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azamat
4 years ago
9

A company sells goods for $150,000 that cost $54,000 to manufacture. Which statement is true?

Business
1 answer:
sasho [114]4 years ago
3 0

Answer:

Option B is the correct answer.

Explanation:

The sale of finished goods worth $54000 for an amount of $150000 will require us to recognize a revenue of $150000 and a reduction in inventory of finished goods worth $54000.

Option a is incorrect as the gross profit is not recognized on balance sheet. The gross profit is an income statement item.

Option c is incorrect as the sale of finished goods will cause a reduction in the finished goods inventory for the amount of goods sold.

Option d is incorrect as the sale will be recognized in sales revenue on the profit and loss statement and not on the balance sheet as revenue is a profit and loss statement account.

Thus, option b is the correct answer as the sale of finished goods will be represented by a reduction in finished goods inventory by the cost of the goods sold which is $54000.

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Max and nora have modified agi of $75,000, and adopted a little boy from san antonio, texas, in the current year and incurred a
miskamm [114]

Answer:$9,000

Explanation:

The tax credit offered to adoptive parents to encourage adoption is reffered to as ADOPTION TAX CREDIT. The adoption tax credit is a nonrefundable tax credit. This means that people owing taxes are also fit or qualified to apply for the adoption tax credit.

In the United States of America, adoption tax credit qualified expenses include court costs, traveling expenses, lawyer's or Attorney's fee and other expenses for legal adoption of an eligible child.

It can be calculated by subtracting

the max's employer provided for the couple with adoption benefits of $4,000 from the incurred expenses of a total of $13,000 in qualified adoption expenses(from the question).

That is; $13,000-$4,000.

= $9,000.

Hence, the maximum amount of adoption credit they can take this year is $9,000.

4 0
3 years ago
Which of the following taxpayers may not be able to claim full benefits for some common itemized deductions?
Readme [11.4K]

nswer:a

Explanation:

7 0
3 years ago
“The needs of a society conflict with the goals of the financial services industry’s desire to make a profit.” Do you agree or d
poizon [28]

Answer:

I do not agree that "the needs of a society conflict with the goals of the financial services industry's desire to make a profit", but on the contrary, I consider that the economic objectives of the financial system contribute to the well-being of the individuals that make up society, with which they satisfy the needs of this in an indirect way.

I believe this because the financial system, through its will to profit, creates jobs and economic opportunities for individuals, who would otherwise be forced to meet their needs without the help of a system designed to profit as a result of work done (such as communism).

3 0
3 years ago
One of the largest expense categories for most businesses is:__________A) advertisingB) research and developmentC) payrollD) pro
kiruha [24]

Answer:

C) payroll.

Explanation:

Expenses can be defined as the amount of cost that is being incurred in the generation of revenue and smooth operations or running of a business by an organization or business firm. There are basically two (2) types of expenses associated with business and these are; operating and non-operating expenses.

One of the largest expense categories for most businesses is payroll. A payroll can be defined as a comprehensive list of employees working for an organization and are eligible to receive wages, as well as the amount of money that they are entitled to receive. It constitutes about 70% of an organization's total expense or overhead.

4 0
3 years ago
Categorize the statements according to whether they promote economic growth or inhibit economic growth. Promote economic growth
Marina86 [1]

Answer:

Categorization of Statements

Promotion of Economic Growth:

- clear laws regarding the transfer of property from one person to another

- the enforcement of trademarks

- A nation's central bank declares it will print money to pay for government expenditure.

- the use of competitive markets to allocate goods and services

Inhibition of Economic Growth:

- the creation of a price floor on sugar

- the development of regulations that make creating small businesses difficult

- a corrupt government

Explanation:

Economic growth can be increased by the reduction of the borrowing costs and interest rates and encouraging consumer spending and business investments.

The factors that inhibit economic growth also create market inefficiencies. They include lack of basic infrastructure, healthcare, and education, capital flight and economic uncertainties, ageing population, political instability, and rampant corruption.

6 0
3 years ago
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