales, and customer service, leading to a more cohesive and effective customer experience.
Finally, developing a centralized and accessible CRM database is essential for managing and analyzing customer data. It enables the integration of data from various sources, such as transactions, interactions, and demographic information, into a single platform. This centralized database provides a comprehensive view of customers, enabling more accurate segmentation and personalized marketing initiatives.
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In order for a contract to be legally binding, what must be TRUE?
a) All parties must consent to the terms of the agreement by shaking hands.
b) The purpose of the agreement between the parties can be legal or illegal.
c) All parties entering into a contract accept the risk that they could be tricked or coerced.
d) The contract parties must be legally competent to enter into a contract.
Answers
Answer:
D
Explanation:
in order for a contract to be legally binding, all parties must be *legally competent.* this means that all parties cannot be minors or something like that. they must be legally able to enter into the contract for it to be legally binding.
D- The contract parties must be legally competent to enter in to a contract for the contract to be legally binding. There are various points that must be ticked for the contract to have legal acceptance.
Every party to the contract must not be a disqualified person to do so and shall have legal capabilities in their hands. They must be known to the fact that their gestures or actions mean that a contract is legally binding upon them.
A contract becomes legally binding when all the parties to the contract have given their consent to have accepted the terms of the contract by either their gestures, spoken words or acceptance on contract instruments.Parties must be legally competent by being of sound mind, major at age, qualified to enter into a contract, not refrained to so by any court order, on whom any investigation by the judiciary or police authorities is currently not undergoing.The above mentioned persons are referred to as the persons who are legally competent to enter into contract. Any other such person who is incompetent will lead to the contract being void ab initio.Hence, the true option is D that the both the parties to the contract must be legally competent to enter into a contract.
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Suppose 17 pesos can be exchanged for $1. A Mexican businessman is interested in buying a home in Texas. If the price of the home in Texas is $200,000, how many Mexican pesos must he have to buy this home
Answers
Answer:
Total cost in pesos= $3,400,000
Explanation:
Giving the following information:
One dollar= $17 pesos
Total cost of the house= $200,000 dollars
To calculate the total cost in Mexican pesos, we need to multiply the exchange rate by the total cost in dollars.
Total cost in pesos= 200,000*17
Total cost in pesos= $3,400,000
Sandra’s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system.
Date Transactions Units Unit Cost Total Cost
October 1 Beginning inventory 6 $ 790 $ 4,740
October 4 Sale 4
October 10 Purchase 5 800 4,000
October 13 Sale 3
October 20 Purchase 4 810 3,240
October 28 Sale 7
October 30 Purchase 8 820 6,560
$ 18,540
3. Using LIFO, calculate ending inventory and cost of goods sold at October 31
Answers
The cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.
The LIFO method (last-in, first-out) of inventory valuation requires that the most recent purchases of inventory be used first in the cost of products sold and ending inventory calculations. The ending inventory and cost of products sold at the end of October will be calculated using the LIFO method, based on the data given in the table.Based on the data given, the total units sold is 14, and the total units purchased is 17. Here's how to calculate the ending inventory and cost of products sold using the LIFO method:Step 1: The last purchase of 8 units at a cost of $820 each on October 30 is deducted from the inventory count, leaving 9 units.Step 2: The previous purchase of 4 units at a cost of $810 each on October 20 is deducted from the inventory count, leaving 5 units.Step 3: The next purchase of 5 units at a cost of $800 each on October 10 is deducted from the inventory count, leaving 0 units.Step 4: Based on the LIFO method, the cost of the ending inventory is the sum of the cost of the oldest units remaining in stock, which is 4 units at a cost of $790 each on October 1, totaling $3,160.Step 5: Based on the LIFO method, the cost of goods sold (COGS) is calculated by adding the total cost of units sold, which is 14 units at a cost of $820 each on October 30, 4 units at a cost of $810 each on October 20, and 5 units at a cost of $800 each on October 10, totaling $17,260.Therefore, the cost of goods sold (COGS) was $17,260, and the ending inventory was $3,160 using the LIFO method.For more questions on cost of goods sold (COGS)
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in which form of business ro the members of an organization own and control its activities
Answers
Answer: Partnership is the form of business in which the members of the organization owns and control its activities. They directly oversee the operations of the business and has direct involvement towards the day to day activities of the business.
Explanation:
1. Production in insurance refers to the policies they produce: * True or False?
2. Investment income can lead to: *
(i) All of the above,
(ii) Reduce Premiums,
(iii) Increase Market Value,
(iv) More investments
3. Life Insurers require sales department because: *
(I) To pitch the idea to potential clients
(ii) To coerce clients for life insurance
(iii) All of the above
(iv) Simple, to sell the insurance
Answers
Answer:
false
Explanation:
What percent of the educated workforce in the world can be found outside of the US?
O 75%
O 25%
O 50%
15%
Answers
Answer:
A. 75%
Explanation:
A workforce is a term used to describe the number of able people working for government, establishments, institutions and private companies etc in a society. Thus, educated workforce implies the number of educated able people that have the ability to work with respect to their academic discipline.
US has a high number of workforce and compensating packages for them. But when compared to other countries, over 75% of educated workforce exists outside of the United States of America.
1. A firm which makes batteries selects a sample for examination. The procedure
used is that two random numbers are chosen, 5 and 8. Starting at the 5th battery,
every battery at an interval of 8 is then chosen for examination.
This type of sampling is known as
A Systematic
B Multi-stage
C Stratified
D Random
2. The essence of quota sampling is that:
A Each element of the population has an equal chance of being chosen
B Every nth member of the population is selected
C Every element of one definable sub-section of the population is selected
D None of the above
3. An accountant is selecting a sample of invoices for checking. The invoices are
numbered 8, 13, 18, 23 and 28. What sampling interval was the accountant
using?
A 5
B 8
C 10
D 18
4. Which of the following sampling methods require a sampling frame?
I Random
II Stratified
III Quota
IV Systematic
A I and III only
B I, II and III only
C I, II and IV only
D III only
5. Which of the following statements are not true?
I If a sample is selected using random sampling, it will be free from bias.
II A sampling frame is a numbered list of all items in a sample.
Answers
The correct answers are given below:
A. Systematic sampling.C. Every element of one definable sub-section of the population is selected.A. 5.C. I, II and IV only.II. A sampling frame is a list of all items in a population, not a sample.How can they be explained?The described sampling method involves selecting every nth item in a population after selecting a starting point at random. This is known as systematic sampling.
Quota sampling involves selecting a predetermined number of participants from different sub-groups of a population to ensure a representative sample. Each element in the sub-groups is not necessarily chosen, so C is the correct answer.
The sampling interval is the number of items between each selected item. In this case, the interval is 5 since there are 5 items between each selected invoice.
Random sampling and stratified sampling can both be done with or without a sampling frame. However, systematic sampling requires a sampling frame to select the starting point at random.
I is not true because even if a sample is selected randomly, bias can still be introduced if the sampling frame is not representative of the population. II is not true because a sampling frame is a list of all items in a population, not a sample.
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Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $63,000, and it estimates that 5% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,071 credit balance before the adjustment. (b) a $315 debit balance before the adjustment.
Answers
Answer:
A. Dr Bad debt expense $2,079
Cr To Allowance for Doubtful Accounts
$2,079
B. Dr Bad debt expense $3,465
Cr To Allowance for Doubtful Accounts $3,465
Explanation:
(a) Preparation of the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: a $1,071 credit balance before the adjustment
Dr Bad debt expense $2,079
Cr To Allowance for Doubtful Accounts $2,079
(Being bad debt expense recorded)
Bad debt expense= (Outstanding accounts receivable × uncollectible percentage) - Credit balance
Bad debt expense= ($63,000 × 5%) - $1,071
Bad debt expense= $3,150 - $1,071
Bad debt expense= $2,079
(b) Preparation of the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has:a $315 debit balance before the adjustment.
Dr Bad debt expense $3,465
Cr To Allowance for Doubtful Accounts $3,465
(Being bad debt expense recorded)
Bad debt expense= (Outstanding accounts receivable × uncollectible percentage) - Dredit balance
Bad debt expense= ($63,000 × 5%) - $315
Bad debt expense= $3,150 -+ $315
Bad debt expense= $3,465
One way in which you lose financially when buying a new car is
Answers
if the supply of a product decreases we would expect
Answers
Answer:
The supply wouldn't sell as good because they don't have the product
Explanation:
Which of the following allows a person to withdraw money early from their individual retirement account (IRA) without penalty?
Answers
Loan provisions are possible but not necessarily in a qualified plan. If a plan allows loans, the amount that may be borrowed may be constrained by the plan.
What is considered an individual retirement account?Your ability to save money for retirement tax-advantageously is enabled by an individual retirement account (IRA). With the help of an IRA, a person can save money for retirement while enjoying tax-free growth or deferring taxes. An IRA is an account set up at a financial institution.
By multiplying the value of your Traditional IRA by a life expectancy factor chosen by the IRS, you can determine the amount of your RMD. Your RMD must be calculated separately for each IRA, but you are free to withdraw your entire RMD amount from either one IRA or a group of IRAs.
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Duality and interpretation of dual variables
Answers
In the event that the base issue is an expansion issue, the double issue is a minimization issue as well as the other way around.
What is Duality?By and large, the duality hypothesis tends to itself to investigate of the association between two related straight programming issues, where one of them, the base, is an expansion issue and the other, the double, is a minimization issue.
Duality of dual variables
Duality gives a ton of computational benefit in an issue with a lesser number of factors and a huge number of imperatives.
Interpretation of dual variables
The duality includes an exceptional connection between an LP issue and another, the two of which include similar unique information.
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The question is incomplete, Complete question probably will be:
Explain in brief the event of Duality and interpretation of dual variables.
Match the descriptions to the relevant theories and laws.
Okun's Law
stagflation
demand pull inflation
unemployment and inflation have an inverse relationship
unemployment and inflation can both be high at some point
Philip's Law
for every 1% decrease in unemployment rate, there is a 2% increase in GNP
too much money chasing too few goods
Answers
Okun's Law-for every 1% decrease in unemployment rate, there is a 2% increase in GNP. stagflation-unemployment and inflation can both be high at some point.
Stagflation is a condition in which there is a combination of slow economic development, rising prices, and rising unemployment. Although coexisting with poor economic development and high inflation is uncommon, it has happened before and many people think it might again.
Stagflation is a lethal combination that can cause an economic collapse where expenses and costs of living keep increasing. These kinds of economic crises are frequently brought on by significant changes in supply and loose monetary policy, and they continue longer than typical recessions because there is no permanent solution.
Thus, demand pull inflation-too much money chasing too few goods. Philip's Law-unemployment and inflation have an inverse relationship.
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What is the decision and reasoning of the Michael J French v. American Airlines- 2009 US dist. LEXIS 48654 (US district court Utah central division)
Answers
The court ruled in favor of American Airlines in the Michael J. French v. American Airlines case, finding that the airline had not broken the Americans with Disabilities Act by mandating that the passenger's service animal remain in a kennel throughout the flight.
An airline passenger's request for a reasonable accommodation under the Americans with Disabilities Act (ADA) was the subject of the Michael J. French v. American Airlines lawsuit in 2009. A disabled traveler named Michael J. French asked American Airlines to give him a special seat for his Golden Retriever service dog on a flight from Utah to Pennsylvania. American Airlines turned down the demand.
The case was handled in Utah's Central Division of the US District Court.
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12. Regarding business cycles, a boom refers to:
a) A period during which aggregate output declines.
b) The period in the business cycle from a trough up to a peak during which output, and
employment grow.
c) The period in the business cycle from a peak down to a trough during which unemployment
and inflation fall.
d) A prolonged increase in the output level.
For questions 13 and 14, consider the following labour market data for a hypothetical economy:
+16 age population at working age: 100
Number of people in the labour force: 50
Number of unemployed people: 5
Number of people informally employed: 2
13. What is the labour force participation rate?
a) 50% b) 10% c) 40% d) 60%
14. What is the rate of unemployment?
a) 50% b) 10% c) 40% d) 60%
15. Ahmet is a cashier at a supermarket. As the economy moves towards Industry 4.0, the
supermarket starts to use automated tellers. Ahmet loses his job and is now unemployed. This is
an example of:
a) cyclical unemployment b) frictional unemployment
c) structural unemployment d) non-institutional population
Answers
Answer: A business cycle or boom-bust cycle refers to the alternating periods of recession and recovery. Changes in production and trade in a market economy cause these alternating periods. We often use the term together with the economic bubble.
12. The period in the business cycle from a trough up to a peak during which output, and employment grow. B
13. The labour force participation rate is 10 percent
14. The rate of unemployment is 40 percent
15. Cyclical unemployment is the component of overall unemployment that results directly from cycles of economic upturn and downturn. Unemployment typically rises during recessions and declines during economic expansions. Moderating cyclical unemployment during recessions is a major motivation behind the study of economics and the goal of the various policy tools that governments employ to stimulate the economy. True
Frictional unemployment: the unemployment which exists in any economy due to people being in the process of moving from one job to another. False
Structural unemployment: unemployment resulting from industrial reorganization, typically due to technological change, rather than fluctuations in supply or demand. False
Non-institutional: False
Explanation: Hope the explanation above was helpful
5. Briefly describe the asymmetric information theory of capital structure. What are its implications for financial managers?
Answers
Answer:
According to the theory of asymmetric information applied to capital structure. because managers know more about the value of the firm than external investors, managers tend to favor a capital structure that is higher on equity (internal financing) than debt (external financing).
This asymmetric information may also lead them to benefit old investros over new investors.
What effect would a bumper crop most likely have on the price of that crop?
increase
decrease
equilibrium
no effect
Answers
A bumper crop would most likely have the effect of decreasing the price of that crop.
decreaseWhat is bumper crop?A bumper crop refers to an exceptionally large harvest or production of a particular crop. when there is an abundance of supply due to a bumper crop the market becomes flooded with the crop leading to an imbalance between supply and demand.
With an excess supply of the crop buyers have more options and bargaining power, which puts downward pressure on the price. In order to sell the surplus and avoid spoilage or storage costs, sellers may lower prices to attract buyers and clear their inventory.
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The standards for product V28 call for 8.3 pounds of a raw material that costs $19.00 per pound. Last month, 2,200 pounds of the raw material were purchased for $41,360. The actual output of the month was 240 units of product V28. A total of 2,100 pounds of the raw material were used to produce this output.
The direct materials purchases variance is computed when the materials are purchased.
Required:
a. What is the materials price variance for the month?
b. What is the materials quantity variance for the month?
Answers
Answer:
Results are below.
Explanation:
To calculate the direct material price variance, we need to use the following formula:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (19 - 18.8)*2,200
Direct material price variance= $440 favorable
Actual price= 41,360 / 2,200= $18.8
Now, we can determine the direct material quantity variance:
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (8.3*240 - 2,100)*19
Direct material quantity variance= $2,052 unfavorable
how to calculate net income with total assets, debt equity and return on equity
Answers
ROE = Net Profit Margin x Asset Turnover x Equity Multiplier to calculate net income with total assets, debt equity and return on equity.
What is the net income calculation formula?
Net Income = Total Revenues - Total Expenses.
Both positive and negative net income are possible. You have a positive net income when your business generates more money than it spends. You have a negative net income, also known as a net loss, if your entire expenses outweigh your earnings.
What is the equity's net income?
A company's net income is determined by deducting the cost of items sold from its revenues for the specified time period. Every cost associated with operating a business, including rent, payroll, equipment, advertising, and taxes, is included in the cost of goods sold. Assets minus liabilities equal the owner's equity of the company.
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The company acquired a machine on January 1 at an original cost of $ 81,000. The machine’s estimated residual value is $ 15,000, and its estimated life is 20,000 service hours. The actual usage of the machine was as follows:
Year 1 9,000 hours
Year 2 5,000 hours
Year 3 4,000 hours
Year 4 2,000 hours
Answers
Explanation:
The company acquired a machine on January 1 at an original cost of $ 81,000. The machine’s estimated residual value is $ 15,000, and its estimated life is 20,000 service hours. The actual usage of the machine was as follows:
Year 1 9,000 hours
Year 2 5,000 hours
Year 3 4,000 hours
Year 4 2,000 hours
Required : You are to prepare the Arc's federal income tax return in good form . You are not to complete an Ohio state income tax return . The following and schedules are required and may be found in parts 1
Answers
D
D
s
S
S
As
Dssss
- Harvard university professor
Answer:
D
Explanation:
A company reported total equity of $157,000 at the beginning of the year. The company reported $222,000 in revenues and $171,000 in expenses for the year. Liabilities at the end of the year totaled $98,000. What are the total assets of the company at the end of the year
Answers
Answer:
$306,000
Explanation:
The computation of the total assets is shown below;
The accounting equation is
Assets = Liabilities + Equity
But before that the ending equity should be determined
So,
Profit = Revenue - Expenses
= $222,000 - $171,000
= $51,000
Thus, equity at the end of the year is
= $157,000 + $51,000
= $208,000
Now Assets at the end of the year are,
Assets is
= $208,000 + $98,000
= $306,000