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2 years ago

The following transactions occurred during a recent year:

Business

1 answer:

Natasha_Volkova [10]2 years ago

6 0

The Company's preliminary Net Income can be determined as $575.

Preliminary net income = Total Revenue - Total Expenses

= $575 ($4,230 - $3,655)

Revenue:

d. Sales Revenue $680

f. Service Revenue $2,870

i. Service Revenue $680

Total Revenue $4,230

Expenses:

a. Wages Expense $1,700

e. Utilities Expense $1,360

h. Travel Expense $115

k. Advertising Expense $480

Total Expenses $3,655

Thus, the company generated a preliminary net income of $575 for the period.

Learn more about determining net income at brainly.com/question/19850768

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Angus works as a dairy farmer in Minnesota. He loves his work and finds a great deal of personal satisfaction in providing the h

weeeeeb [17]

Answer:

Explicit costs are the costs which requires the money to pay.

On the other hand, implicit costs refers to the benefit that is foregone by choosing some other work or doing some other activity.

Therefore,

Explicit costs are as follows:

1. Wages pays to his hired hand

2. Buys feed for his cows.

3. Gas expense that is used in truck

Implicit costs are as follows:

1. Foregone income of $27,000 from working at a dairy plant as a technician.

2. Time taken for extracting milk from all the cows.

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3 years ago

Novak’s Market recorded the following events involving a recent purchase of inventory: Received goods for $112000, terms 2/11, n

Arte-miy333 [17]

Answer:

Option (C) is correct

Explanation:

The payment is made during the discount period of 11 days so the 2% discount rate would be applicable.

Goods purchased = $112,000

Goods returned = $2,200

Discount = (Goods purchased - goods returned) × 2%

= ($112,000 - $2,200) × 2%

= $2,196

Net purchase = Goods purchased - returned - Discount

= $112,000 - $2,200 - $2,196

= $107,604

Total inventory cost = Net purchase + Freight cost

= $107,604 + $400

= $108,004

Therefore, company’s inventory increased by $108,004.

5 0

3 years ago

In 2021, Carson is claimed as a dependent on his parents' tax return. His parents report taxable income of $200,000 (married fil

serg [7]

Carson's tax liability for 2021 as a 23-year full-time student, who earns from the summer internship and part-time job and receives a qualified dividend is $645.

<h3>What is tax liability?</h3>

Tax liability refers to the amount that a taxpayer is obliged to pay.

The tax liability is a function of the taxpayer's taxable income, tax bracket, deductions, and applicable tax rate.

In this case, we have assumed a flat tax rate of 10% for both Carlson's earned income and the dividend income.

<h3>Data and Calculations:</h3>

Earned income = $14,000

Qualified Dividend income = $5,000

Adjusted taxable income = $6,450 ($19,000 - $12,550)

Tax liability = $645 ($6,450 x 10%)

Thus, Carson's tax liability for 2021 is $645.

Learn more about tax liabilities at brainly.com/question/7409145

4 0

2 years ago

The perfectly competitive price and output level occur where

jasenka [17]

Answer:

It occur where MR = MC

Explanation:

Perfectly competitive organization or firm is the one who is price taker, which states that they must accept the price at which it sells the goods to consumer.

In a firm that is a perfectly competitive, the level of output as well as the price happen where the Marginal Cost is equal to the Marginal Revenue.

It is stated as MR = MC.

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3 years ago

Doug, as a new project manager, has been described by his subordinates as not being a servant leader. Which of the following ite

const2013 [10]

Answer:

C) Doug tells his employees that he needs to know everything that is going on in the department, especially if someone is NOT buying into the project goals.

Explanation:

A servant leader is a leader that believes his/her main goal is to serve the organization. Servant leaders usually value employees' contributions and generally looks for them.

If Doug wants to know who is not buying into the project goals, he is not valuing employees' contributions, he is trying to impose his own views and ideas.

4 0

3 years ago