Answer and Explanation:
The preparation of the income statement is presented below:
Service revenue $634,900
Less:
Depreciation Expense $10,000
Insurance Expense 9,000
Miscellaneous Expense 8,150
Rent Expense 60,000
Supplies Expense 4,100
Utilities Expense 44,700
Wages Expense 548,200
Net loss -$49,250
Answer:
Explanation:
30 - 21 = 9 years
r = 3% inflation
FV = 25,000
We know that FV = PV(1+r)^n
25,000 = PV(1+0.03)^9
PV = 25,000/ 1.3047731
PV = 19,160.42, this is how much it worth today
Answer:
$ 50144
Explanation:
Given:
Cost formula for the the wages and salaries = $ 2420 / month + $ 388 / birth
planned number of activity = 119 births
Actual level of activity = 123 births
the wages and salaries in the flexible budget for January, using the given formula will be calculated as:
the wages and salaries = ( $ 2420 × 1 ) + ( $ 388 × 123) = $ 50144
Answer:
By setting the price of goods and services at a level where the suppliers and consumers feel comfortable, the quantity of goods and services supplied will be the same as the quantity of goods demanded.
Explanation:
A price system is a means of arranging economic activities by setting the standard prices of goods and services in that particular economy. In this way the agents of demand and supply can have an estimate of the price of various goods and services. In this way, a supplier who doesn't know the price of a goods or service that he/she plans to sell to a different country or region can use the price system to adjust their selling price effectively. On the same note, the consumers can also acquire goods and services that they have never demanded before by using the price system to determine the standard prices for those goods or services.
Prices are a reflection of the consensus between suppliers and consumers about the value of goods and services. The equilibrium price can be defined as the price where the quantity of goods supplied equals the quantity demanded. By setting the price of goods and services at a level where the suppliers and consumers feel comfortable, the quantity of goods and services supplied will be the same as the quantity of goods demanded.
From the above information, it is true that the company is running a budget deficit.
<h3>What is budgeting?</h3>
Budgeting is the process of planning for an allocating resources efficiently and effectively.
A budget deficit is when the expended amount is above the budgeted figure.
Learn more about budgeting:
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