Answer:
Following description will make you concept clear an help you.
Explanation:
Stephanie is a 40 percent partner in the SKY Partnership. During the current tax year, the partnership reported ordinary income
1 answer:
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Answer: Please refer to Explanation
Explanation:
The Grapefruit market will experience an acute shortage of grapefruits because the bad freeze destroyed most of the crop that was going to be supplied.
This shortage in supply will force the price up and therefore lead to a drop in Demand as a lot of people will decide that they can't spend the new amount.
This scenario would lead to an increase in the Equilibrium price because the supply curve will be forced to the left and the new intersect with the Supply curve will be higher. The Equilibrium Quantity will also reduce because of the shortage that is being experienced as a result of a large portion of the grapefruits being destroyed.
In the graph I attached, S2 refers to the supply curve AFTER the bad freezes. Notice how the price went up to P2 and the Quantity dropped to Q2.
If you need any clarification do comment. Cheers.
Answer:
Explanation:
For preparing the income statement, first, we have to compute the net income/net loss for the given period. The calculation is shown below:
= Consulting revenue - rent expense - salaries expense - telephone expense - miscellaneous expense
= $16,540 - $4,300 - $7,740 - $850 - $670
= $2,980
Since for computing the net income/ net loss we have to deduct the expenses from the income/ revenge earned to find out the net income (Revenue - expenses) and for net loss, the reverse method is used (Expenses - revenues)
The preparation of the income statement is done in the spreadsheet. Please find the attachment.
