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Roman55 [17]
3 years ago
14

(Economics)

Business
2 answers:
bixtya [17]3 years ago
8 0
Entrepeneur is a person who organizes, operates, and assumes the risk for a business venture so a cleaning supplies business is run by an entrepreneur. But a musician also operates a business and assumes risk. In my opinion both are entrepreneurs. But the person with the cleaning bisiness is for sure!
ipn [44]3 years ago
4 0

the last option is correct

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Budgeted Income Statement and Balance Sheet
svlad2 [7]

Answer:

Regina Soap Co.

1. Budgeted income statement for 20Y4:

Sales = $1,000,000

less Cost of Sales = $482,000

Gross Profit = $518,000

less Selling Expenses = $256,000

less Administrative expenses = $135,400

Income before Taxes = $126,600

Federal Income Tax = $30,000

Income after Taxes = $96,600

Retained Earnings b/f = $290,700

less Dividends = 10,800 ($0.15 x 18,000 x 4)

Retained Earnings c/f = $376,500

2. Budgeted balance sheet as of December 31, 20Y4:

Cash $95,800

Accounts Receivable 125,600

Finished Goods 69,300

Work in Process 32,500

Materials 48,900

Prepaid Expenses 2,600

Plant and Equipment 400,000

Accumulated Depreciation—

Plant and Equipment ($196,200) = ($156,200 + 40,000)

Total = $578,500

Accounts Payable $62,000

Common Stock, $10 par 180,000

Retained Earnings 376,500

Total = $618,500

Explanation:

a) Cost of goods manufactured and sold budget:

Direct materials = $220,000 ($1.10  x 200,000 units sold)

Direct labor  = $130,000 ($0.65  x 200,000 units sold)

Factory Overhead:

Depreciation of plant and equipment $40,000

Other factory overhead $92,000 (12,000 + 0.40 x 200,000)

Total = $482,000

b) Selling Expenses Budget:

Sales salaries and commissions $136,000(46,000 + 0.45

x 200,000)

Advertising 64,000

Miscellaneous selling expense $56,000 (6,000 + 0.25 x 200,000)

Total = $256,000

c) Administrative Expenses Budget:

Office and officers salaries $96,400 (72,400+ 0.12  x 200,000)

Supplies 25,000 (5,000 + 0.10  x 200,000)

Miscellaneous administrative expense $14,000( 4,000 + 0.05 x 200,000)

Total = $135,400

d) Sales Budget:

Sales units = 200,000

Sales price = $5.00

Sales Value = $1,000,000

e) Cash Budget:

Beginning Balance - $85,000

Sales - $1,000,000

Cost of sales ($482,000)

Selling Expenses  ($256,000)

Administrative Expenses  ($135,400)

Purchase of Equipment ($75,000)

Payment of Taxes ($30,000)

Payment of Quarterly Dividends ($10,800)

Ending Balance = $95,800

f) Plant and Equipment

Balance - $325,000

Purchase - $75,000

Total = $400,000

g) I could not reconcile the balance sheet balances, which triggered a difference of $40,000, due to time constraint.

4 0
3 years ago
Knowledge Check 01 The difference between absorption costing net operating income and variable costing net operating income can
fgiga [73]

Answer:

Fixed overhead costs

Variable and fixed cost distinctions

less than absorption costing net operating income

Explanation:

Fixed overhead costs are costs that do not change with change in the volume of production activity. Rent of the production facility is an example of fixed overhead cost.

Variable costs are costs that change with change in the volume of production activity. Tax is an example of variable cost.

between absorption costing net operating income and variable costing net operating income can be explained by the way these two methods account for <u>Fixed overhead costs</u>. all overhead costs fixed overhead costs selling and administrative expenses variable overhead costs Knowledge Check 02 Absorption costing income statements ignore <u>Variable and fixed cost distinctions</u>. direct materials and direct labor costs direct and indirect cost distinctions product and period cost distinctions variable and fixed cost distinctions Knowledge Check 03 When the number of units produced is greater than the number of units sold, variable costing net operating income will be <u>less than absorption costing net operating income</u>. the same as absorption costing net operating income greater than absorption costing net operating income less than absorption costing net operating income

4 0
3 years ago
The concept of --------, while not mentioned in the U.S. Constitution, is an important part of our legal system.
CaHeK987 [17]

Answer:

judicial review,

Explanation:

research lol

3 0
3 years ago
If Texia specializes in food, it can produce 1,000 units of food and 0 units of clothing this year. If it specializes in clothin
Sati [7]

Answer:

Texia; Texia

Explanation:

A country has absolute advantage in the production of a good or service if it produces more quantity of a good when compared to other countries

Texia can produce 1000  units of food while Urbania can produce 500  units of food . Texia produces more food

Texia can produce 500 units of clothing while Urbania can produce 200 units of clothing. Texia produces more clothing

Texia has an absolute advantage in both activities

3 0
3 years ago
The gaol of a country with a healthy economy is to have _____ equal to zero
ladessa [460]
I would say the goal of a healthy economy is to have zero unemployment because that would mean that all able bodied men and women were gainfully employed which would enable them to contribute to the economy by producing wealth plus also consuming goods for their social reproduction with the resulting two-fold benefit to the economy.
6 0
3 years ago
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