Answer:
Profit = $125,000
Explanation:
We know,
Profit = Sales revenue - Expense
Given,
Sales revenue = Number of seats available × Ticket price per person
Sales revenue = (1,000 seats × $150) + (500 seats × $50)
Sales revenue = ($150,000 + $25,000)
Sales revenue = $175,000
Expense = $50,000
Putting the values to the formula, we will get
Profit = Sales revenue - Expense
Profit = $175,000 - $50,000
Profit = $125,000
Answer:
Transferred.
Explanation:
FASB is an acronym for Financial Accounting Standards Board. The financial accounting standards board (FASB) is a private, non-profit organization saddled with the responsibility of establishing and maintaining standard financial accounting and reporting for general guidance of individuals such as investors, issuers and auditors. It was founded in 1972 but began operations fully on the 1st of July, 1973 by replacing the Accounting Principles Board (APB) and American Institute of Certified Public Accountants (AICPA).
A recently issued FASB standard known as the core revenue recognition principle, requires that companies recognize revenue when goods or services are transferred to customers for the amount the company expects to be entitled to receive in exchange for those goods or services.
Answer:
A) Form 990-N.
Explanation:
Form 990-N is used by not-for-profit organizations with annual gross receipts under $50,000, and it must be filed electronically.
Most small not-for-profit organizations can use the Form 990-N, except:
- organizations with gross receipts of over $50,000
- churches and their associated supporting organizations
- private foundations
- political organizations
- tuition programs
- government instrumentalities
- group legal service plans
- and other specific organizations
A. we know it is not c or d cuz they would not fit but a and b are our options the answer would be B IF he was a worker but in this case he makes his money from a profit and pays the workers (they earned it) so it is A
