All categories

4 years ago

Below are the account balances for Cowboy Law Firm at the end of December.

Business

1 answer:

KIM [24]4 years ago

3 0

Answer:

Cowboy Law Firm

Income Statement

Service revenue $7,600

Expenses:

Salaries expense $1,350

Utilities expense $1,000

Total expenses $2,350

Net income $5,250

You might be interested in

Presented here are liability items for Teal Mountain Inc. at December 31, 2020. Accounts payable $321,850 FICA taxes payable $15

Maksim231197 [3]

Answer:

Total Liabilities = $2,888,450

Explanation:

Teal Mountain Inc.

Balance Sheet

As of December 31, 2020

Current Liabilities 

Accounts Payable $ 321,850

FICA taxes payable $15,990

Notes Payable $41,000

Interest Payable $82,000

Unearned Rent Revenue $492,000

Income Taxes Payable $7,175

Sales Taxes Payable $3,485

Total Current Liabilities $963,500

Long Term Liabilities:

Bonds Payable $1,845,000

Less: Discount on Bonds Payable ($84,050) $1,760,950

Notes Payable $164,000

Total Liabilities $2,888,450

6 0

3 years ago

Seth's Computer Repair has maintained a competitive advantage based on its thorough and professional service, reasonable pricing

Whitepunk [10]

Answer:

The correct answer is letter "B": core rigidity.

Explanation:

A competitive advantage is an advantage that a company has over its competitors. It could be a comparative advantage if the company had a lower opportunity cost in its production process or a differential advantage if the product produced by the company has a unique feature.

The big failure of Seth's Computer Repair depends on not listening to its internal consumers: their workers. Employers may provide useful input to businesses that could influence the direction of the operations. For that reason, Seth's lost part of its customers when a new competitor entered the market because they kept implementing the same rigid, outdated approach that had worked before.

3 0

3 years ago

During 2018, Raines Umbrella Corp. had sales of $763,000. Cost of goods sold, administrative and selling expenses, and depreciat

sleet_krkn [62]

Answer and Explanation:

The computation is shown below;

a. The net income or loss for the year 2018 is

Sales $763,000

Less: COGS $462,000

Less: A&S expenses $103,000

Less: Depreciation $148,500

EBIT $49,500

Less: Interest $73,800

Taxable income -$24,300

Less: Taxes(22%) $0

Net income(loss) -$24,300

Net loss = $24,300

b. The operating cash flow is

OCF = EBIT + Depreciation - Taxes

= $49,500 + $148,500 - $0

= $198,000

4 0

3 years ago

he following information is available for Buhler Company: Annual Data 2013 2012 Net sales $8,700,000 $8,100,000 Gross profit on

dybincka [34]

Answer:

35.09%

Explanation:

Data provided as per the question

Gross profit on sales = $3,053,000

Sales = $8,700,000

The computation of gross profit in percentage is as shown below:-

= Gross profit on sales ÷ Sales

= $3,053,000 ÷ $8,700,000

= 35.09%

Therefore, for computing the gross profit in percentage we simply divide the gross profit with sales.

3 0

3 years ago

A pure monopolist should never produce in the _________.a. elastic segment of its demand curve because it can increase total rev

Paladinen [302]

Answer: The correct answer is "b. inelastic segment of its demand curve because it can increase total revenue and reduce total cost by increasing price.

Explanation: A pure monopolist should never produce in the inelastic segment of its demand curve because it can increase total revenue and reduce total cost by increasing price.

It would be uneconomical for a pure monopolist to produce in the inelastic segment of its demand curve because it would not be increasing its profits, because if it increases the price it can reduce the total cost and increase total revenues.

5 0

3 years ago