Find the gross profit fro the sale of the television:
Gross profit = Sales - Cost of goods sold
Gross profit = $1,600 - $225
Gross profit = $1,375
The gross profit of a sale is the profit from sales minus the cost it took to produce/complete the item or service.
Answer:
B. False
Explanation:
A tax is an amount of money charged by the government to fund different public expenses. So, a charge impose by a local government on football tickets sold in which all proceeds are earmarked to fund local schools is considered a tax and because of that the statement is false.
There are different kinds of ideas. The idea that the U.S. economy for who receive the most income get the most goods is best represented by the question called "For whom output is produced".
<h3>What kind of system is the United States economy based on?</h3>
The U.S. is one that has a mixed economy and also show the attributes of f both capitalism and socialism.
In a mixed economy as the above, they often embraces economic freedom regarding capital use and they also allows the government to intervene for public good.
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Answer:
D) $25,000
Explanation:
Accrual basis is a method of recording accounting transactions for revenue when earned (rather than when the cash is received) and expenses matched with revenues when incurred (rather than at the time when expenses are paid).
In the year, Grace Company earned revenues: $60,000
Expense incurred: $35,000
Prepaid $8,000 that will be expense next year.
Net Income = Earned revenues - Expense incurred = $60,000-$35,000 = $25,000
The equipment is normal good.
A normal good, often known as a required good, refers to the degree of demand for the product in relation to wage growth or contraction rather than the quality of the good itself.
The link between income and demand for a typical good is elastic. To put it another way, changes in income and demand are connected positively or move in the same direction. The amount by which the quantity desired for a good changes in response to a change in the income is measured as income elasticity of demand.
Therefore, the answer is normal goods.
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