Answer:
Guardian Health Services Co.
Income Statement for the year ended February 28, 20Y0
$ $
Sales
Service Revenue 334,100
Cost of Goods sold
Supplies Expense <u> 4,180</u>
Gross Profit 329,920
Operating expense
Utilities Expense 26,800
Wages Expense 262,700
Depreciation Expense 17,400
Insurance Expense 8,530
Miscellaneous Expense 6,790
Rent Expense 70,300
<u> 392,520</u>
Net profit/(loss) (62,600)
Explanation:
The income statement is a statement that shows the net profit or loss of a business for a period end. It shows the income made and expenses incurred in the course of a given period.
As indicated in the Preliminary Scope Statement, some of the potential risks associated with the fishing expedition are:
- Risk of Water damage to equipment;
- Risk of drowning
- Risk of potential loss of fishing equipment. etc.
<h3>What is a Preliminary Scope Statement?</h3>
A Preliminary Scope Statement is a written or documented statement that highlights the significance and level of a project as well as its objectives.
When writing a Preliminary Scope Statement, the goals or objectives have to be itemized in a manner that is:
- Easy to understand
- Actionable; and
- Measurable.
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A likely result will be a decrease in the quality of a product.
The fee ceiling is a state of affairs while the price charged is greater than or less than the equilibrium fee decided with the aid of market forces of demand and deliver. It's been found that higher price ceilings are useless. price ceiling has been discovered to be of extraordinary importance within the residence rent marketplace.
A price ceiling is a legal maximum rate that one will pay for some good or carrier. A government imposes rate ceilings as a good way to preserve the price of some necessary precise or services low-cost. as an example, in 2005 at some stage after Hurricane Katrina, the price of bottled water expanded above $five according to the gallon.
A rate ceiling continues a fee from growing above a sure level (the “ceiling”), even as a fee ground continues a rate from falling underneath a given degree (the “ground”). This phase uses the call for and delivers a framework to research price ceilings. the following section discusses rate flooring.
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Answer:
There will be no effect on working capital upon write off as the entries required would be a credit to receivables and a debit to allowance account.
Explanation:
The allowance account is the account used to record receivables due that may not be collectible.
When a company has determined that a receivable may be uncollectible, the company credits the allowance for receivables account and debits bad debit expense. This reduces the accounts receivable balance in the balance sheet as the receivables to be reported will be net the allowance given. As such, where on December 31, 2020, Allowance account balance includes $3,076 for a past due account that is not likely to be collected.
There will be no effect on working capital upon write off as the entries required would be a credit to receivables and a debit to allowance account.
