Answer:
Option (C) is correct.
Explanation:
Income tax expense:
= Operating income × Income tax rate
= $250,000 × 40%
= $100,000
Total income tax expense:
= (Operating income + Income on discontinued operations) × Income tax rate
= ($250,000 + $70,000) × 40%
= $128,000
Therefore, Freda's separately stated income tax expense and total income tax expense would be $100,000 and $128,000, respectively.
Answer:
10%
yes
2%
enter
8%
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
Rate of return = (earnings of firms / amount invested) x 100
(15/150) x 100 = 10%
The firm is earning an economic profit because the rate of return is higher than the normal profit by 2%.
In the long run, firms would enter into the industry. This would reduce economic profit to zero and the firm would be earning only normal profit once long run equilibrium has been reached
Thanks for the question!
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Hope this helps!
Answer:
C. Accrued expense
Explanation:
Because the expense has already been incurred, but not yet paid, it is an accrued expense.
Answer:
The correct answer is D.
Explanation:
Giving the following information:
Sales=$775000
Variable expenses= 523000
Contribution margin= 252000
Fixed expenses= 132000
Net income= $120000
Hard Rubber:
Sales=$65000
Variable expenses=58000
Contribution margin= 7000
Fixed expenses= 22000
Net income= -15000
New net income= 120,000 + 15,000 - 22,000= 113,000