1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
cupoosta [38]
3 years ago
6

Mofro's Computer Repair Shop started the year with total assets of $270,000 and total liabilities of $180,000. During the year,

the business recorded $450,000 in computer repair revenues, $250,000 in expenses, and Mofro paid dividends of $45,000. The net income reported by Mofro's Computer Repair Shop for the year was______________
Business
1 answer:
JulsSmile [24]3 years ago
3 0

Answer:

$200,000

Explanation:

As we know that

The net income is the income that is generated when we deduct all expenses incurred from all revenues generated that is reflected on the income statement  

In mathematically,  

Net income = Revenues earned - expenses incurred

                   = $450,000 - $250,000

                   = $200,000

You might be interested in
Craft, Inc. normally produces between 120,000 and 150,000 units each year. Producing more than 150,000 units alters the company'
yawa3891 [41]

Answer:

Relevant Range

Explanation:

The production range between 120000 and 150000 is called the "Relevant range".

This production range is called Relevant range because the expected fixed cost will not vary if the production is in the range 120000 to 150000.

Also, the for increase in production more than 150000 will lead to the extra cost or if the production is less than 120000 the company may need to reduce its fixed cost.

6 0
2 years ago
How do Government price ceilings and price floors affect the economy? Select all that apply.
serg [7]
The following options are correct: A, B AND C.
Price ceiling and price floor are two price control methods which the government used to control price. Price ceiling is used to prevent prices from been too low while price floor is lowest price a commodity can be sold for .
7 0
3 years ago
Susan Inc. has been disappointed with the Willow Division's performance over the last few years and has decided that it would be
labwork [276]

Answer:

$2,560,000

Explanation:

impairment loss = division's book value - division's fair market value = $3,080,000 - $2,320,000 = $760,000

Assets held for sale are no longer depreciated, but they must be recorded at lower value between carrying cost and fair market value. Since the fair market value is lower than carrying value, then an impairment loss results.

loss on discontinued operations = loss from operations 2019 + impairment loss = $1,800,000 + $760,000 = $2,560,000

3 0
3 years ago
Which one of these statements is correct? Long-term debt is the residual difference between assets and liabilities. Net income t
sergey [27]

Answer:

Long term debt requires a payout of cash within a stated time period.

Explanation:

When entering into a long term debt, there are terms and conditions like interest to be charged and payment terms so obviously there is an expected cash payout to repay the debt at a stated time period.

3 0
3 years ago
Read 2 more answers
In the context of the external environment of a firm, which of the following statements is true of environmental scanning? A. Ma
Ludmilka [50]

Answer: A. Managers scan their firm's environment to reduce uncertainty.

Explanation: In the context of the external environment of a firm,  managers scan their firm's environment to reduce uncertainty. In doing so, they stay up to date on important factors in their industry which helps to reduce uncertainty. Environmental scanning simply involves searching for cues, important happenings, events, issues etc. that might affect an organization either positively or negatively.

8 0
2 years ago
Read 2 more answers
Other questions:
  • Paul White, the CFO of Crane Automotive, Inc., is putting together this year's financial statements. He has gathered the followi
    7·1 answer
  • The fact that personal dynamics are more likely to be a problem in a family business is an example of?
    10·2 answers
  • Pompeii, Inc., has sales of $53,500, costs of $24,400, depreciation expense of $2,600, and interest expense of $2,350. If the ta
    5·1 answer
  • The Wall Street Journal reported that automobile crashes cost the United States $162 billion annually (The Wall Street Journal,
    5·1 answer
  • According to this doctrine, an agency relationship which is created after the fact when the principal agrees to be bound by the
    8·1 answer
  • King Costume uses a periodic inventory system. The company started the month with 6 masks in its beginning inventory that cost $
    12·1 answer
  • Condensed financial data of Monty Company for 2020 and 2019 are presented below.
    8·1 answer
  • Future Value of Annuity. Twins Jessica andJoshua, both 25, graduated from college andbegan working in the family restaurant busi
    10·1 answer
  • The Internet has lowered the entry barriers for smaller firms that wish to diversify into international markets. Why is this so
    6·1 answer
  • When Leanne gave her presentation to the BigDeal buying center team, she focused on answering Beverly's questions, since she is
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!