<span>Estimate Demand & Revenue
The Six Steps in Pricing Strategy Process
1) Identify Pricing Objectives & Constraints
2) Estimate Demand & Revenue
3) Determine Cost, Volume, & Profit Relationships
4) Select an Approximate Price Level
5) Set List or Quoted Price
6) Make Special Adjustments to list or quoted price</span>
$41,600
is the correct answer
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<u>The change in the owner's equity</u> is often documented in a separate revenue account when cash is received from sales.
<h3><u>What Is Revenue?</u></h3>
Revenue, which is determined by multiplying the average sales price by the number of units sold, is the money made from routine business operations. It is the top-line (or gross income) figure from which costs are deducted to calculate net income. On the income statement, revenue is referred to as sales.
Revenue is the money that a business generates via its operations. Depending on the accounting method used, there are various methods for calculating revenue. Sales made on credit will be included in revenue for products or services delivered to the client in accrual accounting. Revenue may be recognized in accordance with certain regulations even though payment has not yet been made.
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When a government's expenditures on goods, services, or transfer payments exceed their tax revenue, the government has run a budget deficit. Governments borrow money to pay for budget deficits.
<h3>What is budget deficit ?</h3>
An overrun in spending over income results in a budget deficit, which can be a sign of a nation's financial stability. The phrase is frequently used to describe government spending rather than that of companies or people.
An annual financial statement of the government's proposed revenues and expenditures is known as a budget. The overall gap between government revenues and expenditures is known as the government budget balance, also known as the general government balance, public budget balance, or public fiscal balance.
A government budget deficit is denoted by a negative balance, and a surplus is denoted by a positive balance. For each level of government, a budget is created that accounts for public social security commitments.
The primary balance and interest payments on the total amount of accumulated government debt make up the government budget balance; the two together determine the budget balance.
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