Answer:
The answer is $ 200,000
Explanation:
The net income reported by Goodman Auto for the year was,$475,000 - $275,000 = $ 200,000.
The net income is difference between revenue earned by the company and expenses incurred in order to earn this revenue. In the problem goodman auto revenue is equal to 475,000 and expense are 275,000. So the difference between 475,000 and 275,000 will be reported as net income.
Answer:
B. cost of production report
Explanation:
The cost of production report summarizes all cost activities and its allocation in a department within a specified period of time. It contains the cost for each unit, amount of unit flow, difficulties faced during production.
The factory overhead production report compares actual fixed and variable cost to standard fixed and variable costs. Fixed cost are rent, taxes while variable cost are indirect labor, utilities.
manufacturing cost report contains all costs involved during the manufacturing of a goods such as cost of raw materials and direct labor.
process cost report summarizes the quantity of goods produced in each department as well as the cost incurred by each department.
Given that a<span>
factory machine was purchased for $375000 on january 1, 2018. it was
estimated that it would have a $75000 salvage value at the end of its
5-year useful life. it was also estimated that the machine would be run
40000 hours in the 5 years. the company ran the machine for 4000 actual
hours in 2018.
If the company uses the units-of-activity method of
depreciation, the amount of depreciation expense for 2018 would be
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The best answer to the question above would be letter b. surplus. If a nation exports more than it imports, it has a trade surplus. A trade surplus is when the nation has too many goods and they have to export it. Importing would be a bad decision since more goods are added to the economy.
The saving-borrowing-investing cycle starts with the person borrowing funds to start a business. This is their seed capital to purchase and invest in the future. Then if the business grows, they'll be able to bring back the borrowed funds. The cycle continues. I hope this answer helped you.
