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Natali5045456 [20]
3 years ago
7

The quantity supplied: is the amount that buyers are willing and able to buy at a particular price. shows how much sellers are w

illing and able to sell at different prices. shows how much buyers are willing and able to buy at different prices. is the amount that sellers are willing and able to sell at a particular price.
Business
1 answer:
asambeis [7]3 years ago
7 0

Answer:

is the amount that sellers are willing and able to sell at a particular price.

Explanation:

Quantity supplied refers to the amount of goods sold or supplied at a particular price by the sellers in the market. According to the law of supply, there is a positive relationship between the price of the commodity and the quantity supplied of that commodity.

This indicates that an increase in the price of the commodity will lead to increase the quantity supply of the commodity and a decrease in the price of the commodity will lead to decrease the quantity supplied of the commodity.

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The first letter of a word that means a waiting line, as at a ticket counter, movie, or bank:
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7 0
3 years ago
4. You have determined that Company X estimates bad debt expense with an aging of accounts receivable schedule. Company X's esti
MariettaO [177]

Answer:

a. $180

Explanation:

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From the question it is evident that the write offs during the period were $180 and hence the expense recorded in the Income statement as bad debt expense would be $180 because they are unrecoverable for the current period.

Hope this helps.

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4 0
3 years ago
Read 2 more answers
Look at pic for question and answers.
zubka84 [21]

Answer:

It is decreased by the sale amount

Explanation:

An income statement is a financial statement that communicates a business's profitability. An income statement lists the revenues and expenses incurred by a business in a period.

The sale of a company's asset may result in a loss or profit. A profit is treated as an income to the business, but a loss is an expense. When an asset is sold at a loss, business expenses increase. An increase in expenses reduces profits as reported in the income statement.

6 0
3 years ago
The following information is available for two different types of businesses for the 2014 accounting period. Lewis CPAs is a ser
gayaneshka [121]

Answer:

a-1) Lewis CPAs Income Statement:

Service Revenue              $60,000

Salary Expense                -$40,000

Net Income                       $20,000

a-2) Lewis CPAs Balance Sheet:

Cash                                  $100,000

Total Assets                     $100,000

Liabilities + Equity:

Bank Loan                          $80,000

Retained Earnings             $20,000

Total Liabilities + Equity $100,000

a-3) Lewis CPAs Statement of Cash Flows:

Cash from customers                      $60,000

Cash to suppliers of labor              -$40,000

Net Cash from operating activities $20,000

Bank Loan                                        $80,000

Total Cash inflows                          $100,000

a-4) Casual Clothing Income Statement

Sales                   $60,000

Cost of Sales      -$32,000

Gross Profit        $28,000

Operating Exp    -$7,200

Net Income         $20,800

a-5) Casual Clothing Balance Sheet:

Cash                                 $82,800

Inventory                           $18,000

Total Assets                   $100,800

Liabilities + Equity:

Bank Loan                         $80,000

Retained Earnings            $20,800

Total Liabilities + Equity $100,800

a-6) Casual Clothing Statement of Cash Flows:

Cash from customers                    $60,000

Cash to suppliers                          -$50,000

Operating Expenses                       -$7,200

Net Cash from operating activities $2,800

Bank Loan                                      $80,000

Total Cash inflows                         $82,800

b) Casual Clothing has product costs.  While Lewis CPAs has service costs.

Explanation:

a) Revenue from Customers:  Lewis CPAs as a service business does not have sales as revenue from customers.  Its revenue from customers is described as Service Revenue.  For Casual Clothing, its revenue from customers is typically described as Sales.

b) Cost of Goods Sold: Lewis CPAs has cost of goods sold in the form of salaries paid to providers of labor, while Casual Clothing's cost of goods sold is in the form of inventory.   Therefore, there is always inventory either at the beginning or at the ending of the business period.

c) Ending Inventory for Casual Clothing is determined as follows:

Purchase =             $50,000

Cost of Sales =     -$32,000

Ending Inventory = $18,000

d) Cash Balances:

i) Lewis CPAs:

Bank Loan =                    $80,000

Cash from customers =  $60,000

Salary Expense=            -$40,000

Balance =                       $100,000

ii) Casual Clothing:

Bank Loan =                     $80,000

Purchases =                    -$50,000

Cash from customers =  $60,000

Operating Expense=        -$7,200

Balance =                        $82,800

e) The Net Income in each case is treated as Retained Earnings since there are no other charge against it.

3 0
3 years ago
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