Answer:
$10,000
Explanation:
A company's income is either shared out as dividends or kept in as retained earnings. Therefore, the total of retained earnings and dividend paid out is the net income. This is the amount that will reflect in the income statement. In other words, income is calculated first before dividends or retained earnings are declared.
For Martinville, income will be calculated first before dividends are paid. Net income will be
=revenue - expenses
=$17,000 -$7,000
=$10,000
Balance in the Income Summary account was $10,000
Answer:
The amount of uncollectible account expense was recorded for July was $9,500
Explanation:
According to the given data we have the following:
Accounts written off amount=$5,200
Increase in Allowance for Doubtful Accounts=$4,300
Therefore, in order to calculate the amount of uncollectible account expense was recorded for July we would have to make the following calculation:
Uncollectible accounts expense for July= Accounts written off+ Increase in Allowance for Doubtful Accounts
Uncollectible accounts expense for July= $5,200+$4,300
Uncollectible accounts expense for July=$9,500
The amount of uncollectible account expense was recorded for July was $9,500
Answer:
3. indicates the quantity demanded at each price in a series of prices.
Explanation:
The demand for a product can be described as the quantity that buyers are willing and able to buys at a given price or different prices. As per the law of demand, an indirect relationship exists between the price and demand for a product. This relationship can be expressed in a graph format known as a demand curve or as a table format known as the demand schedule.
A demand curve is downward sloping. It demonstrates how demand varies at different prices. A change in price cause movement along the demand curve. Low price results in high demand, while high prices result in low demand.
Answer:
profit margin = 23.33%
Explanation:
profit margin = net profit / net sales
- net profit = $2,800
- net sales = $12,000
profit margin = $2,800 / $12,000 = 0.233333 = 23.33%
The profit margin is a profitability ratio used to compare how many cents different companies are able to make from selling $1. Different companies have different sales levels, but we can group companies by industries and then compare them in order to determine which ones are more efficient at generating income. E.g. Company A sells $100 million but only makes $2 million in profits per year (PM = 2%), and it is much less efficient than Company B that sells $10 million and makes $1 in profits (PM = 10%). Company A's costs are too high compared to Company B's costs.
