Answer:
you cannot journalize these transactions. you can prepare an income statement which is not the same:
Sales revenue $393,500
Sales discounts ($8,800)
Sales allowances ($18,600) <u> ($27,400)</u>
Net sales revenue $366,100
Cost of goods sold <u>($205,200)</u>
Gross profit $160,900
Operating expenses:
Rent ($33,000)
Freight out ($8,200)
Insurance ($13,600)
Salaries ($60,200) <u>($150,000)</u>
Operating income $10,900
Income taxes <u>($5,300)</u>
Net income $5,600
Other comprehensive income <u> $2,000</u>
Total income $7,600
Answer:
a. Lockheed Martin is a government contractor
b. Amtrak is a government corporation
Explanation:
a. Lock heed Martin as a Government Contractor
A government contractor is a company that does contracts predominantly supplied by the government. The contracts are financed by the government mostly from tax collection. These contracts vary in type whether it is defense or any other type of contract for that matter.
In the case of Lockheed Martin, this is a defense contractor that has been listed as one of the biggest government contractors over the years. It also has worldwide interest in aerospace and advanced technologies. This company was formed as a result of a merger between Lockheed Corporation and Martin Marietta on the March of 1995.
b. Amtrak as a government corporation
From these information it can be concluded that a government contractor is in most cases is a private company that bids for tenders from the government. The bidding process is usually open to all qualified companies. After thorough assessment of these bids, the government awards the contract to the most qualified company. In the case of Lockheed Martin, the government usually requires a specialized skills in aerospace, and defense.
A government corporation on the other hand is a huge company that is there majorly for the interest of the public. It is usually partly owned by the government therefor receives a combination of state and federal subsidies. It is also usually for non-profit purposes since it is formed for the benefit of the public. The National Railroad Passenger Corporation which does it's business with the name Amtrak is a railway corporation formed in 1971 and is partly owned by the government. It provides railway services of transporting people and goods connecting many states. It therefor serves as a government corporation.
You're indeed correct with your guess. Nice work!
Answer:
my baby daddy.
Explanation:
I forgot to take the pill :(
The correct answer of the given question above would be the MOTORCYCLE DRIVERS. The group that would most likely dislike a city ordinance that bans loud vehicles are motorcycle drivers. Often times, motorcycles create loud noises in the public street which create disturbance especially in those places where loud sounds are prohibited. Hope this answer helps.
