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4 years ago

Under what condition could a person have a lot of wealth but little income

2 answers:

5 0

Wealth is valuable possessions so you can be wealthy and have no income, the person would just own many valuable items such as houses, cars, or artifacts.

Brums [2.3K]4 years ago

5 0

The correct answer is :

<h2>If the person has inherited money, and does not work.</h2>

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What is the purpose of a thesis?

Marrrta [24]

Answer:

C. It states what your paper will prove

Explanation:

Sorry if it wrong

8 0

3 years ago

Prepare supply club's journal entry to record july and august sales. during august, customers redeem loyalty points on $60,000 o

mel-nik [20]

Answer: This question is not complete.

Explanation:

The full question can be seen in the picture while the solution is in the file attached below

8 0

3 years ago

High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding

bulgar [2K]

Answer:

Results are below.

Explanation:

The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

Unitary product cost= 17 + 7 + 3 + (893,000 / 47,000)

Unitary product cost= 27 + 19

Unitary product cost= $46

Now the income statement:

Sales= 42,000*84= 3,528,000

COGS= (42,000*46)= (1,932,000)

Gross profit= 1,596,000

Total Selling and administrative expenses= (42,000*4) + 560,000= (728,000)

Net operating profit= 868,000

The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead).

Unitary variable product cost= 17 + 7 + 3

Unitary variable product cost= $27

Now, the income statement:

Sales= 3,528,000

Total variable cost= 42,000*(27 + 4)= (1,302,000)

Total contribution margin= 2,226,000

Total fixed manufacturing cost= (893,000)

Total Selling and administrative expenses= (560,000)

Net operating profit= 773,000

5 0

3 years ago

Dowell Company produces a single product. Its income statements under absorption costing for its first two years of operation fo

Kazeer [188]

Answer:

2016 = -$67,000

2017 = $393,000

Explanation:

The income statements for company for each of its first two years under variable costing is shown below:-

Dowell Company

Income statement

Variable costing

Particulars 2016 2017

Sales $966,000 $1,886,000

Less: Variable cost

Direct material $84,000 $164,000

(21,000 × $4) (41,000 × $4)

Direct labor $168,000 $328,000

(21,000 × $8) (41,000 × $8)

Variable overhead $189,000 $369,000

(21,000 × $9) (41,000 × $9)

Variable selling and

administrative expenses $42,000 $82,000

(21,000 × $2) (41,000 × $2)

Total variable cost $483,000 $943,000

Contribution margin $483,000 $943,000

(Sales - Contribution margin)

Less:

Fixed expenses

Fixed overhead $310,000 $310,000

Fixed selling and

administrative expenses $240,000 $240,000

Total of fixed expenses $550,000 $550,000

Net income (loss) -$67,000 $393,000

To determine the net income (loss) we simply deduct the contribution margin from total of fixed assets.

8 0

3 years ago

Explain the accrual basis of accounting and reasons for adusting entries

Finger [1]

The accrual basis of accounting states that “expenses are matched with related revenues and are reported when the expense is incurred, not when cash changes hand”. Therefore, adjusting entries are required because of the matching principle in accounting.

8 0

2 years ago