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kupik [55]
3 years ago
14

Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 20Y6, follow: Fees earned $900,

000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Prepare an income statement for the year ended May 31, 20Y6. Paradise Travel Service Income Statement For the Year Ended May 31, 20Y6 $ Expenses: $ Total expenses $
Business
1 answer:
liq [111]3 years ago
4 0

Answer:

Net income is $135,000

Explanation:

The below is the Paradise Travel Service Income Statement For the Year Ended May 31, 20Y6 .

Fees earned                                                                      $900,000

less:

Office expense                               $300,000

miscellaneous expense                   $15,000

wages expense                               <u>$450,000</u>

Total expense for the year                                            ($765,000)

Net income                                                                       $135,000  

The net income is computed by deducting office,miscellaneous and wages expenses from the total fees earned during the year,hence the resulting net income thereafter is $135,000.

The net income would be added to opening balance of retained earnings in order to compute the closing retained earnings for the year

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Lady_Fox [76]

The answer to the missing word on the statement above is market focus. When a firm competes in a geographically defined specific are, it is using a market focus. For a business to be market-focused, you have to look outside the company for input and data essential to create strategic and tactical judgements. Market focus means you have to have a great deal of understanding your customers. It also means you have to know your competitors very well, and anticipate their next moves.

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5 0
3 years ago
At the economy's natural rate of unemployment, t(A) the economy is fully employed.(B) there is only a relatively small amount of
qwelly [4]

Answer:

The correct answer is (C) only frictional unemployment exists.

Explanation:

The unemployment rate is considered natural and refers to this term in a certain way because there are workers who change jobs for professional aspirations or for the improvement of the quality of life, due to its proximity to the new workplace and the remoteness of the previous one. Even when there is full employment there are certain unemployed people, it is what is known as frictional unemployment, since workers need time to find the right job.

3 0
3 years ago
At April 30, Pina Colada Corp. has the following bank information: Cash balance per bank $7600 Outstanding checks $460 Deposits
faust18 [17]

Pina adjusted cash balance on April 30 is $ 6,685

Solution:

Given,

As of April 30, Pina Colada Corp. has the following bank information:

Cash balance per bank               $7600

Outstanding checks                     $460

Deposits in transit                         $900

Credit memo for interest              $15

Bank service charge                     $30

Now  To find Pina adjusted cash balance on April 30 :

Adjusted Cash Balance Formula is : Cash balance + Notes receivable - Check Printing - NSF Check

Adjusted Cash Balance =  $7600+  $15  - $30 - $900

Adjusted Cash Balance = $ 6,685

Pina adjusted cash balance on April 30 is $ 6,685

8 0
3 years ago
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torisob [31]

Answer:

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A price ceiling is when the government or an agency of the government sets the maximum price for a good or service.

Rent ceiling increases consumer surplus and reduces Producer surplus.

Rent ceiling can lead to shortage of houses and emergence of black market.

Price ceiling is binding when it is set below equilibrium price.

I hope my answer helps you

3 0
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sattari [20]
The answer is B: False The Federal's Reserve goal is t<span>o provide the nation with a safer, more flexible, and more stable monetary and financial </span>system<span>.</span>
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