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3 years ago

The following financial resources were among those received by Seco City during year 1:_____

Business

1 answer:

Burka [1]3 years ago

8 0

Answer:

A) $0

Explanation:

Seco City will record $0 as special revenue funds during year 1 with respect to the foregoing resources.

The $6,000,000 for acquisition of major capital facilities would be recorded as capital projects fund.

$2,000,000 to create a non-expendable trust would be recorded as private purpose trust fund.

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Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of S25 per un

alukav5142 [94]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Selling price= $25 per unit.

Sales (in units):

January= 45,000

February= 55,000

March= 50,000

The cost of goods sold is $14 per unit.

The gross profit is calculated using the following formula:

Gross profit= selling price - cost of goods sold

January:

Sales= 45,000*25= 1,125,000

COGS= 45,000*14= (630,000)

Gross profit= 525,000

February:

Sales= 55,000*25= 1,375,000

COGS= 55,000*14= (770,000)

Gross profit= 605,000

March:

Sales= 50,000*25= 1,250,000

COGS= 50,000*14= (700,000)

Gross profit= 550,000

5 0

4 years ago

What factors caused american business to develop into a mixed economic system rather than some other type of economic system?

Ksivusya [100]

The economic system in the USA is rooted in the Laissez-Faire capitalism of Adam Smith. However, the real-world setting in the US is not as Laissez-Faire as Smith would have liked because the government greatly participates as more than umpire and rule maker. The government take part in American Business by way of resource or product markets, interest, and especially taxes which results in making the American business progressed into a mixed economy, showing both elements of capitalism and socialism.

Other factors such as foreign competition, the Great Depression, World Wars I and II, and the increasing age of population have also contributed to the mixed economic system.

3 0

4 years ago

Read 2 more answers

Segmented Income Statement Gorman Nurseries Inc. grows poinsettias and fruit trees in a green house/nursery operation. The follo

bija089 [108]

Answer:

Poinsettias records a loss of $118,125

Fruit Trees records a profit of $92,325

The company therefore records an overall $25,800 loss

NB: See the workings below see the assumption mad to allocate common expenses since none is given in the question.

Explanation:

Variable costing income statement is a type of income statement that records variable cost separately first to determine the contribution margin and thereafter record the fixed cost which is further split into direct fixed expenses and common expenses.

The segmented income statement for Gorman Nurseries for the coming year can therefore be presented as follows:

Gorman Nurseries Inc.

Segmented Income Statement

For the coming year

Particulars Poinsettias ($) Fruit Trees ($) Total ($)

Sales 970,000 3,100,000 4,070,000

Variable COGS (460,000) (1,630,000) (2,090,000)

Variable selling exp. (w1.) (38,800) (124,000) (162,800)

Contribution margin 471,200 1,346,000 1,817,200

Direct fixed overhead (160,000) (200,000) (360,000)

Direct fixed S $ Admn exp. (146,000) (87,000) (233,000)

Segment margin 165,200 1,059,000 1,224,200

Common fixed overh. (w2a) (176,077) (623,923) (800,000)

Common S $ Admn ex (w2b) (107,248) (342,752) (450,000)

Segment Net Income (loss)  (118,125)   92,325   (25,800) 

Workings:

w1. Variable selling expenses = Sales * Commission percentage

Poinsettias = $970,000 * 4% = $38,8000

Fruit Trees = $3,100,000 * 4% = $124,000

w2. Allocation of common expenses using the following assuptions:

a) Use cost of goods sold (COGS) to allocate Common fixed overhead:

Poinsettias = (460,000 / 2,090,000) * $800,000 = $176,077

Fruit Trees = (1,630,000 / 2,090,000) * $800,000 = $623,923

b) Use common selling and administrative expense using Sales:

Poinsettias = (970,000 / 4,070,000) * $450,000 = $176,077

Fruit Trees = (3,100,000 / 4,070,000) * $450,000 = $623,923

4 0

3 years ago

Which statement explains a proportional tax system?

-Dominant- [34]

Answer:

The tax rate is the same for all income levels.

Explanation:

A proportional tax system is a tax mechanism that applies equal rates to all income brackets. This system does not segregate based on income earned. The proportional tax system is also the flat rate system.

Since the proportional tax system applies the same rate to all taxpayers, it means that the low income, middle, and high-income earners pay tax at the same rate. The proportional tax system contrasts with other methods, such as the progressive tax system that considers income levels.

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4 years ago

Both the satisfaction of creating new products and the possibility of earning money are _____ for an entrepreneur. (need help fa

kirill115 [55]

Both the satisfaction of creating new products and the possibility of earning money are INCENTIVES for an entrepreneur.

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4 years ago

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