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iren [92.7K]
4 years ago
5

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $2,783 Fee

s Earned 14,403 Depreciation Expense 1,343 Insurance Expense 513 Prepaid Insurance 4,756 Supplies 1,238 Supplies Expense 3,322 Net income for the period is a.$19,581 b.$9,225 c.$6,442 d.$5,178
Business
1 answer:
olga55 [171]4 years ago
7 0

Answer:

b. $ 9,225

Explanation:

The net income needs to be computed considering the revenue and expenses items from the data provided.

Revenues

Fees earned                                                              $ 14,403

Expenses

Depreciation expenses                 $  1,343

Insurance expenses                      $     513

Supplies expenses                        <u>$  3,322</u>

Total expenses                                                          <u>$   5.178</u>

Net income                                                                 $ 9,225

The other items in the question i.e. Accumulated depreciation, Prepaid insurance and Supplies are balance sheet items and are not considered in determining the net income

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Which is an example of capital in the production process of an amusement park?
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3 years ago
Two methods are used to predict how many customers will call in for help in the next four days. The first method predicts the nu
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Answer:

The method 1 will have a bigger forecast bias ( whose value is 5 ) than the method 2 ( whose value 0 ).

Explanation:

To know which method will have the bigger forecast bias , we will see the deviation of both methods from the actual forecast numbers and then by seeing which one is having a bigger deviation value , we can say which one is having bigger forecast bias.

FORECAST BIAS = ACTUAL NUMBER - FORECAST NUMBER

Actual           Forecast        Forecast        Forecast             Forecast

caller turn      method 1       method 2      bias method 1    bias method 2

23                    23                  20                  0                           3

10                     5                    13                   5                           -3

15                     14                   14                   1                             1

19                     20                  20                 -1                            -1

TOTAL                                                          5                             0

from the above information we can say that the method 1 with forecast bias value of 5 is much bigger than the method 2 with forecast bias value of 0.

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