Answer:
Total Expense: $ 347,000
Income: $ 135,000
Explanation:
<u><em>Income Statement Imaging Services </em></u>
<u><em>For the Month Ended March 31, 2018</em></u>
Fees earned $482,000
Wages expense $ 300,000
Rent expense $41,500
Supplies expense $3,600
Miscellaneous expense $1,900
Total Expenses $ 347,000
Income $ 135,000 Wages, rent , supplies and miscellaneous expenses are totaled and deducted from the fees earned. Fee earned is the revenue and the expenses are deducted from it. By deducting expenses from revenue we get the income.
Answer:
Explanation:
Present value of annuity factor = 4,611,018/370,000 = 12.46
The we look at the present value table of annuity where n=20 and find annuity factor of 12.46. In the case of i=5% the annuity factor is 12.46. So implicit rate in the lease agreement in 5%.
Answer:
Cost of goods sold = $820,000
Explanation:
Cost of goods sold represent the amount incurred as direct expenditures on the goods sold. It is measured in cost and cal calculated as follows:
Cost of goods sold = opening inventory + purchases+ freight charges - closing inventory
= 280,000 + 720,000 + 60,000 - 240,000 = 820,000
Cost of goods sold = $820,000
Answer:
Novation.
Explanation:
In this scenario, Shannon and Rene are sisters who enter into a contract to buy an income property. The sisters get into a dispute, and Shannon wants out of the deal. However, their uncle Jerry wants to replace Shannon on the contract. Shannon agrees to the substitution so they go ahead and do it. This is an example of novation.
Novation can be defined as the process or an act of legally replacing a party in a contract with another, adding an obligation to engage or replacing a contractual obligation to perform with another based on the consent of all involved parties.
Answer:
The price of a dose should be 80 dollars for the annual suply to be equal to the annual demand
Explanation:
We have the following variabels
Annual demand = 1000-3p
Annual supply = 600 + 2p
<em>To know the price we should equal the supply and the demand</em>
Annual supply = Annual demand <em>Replace the equations in the variables</em>
600 + 2p = 1000 - 3p <em>Clear p in the equation</em>
2p + 3p = 1000 - 600
5p = 400
p = 80
The price of a dose should be 80 dollars for the annual suply to be equal to the annual demand