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tatuchka [14]
3 years ago
10

The account balances of Wilson Towing Service at June 30, 2016, follow:Equipment $12,950Office supplies 1,000Notes payable 4,500

Rent expense 500Cash 1,400Dividends 5,500Service revenue 12,500Accounts receivable 8,000Accounts payable 10,000Retained earnings June 1, 2016 5,900Salaries expense 2,500Common stock 2,000Required:1. Prepare the income statement for Wilson Towing Service for the month ending June 30, 2016.2. What does the income statement report?
Business
1 answer:
andre [41]3 years ago
8 0

Answer:

Wilson Towing Service

Income Statement

For the month ending June 30, 2016

Service revenue        $12,500

Salaries expense      ($2,500)

<u>Rent expense               ($500)</u>

Operating profit         $9,500

The income statement tells us how much profit/loss did a business make during a certain period of time. In this case, the operating profit was $9,500. In order to calculate net income we would need to subtract taxes but we are not given the tax rate or the taxes due.

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Free enterprise is more likely to be observed in what type of economic system
ZanzabumX [31]
<span>Free enterprise is more likely to be observed in "mixed" economic system.

A mixed economic system refers to a financial framework that highlights qualities of both private enterprise and communism. A mixed economic framework secures private property and permits a level of financial flexibility in the utilization of capital, yet additionally takes into account governments to interfere in economic exercises to accomplish social points. 
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5 0
3 years ago
2. Which of the following groups of users would primarily be interested in a company's annual
KengaRu [80]

Answer:

C. Shareholders and providers of finance

Explanation:

A company's financial report communicates the financial health of a business. It indicates whether a business is profitable and can meet its financial obligations.

Shareholders are the owners of a business. They are interested in the financial reports to know if their venture is making profits. Shareholders expect to earn dividends from the business. Only a profitable business is able to declare dividends. Financial reports guide shareholders in making decisions regarding the future of the business.

Lenders provide debt capital to a business. If the company is profitable, then lenders are happy because their payments are assured. Lenders rely on financial reports in deciding whether to extend or deny credit to businesses.

3 0
3 years ago
Consider the market for meekers in the imaginary economy of Meekertown. In the absence of international trade, the domestic pric
LenKa [72]

Answer:

Export

True

False

True

Explanation:

Free trade is a form of trade policy where there are no restrictions to imports or exports of goods and services.

The price of meekers is $30 in Meekertown and $40 In the world. Because meeker's are cheaper in Meekertown, it means that Meekertown is efficient in the production of meekers. As a result, they would export meekers to the rest of the world. It would be cost efficient for the rest of the world to import from Meekertown.

Consumers in Meekertown are worse of because of the trade because the price of Meekers would rise.

Producers are better off because they would earn more profits from the sale of Meekers at the world price.

Free trade increases total surplus because of efficient production. If a country is inefficient in production, it would import . This would increase consumer surplus and if it is efficient in production, it would export increasing producer surplus.

I hope my answer helps you

7 0
4 years ago
Beate Klingenberg manages a​ Poughkeepsie, New​ York, movie theater complex called Cinema 8. Each of the eight auditoriums plays
hichkok12 [17]

Answer:

A) 1.79

b) 71%

c) 0.75 minutes

d) 0.537 minutes

e) 0.343, 0.240 , 0.1681

Explanation:

L = average number of customers in the system ( 200 / 80 ) = 2.5

a = poission distribution per hour = 200

b = service rate of cashier = 280

A) average number of moviegoers waiting in line to purchase ticket

Lq = L - \frac{a}{b} = 2.5 - (200/280) = 2.5 - 0.71 = 1.79

B) percentage of cashier been busy

p = a/b = 0.71 = 71%

C) average time spent by a customer in the system

w = L / a = 2.5 / 200 = 0.0125 hours = 0.75 minutes

D) average time spent waiting in line to get to the ticket window ?

W2 = Lq / a = 1.79 / 200 = 0.00895 hours = 0.537 minutes

E) probabilities of people in the system

i) more than two people

p ( x ≥ 2 ) = 1 - ( p0 + p1 + p2 ) = 1 - 0.657 = 0.343

more than three people

ii) p ( x ≥ 3 ) = 1 - (p0 + p1 + p2 + p3 ) = 1 - 0.7599 = 0.240

iii) more than four people

p ( x ≥ 4 ) = 1 - ( p0 - p1 + p2 + p3 + p4 ) = 1 - 0.8319 = 0.1681

3 0
3 years ago
Anyone wants to talk with me
Makovka662 [10]

Answer:

Sure

Explanation:

I am a lonely 12 yr old

7 0
2 years ago
Read 2 more answers
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