Answer:
The net income for 2020 was $90,000
Explanation:
Shmenson Company
Income Statement for the year ended 2020
Sales $470,000
Less Cost of Sales
Beginning Inventories $70,000
Add Net purchases $180,000
Add Freight In $15,000
Less Ending Inventories ($60,000) ($205,000)
Gross Profit $265,000
Less Expenses
Operating expenses ($175,000)
Net Income $90,000
Conclusion
Thus, the net income for 2020 was $90,000.
Answer:
Backward integration.
Explanation:
Backward intergration is the process by which a company either buys or generates internally segments of its supply chain. It involves creation of input that can be used in production process. For example if a company buys up their supplier for a pay input.
So if an organization's present suppliers are especially expensive, unreliable, or incapable of meeting the firm's needs for parts, components, assemblies, or raw materials. The best strategy will be to buy a supplier of the input
Answer: frictional unemployment
Explanation:
Frictional unemployment is also referred to as search unemployment. Frictional unemployment is the time that people spend between jobs when they are looking for a job or in cases whereby they are transferring from one job and looking for another job.
The turnover in the labor market is actually a reason for being frictionally unemployed. Also, when someone graduates from college, the person also begins to look for work. The person is frictionally unemployed during the time that he or she is looking for job.
Answer:
understate economic welfare, because it does not take into account increases in leisure
Explanation:
While GDP is often used as an index to assess the standard of living of a state or country, there are a number of limitations to this indicator. GDP does not take into account entertainment, health and education costs, off-market operations, nature of the environment etc.
Therefore the second option is correct
