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3 years ago

Which of the following components make up the income statement

1 answer:

8 0

An income statement is a report that shows how a company is performing facially over a set period of time. There are a few main accounts that should be found on an income statement to show accurate reporting. The main accounts are: sales revenue, cost of goods sold or gross revenue, total or specific general expenses, depreciation, interest and tax expenses.

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g For this question, ignore inflation. Suppose Jenny earns $60,000 per year working as a tax analyst. After ten years, she quits

arsen [322]

Answer:

If Jenny doesn’t earn any interest on her savings and wants to perfectly smooth consumption across her life, how much will she consume every year?

Jenny's total income during her life = income as tax analyst ($60,000 x 10) + income as PhD student ($12,000 x 5) + income as Art Director (35 x $95,000) = $3,985,000

she generated income during 50 years and expects to live 20 more, so in order to perfectly smooth consumption across her life, she must divide her total life income by 70 years = $3,985,000 / 70 years = $56,928.57 per year

What might prevent her from perfectly smoothing consumption?

First of all, besides inflation, you also earn interest on your savings. That is why 401k and other retirement accounts work so well (the magic of compound interest). Even if inflation and interests didn't exist, you cannot know exactly what you are going to earn in the future and for how many years. In this case, she earned $60,000 for 10 years, but then earned only $12,000 during 5 years. If she really wanted to smooth her consumption, she would have needed to get a loan because her savings during the first 10 years wouldn't be enough.

4 0

3 years ago

Which of the following is not a financial intermediary?

ValentinkaMS [17]

Answer:

i think commercial banks aren't

5 0

3 years ago

Which of the following tactics for overcoming resistance to change is most likely to be beneficial when employees' fear and anxi

ladessa [460]

Answer:

b) Building support and commitment

Explanation:

In order to support employees and feel the fear of change, it is necessary to build trust and commitment.

Here are some techniques to help the employee:

1. Make your employees feel that their work is important

2. Keep them in constant training

3. Maintain communication with all members of the organization

4. Establishes recognition programs and awards prizes

5. Promotes positive attitudes

6. Be flexible with schedules.

7. Conduct satisfaction surveys

4 0

4 years ago

_ is concerned with determining what activities should be performed and assessing how well they are performed. a.Operational con

Cloud [144]

Answer:

The correct answer is letter "A": Operational control.

Explanation:

Operational control comprises the steps companies take to determine how the firm will conduct its operations. Operational control is the handbook for operations managers where the procedure for each activity in the company is explained in detail so, in front of malpractices, managers will have a clear idea on how to make assessments.

8 0

3 years ago

[The following information applies to the questions displayed below.] The following information is available for Lock-Tite Compa

S_A_V [24]

Answer:

raw materials 210,000 debit

cash 210,000 credit

-- to record purchase of materials--

factory overhead 80,000 debit

WIP inventory 265,000 debit

cash 345,000 credit

-- to record payment and allocationf of wages --

factory overhead 15,000 debit

WIP inventory 186,000 debit

inventory 201,000 credit

--to record use and allocationf of materials--

factory overhead 120,000 debit

accoutns payable 120,000 credit

-- to record other overhead expenses--

WIP 185,500 debit

factory overhead 185,500 credit

--to record applied overhead--

finished goods 625,400 debit

WIP 625,400 credit

--to record trasnferred-out goods--

cash 1,400,000 debit

sales revenue 1,400,000 credit

--to record sales revenue--

COGS 652,800‬ debit

inventory 652,800 credit

--to record COGS for the period--

COGS 14,500 debit

factory overhead 14,500 credit

--to record underapplied overhead--

Explanation:

for the use of materials:

Beginning Raw Materials 43,000

Purchases 210,000

Ending Raw materials (52,000)

Used: 201,000

Indirect materials (15,000)

direct materials: 186,000

applied overhead

265,000 direct labor x 70% = 185,500

transferred out:

Beginning WIP 10,200

cost added <u> 636,500 </u>

total cost 646,700

ending WIP (21,300)

COGM 625,400

COGS

63,000 + 625,400 - 35,600 =652.800‬

adjusmtent for overhead:

applied 185,500

actual overhead: 200,000

underapplied for 14,500

5 0

3 years ago