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Alik [6]
3 years ago
12

Macroeconomics DeShawn has spent $600 purchasing and repairing an old fishing boat, which he expects to sell for $900 once the r

epairs are complete. DeShawn discovers that, in addition to the $600 he has already spent, he needs to make an additional repair, which will cost another $400, in order to make the boat worth $900 to potential buyers. He can sell the boat as it is now for $400. What should he do?
Business
1 answer:
Lisa [10]3 years ago
5 0

Answer:

The answer is: If he pays the extra $400 needed to complete the repairs, DeShawn will reduce his losses to $100 ($900 - $1,000). It is better than losing $200.

Explanation:

If DeShawn sells the boat now for $400 he will have lost $200. But if he decides to complete the repairs on the boat, investing the extra $400, and sells the boat for $900, he will have only lost $100.

If he pays the extra $400 needed to complete the repairs, DeShawn will reduce his losses to $100 ($900 - $1,000). It is better than losing $200.

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In its income statement for the year ended December 31, 2022, Whispering Winds Corp. reported the following condensed data. Oper
vagabundo [1.1K]

The Multiple Income Statement is $127,000.

<h3>Multiple Income Statement</h3>

Multiple Income Statement For the Year Ending Dec. 31, 2022

Particulars Amount ($)

Net sales 2,199,000

Less: Cost of goods sold 1,255,000

Gross profit 944,000

(2,199,000-1,255,000)

Less: Operating expenses 719,000

Operating income 225,000

(944,000-719,000)

Other revenue:

Interest revenue 32,000

Other expenses and losses:

Interest expense 70,000

Add: Loss on disposal of plant assets 16,000

Total other expenses and losses 86,000

(70,000+18,000)

Income before tax  171,000

(225,000+32,000-86,000)

Less: Income tax expense 44,000

Net income 127,000

(171,000-44,000)

Therefore the Multiple Income Statement is $127,000.

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5 0
2 years ago
Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar
GenaCL600 [577]

Answer:

Dollar Store

Journal Entries:

Nov. 1 Debit Inventory $2,900

Credit Accounts Payable $2,900

To record the purchase of goods on terms of 2/5, n/30, FOB shipping point, invoice dated November 1.

Nov. 5 Debit Accounts Payable $2,900

Credit Cash $2,842

Credit Cash Discount $58

To record the payment for the goods, including discounts.

Nov. 7 Debit Cash $250

Credit Inventory $250

To record the return of goods for cash.

Nov. 10 Debit Freight-in $145

Credit Cash $145

To record payment for transportation of goods.

Nov. 13 Debit Accounts Receivable $3,132

Credit Sales Revenue $3,132

To record the sale of goods with terms n/30.

Debit Cost of goods sold $1,566

Credit Inventory $1,566

To record the cost of goods sold.

Nov. 16 Debit Sales Returns $270

Credit Accounts Receivable $270

To record the return of goods.

Debit Inventory $135

Credit Cost of goods sold $135

To record the cost of goods returned.

Explanation:

a) Data and Analysis:

Nov. 1 Inventory $2,900 Accounts Payable $2,900

on terms of 2/5, n/30, FOB shipping point, invoice dated November 1.

Nov. 5 Accounts Payable $2,900 Cash $2,842 Cash Discount $58

Nov. 7 Cash $250 Inventory $250

Nov. 10 Freight-in $145 Cash $145

Nov. 13 Accounts Receivable $3,132 Sales Revenue $3,132

with terms n/30

Cost of goods sold $1,566 Inventory $1,566

Nov. 16 Sales Returns $270 Accounts Receivable $270

Inventory $135 Cost of goods sold $135

8 0
3 years ago
1. Poverty is more than an economic problem, its a source of social discontent and political________; However, economic ________
horrorfan [7]

Poverty is more than an economic problem, it is a source of social discontent and political unrest;  economic development has reduced the proportion of people living below the poverty line.

<h3>What is poverty?</h3>

Poverty is shown as a deficiency of money and profitable resources to support long-term survival.

Hunger and starvation, restricted access to education and other basic services, social prejudice and exclusion, and a disinterest in decision-making are all examples of its expressions.

Poverty is a cause of social dissatisfaction and political upheaval; economic development has lowered the amount of people living in poverty.

Therefore, the poverty is a very big problem than the economic problem.

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8 0
2 years ago
carmax has developed an organization focused on delivering value to its customers. what were the drawbacks of the way carmax was
Vika [28.1K]

The drawbacks of the method adopted by CarMax were related to target markets and their Core values, market competencies, idea of Test drives before purchase of product, emergence of competitive companies with their Competitive products and development of a sustainable competitive edge.

CarMax is a vehicle retailer organization situated in US. It provides less expensive cars to customers mainly due to the large inventory that it owns. It provides the option of test driving of car before actually selling it. One of the major weaknesses of the CarMax was it outdated inventory management system. Some customers were even not satisfied with their car selling policies. The disruption in emerging technologies and Changing consumer behavior with huge variety of vehicles also posed certain challenges to the delivery services of CarMax.

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5 0
1 year ago
During 2019, Lowes Company sold equipment with a book value of $120,000 for proceeds of $145,000. The company purchased new equi
pogonyaev

Answer:

Overally, the statement of cash flows will report net cash inflows of $145,000.

Explanation:

The sale would attract proceeds of $145,000 which is a cash inflow to the company.

The profit on sale of ( $145,000 - $120,000 )$25,000 is a non- cash flow item.

The Purchase of  new equipment by signing a long-term note payable is a non-cash financing and investment activity.

Conclusion :

Overally, the statement of cash flows will report net cash inflows of $145,000.

6 0
3 years ago
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