Answer:
$50,000:$400,000
Explanation:
Based on the information given we were told that the Broker's commissions and other selling expenses was the amount of $50,000 in which They as well made purchased of a new residence in July for the amount of $400,000 which means that the recognized gain will be $50,000 the amount of Broker's commissions and other selling expenses and the adjusted basis of the new residence will be $400,000 which is the cost of purchasing a new residence.
To calculate:
1) Net income (loss) for 2010.
2) Operating cash flow
Solution: 1)
Sales = $850000
Less: Cost of goods sold = $610000
Gross profit = $240000
Less: Administrative and selling expenses = $110000
Earning before Interest, Tax and Depreciation = $130000
Less: Depreciation = $140000
Earning before Interest and Tax (EBIT) = ($10000)
Less: Interest expense = $85000
Earning before tax (EBT) = ($95000)
Less: Tax = $0 (as company is having negative EBT or loss hence no tax)
Net loss = $95000
2) Operating cash flow
EBIT + Depreciation - Tax
Wherein, EBIT = Earning before Interest and Tax
($10000) + 140000 - 0 = $130000
Answer:
$191,500
Explanation:
If the item is not dropped:
Loss = Sales - Variable expenses - Fixed manufacturing expenses - Fixed selling and administrative expenses
= $923,000 - $405,500 - $337,000 - $244,000
= (63,500) loss
Fixed mfg. expenses remaining:
= Fixed manufacturing expenses - Avoidable Fixed manufacturing expenses
= $337,000 - $207,500
= $129,500
Fixed selling and administrative expenses remaining:
= Fixed selling and administrative expenses - Avoidable Fixed selling and administrative expenses
= $244,000 - $118,500
= $125,500
Loss in expenses remaining if item is dropped
:
= Fixed mfg. expenses remaining + Fixed selling and administrative expenses remaining
= $129,500 + $125,500
= ($255,000)
Overall net operating income would decrease by:
= Loss in expenses remaining if item is dropped - Loss in expenses if item is not dropped
= $255,000 - $63,500
= $191,500
Scarcity is to not have enough resources to fullfil a societies wants and needs. The 3 basic questions a society must ask inorder to deal with this are. what to produce? how to produce? and, for whom to produce? whoever answers those questions is how I societies economic system is decided. Though to answer your question in short, the basic goal of a society is to deal with scarcity, they achieve this by producing as much resources as possible with the little resources available.
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