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Keith_Richards [23]
3 years ago
10

What is gross profit? (Select the best answer.)

Business
1 answer:
BlackZzzverrR [31]3 years ago
6 0
The money left over the cost of making a product or providing a service
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In the second half of 2019, automobile sales in the United States were lower than they were in the second half of 2018. The decr
Monica [59]

In the second half of 2019, automobile sales in the United States were lower than they were in the second half of 2018. The decrease in auto sales impacts GDP because new automobiles are counted as <u>consumption </u>when purchased by households and <u>investment</u> when purchased by businesses.

Gross domestic product (GDP) is the overall monetary or market value of all of the goods and services produced within a country's borders in a particular time period.

GDP can be calculated by adding up all of the money spent by consumers, businesses, and the government in a given period. It may also be calculated by adding up all of the money received by all the participants in the economy.

learn more about Gross domestic product (GDP) here

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3 0
2 years ago
How does money encourage specialization?
svlad2 [7]

Hi I think it might be the second option: <u>You can specialize in mechanics and still be able to feed your family without growing your own food.</u> I say this because the key word specialization used in the question and specialize.

Honestly taking a test with this same question at the moment and i am just taking a wild guess here. Im sorry if i got it wrong but good luck.

8 0
3 years ago
Read 2 more answers
Indiana Co. began a construction project in 2021 with a contract price of $163 million to be received when the project is comple
iragen [17]

Answer: Recognized $12.68 million gross profit on the project in 2022

Explanation:

Firstly we would need to ascertain the percentage of completion in 2022. We will do this by using the costs.

The cost incurred till date is,

= $32 million (incurred in 2021) + $59 million (incurred in 2022)

= $91 million. (1)

A further $37 million is estimated to remain in costs by project completion so the total cost would be,

= $91 million + 37 million

= $128 million is the total cost to be incurred. (2)

Dividing (1) by (2) to find out how much costs have been incurred vs how much is life we have,

= 91 / 128

= 0.7109

= 71 %

71 % of the project has been completed.

We will now find out the revenue for that very year using the percentage of the project completed.

The Total Revenue is $163 million so we will take 71% of that,

= 0.71(163)

= $115.73 million can be recognized as revenue TILL DATE. (3)

To find out the Revenue for the year then we can deduct the revenue of the previous year from the Revenue till date to find out the revenue for 2022.

But first we need to find the revenue of 2021 using the same method we used to calculate the Revenue this far

= 32 million / (32 + 86 million) * 163 million

= $44.01 million in revenue in 2021 (4)

Subtracting (4) from (3) to get the revenue for 2022 we have,

= 115.73 - 44.01

= $71.72 million is therefore the revenue for the year 2022

Calculating the gross profit for the year 2022 then we can subtract the cost in 2022 from the revenue for 2022.

= 71.72 million - 59 million

= $12.72 million

The answer we got is off by $0.04 from option C so we will pick Option C as the correct answer with the discrepancy going down to rounding off errors in the Intermediate Calculation.

8 0
3 years ago
From 2015 to 2016, the overall price level rose from 200 to 220. Over the same period, tuition rates at the local community coll
Nikolay [14]

Answer:

C

Explanation:

Inflation is a persistent rise in general price level

Rise in Inflation rate = 220 / 200 - 1 = 10%

Rise in tuition fees = 115 / 100 - 1 = 15%

From the calculations, the percentage change in tuition fees is higher than the percentage change in inflation rate

3 0
3 years ago
Trew Company plans to issue bonds with a face value of $902,000 and a coupon rate of 6 percent. The bonds will mature in 10 year
Agata [3.3K]

Answer:

$807,992

Explanation:

issue $902,000 with a 6% semiannual coupon and 10 year maturity. coupon payment = $27,060

if the annual market interest rate = 7.5%, the bonds should be sold at a discount:

issue price = present value of face value + present value of interest payments

  • present value of face value = $902,000 / (1 + 3.75%)²⁰ = $431,961
  • present value of annuity = $27,060 x {1 - [1 / (1 + 3.75%)²⁰]} / 3.75% = $376,031

issue price = $431,961 + $376,031 = $807,992

the journal entry should be:

Dr Cash 807,992

Dr Discount on bonds payable 94,008

    Cr Bonds payable 902,000

5 0
3 years ago
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