Answer and Explanation:
The Preparation of income statement for the year ending December 31, 2017 is shown below:-
<u> Oriole Company</u>
<u> Income Statement</u>
<u> For the Year Ended December 31, 2017</u>
Particulars Amount
Service Revenue $86,250
Less:
Expense
Salaries and Wages
Expense $38,640
Rent Expense $14,352
Utilities Expense $4,278
Advertising Expense $2,484
Total Expenses $59,754
Net Income/ (Loss) $26,496
Therefore for determining the net income/loss we simply deduct the total expenses from service revenue.
Answer:
a) cash inflows from financing activity
b)Cash outflows from investing activity
c)Cash inflow from investing activity
d) Cash outflows from financing activity
Explanation:
Answer:
The answer is given below;
Explanation:
a. Bad Debt Expense Dr.$800
Account Receivable Cr.$800
b. $84,000*11%= $9,240
Credit balance in trail balance ($1,450)
Total $7,790
Bad Debt Expense Dr.$7,790
Account Receivable Cr.$7,790
C. Debit Balance $400
84,000*9%= $7,560
Total $7,960
Bad Debt Expense Dr.$7,960
Account Receivable Cr.$7,960
Answer:
(D) private goods.
Explanation:
Goods is a material that, in economic theory, satisfies people's wishes and provides usefulness. Goods and services are different. In economic theory all goods are considered material, but in reality such goods as information (or information) are non-material goods. For example, although Apple is a tangible asset among other commodities, news is related to non-material class goods and can only be perceived through tools such as Computer and Printing. Material goods such as apples differ from non-material goods as information in terms of the impossibility of a person to keep the other physically, while the former occupies a certain physical area. Intangible goods differ from services in the sense that they are transferable or sold. Price elasticity also differentiates the types of goods. Elastic goods are commodities where there are major changes in quantities due to small changes in the price and, therefore, relate to the family of substitute goods; For example, consumers will prefer to buy pencils, such as pencil shields. Intangible goods are few and no substitutes, such as racing tickets, artist's original work, and medical supplies such as insulin. Complementary goods are more elastic than substitutes. It depends on which commodity is substituting or complementary to other goods.
Private goods are both excludable and rival in consumption. Most goods in the economy are private goods. A private commodity or goods is a product to be purchased for consumption and prevents the consumption of another by one person. In other words, when there is competition between people for the sake of good, good is something special or private, and consuming good prevents one from consuming it.
