Answer:
The operating income for the year is $97,000
Explanation:
For computing the operating income, first, we have to calculate the cost of goods sold. The formula to compute the cost of good sold is shown below:
= Beginning merchandise inventory + Purchases during the year - Ending merchandise inventory
= $33,200 + $92,000 - $35,000
= $90,200
Now, the operating income would be
= Sales - the cost of good sold - selling and administrative expenses
= $262,900 - $90,200 - $75,700
= $97,000
Answer:
$13,000
Explanation:
Most property purchased during 2019 and beyond, may be expenses using Section 179 tax deductions. The limit for 2019 was $1 million and that is way more than $13,000. Section 179 is one of the few benefits that small business got from the Tax Cut and Jobs Act, and it can be really useful.
Businesses can deduct the full purchase price of qualifying equipment (used manufacturing equipment qualifies) as long as it was purchased after January 1, 2019. This is an incentive created to encourage businesses to buy more equipment and invest more.
Answer:
to Smith only, or Jones only, or Smith and Jones
Explanation:
In this specific scenario, a proper indorsement of the check would be to Smith only, or Jones only, or Smith and Jones. That is because a check needs to be as specific as possible and cannot have various options. The check needs to be made to a single specific individual and if it is for more than one individual then both need to be included as a requirement (and). Making it so that both recipients must cash the check together for it to be accepted.
Answer:
The price elasticity of demand is 1.14.
The price is Elastic.
Elasticity is more than one so total revenue will fall.
Explanation:
Given the initial price of good x = $12
Final price of good x = $12.90
% change in price = [(12.90 - 12) / 12] x 100 = 7.5 %
Initial quantity = 5000
Final quantity = 4600
% change in quantity = [(4600 - 5000)/5000] x 100 = -8%
Elasticity = % change in quantity / % change in price
Elasticity = 8% / 7%
Elasticity = 1.14
The price elasticity of demand is 1.14.
The price is Elastic.
Since elasticity is more than one so total revenue will fall.
Answer:
The beginning balance in accounts receivable was: $47,500
Explanation:
Sales reported on the income statement were $385,500, Accounts receivable increased of $385,500 during the period.
Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $359,000. The company collected $359,000 from the sales. Accounts receivable decreased of $359,000 during the period.
The beginning balance in accounts receivable = The ending balance of accounts receivable + Accounts receivable decreased during the period - Accounts receivable increased during the period = $74,000 + $359,000 - $385,500 = $47,500
