Answer:
Net income = $3000
C. $ 3 comma 000
Explanation:
For a company, net income is the residual amount of earnings after all expenses have been deducted from sales. In short, gross income is an intermediate earnings figure before all expenses are included, and net income is the final amount of profit or loss after all expenses are included.
In this case.. There is only a buy and a sell trade.
Net income= selling price- cost price
Net income= $52000-$49000
Net income = $3000
The contract that contains provisions for surface leases related to a property is the <u>Farm</u><u> </u><u>and Ranch contract.</u>
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A void contract is a contract that fails a validity test and is therefore not a contract. A void contract is a contract that initially appears valid but may be terminated by a party deemed to have interfered in some way.
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After a reasonable period of time, the contract is considered accepted and can no longer be objected to. Other examples include real estate contracts, attorney contracts, etc. If a contract is concluded without the free consent of the parties, it will be considered a void contract.
A voidable contract is a formal agreement between two parties that can be made unenforceable for a variety of legal reasons, including Errors, Misrepresentations, or Fraud. Excessive influence or coercion.
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Answer:
$4,267,059
Explanation:
to determine the equivalent amount of money between 1924 and 2008, we must divide the 2008 CPI by the 1924 CPI, and then multiply by $36,000:
= (2015 / 17) x $36,000 = 118.53 x $36,000 = $4,267,059
The consumer price index measures the weighted price of basket of goods . It is useful for calculating inflation and comparing how the purchasing value of the US dollar has decreased in time. Basically what this shows us, is that $1 in 1924 would purchase the same amount of goods as $118.53 in 2008.
Answer:
Correct option is B
$160,000
Explanation:
From the question above, Cost of goods sold of $160,000 is treated as a negative item in calculating gross income rather than as a deduction.
For a drug dealer like Tom, all deductions
listed above are disallowed.
Answer and Explanation:
The preparation of the sales section of the income statement is presented below:
<u>Income Statement
</u>
<u>For the year ended </u>
Sales
Sales revenue $903,400
Less:
Sales Discount $15,400
Sales return & allowances $22,000
Net Sales $866,000
hence the net sales is $866,000
The freight out would not be considered. Hence, ignored it
