Debited to the inventory account.
Hope this helps!
This is the presentation of the income statement of
Builtrite in order to compute the net income:
Sales $700,000
Less: COGS $280,000
Gross Profit $420,000
Less: Operating expenses ($700,000 x 25%) $175,000
Dividends
expense $25,000
Capital loss $70,000 $270,000
Total $150,000
Add: Dividend income $40,000
Capital gain $55,000 $95,000
Net income $245,000
Answer:
B. The owner's drawing account is closed to the Income Summary account
Explanation:
Answer:
The statement is false. The largest component of GDP is private consumption, or simply: consumption.
Explanation:
Consumption includes all purchases of goods and services made by individuals and households except for the purchase of new houses (these are considered investments).
In the U.S., consumption accounts for around 70% of GDP. This is why some economists say that the U.S. is a consumer-based economy.
Answer:
The Break Even Point is the Sales Value that will cover the cost of production. Meaning the Sales Value that will bring profitability to Zero
Break Even sales for Company wide = $378,000
Break Even Value for Chicago is $111,429
And Break Even Value for Minneapolis is $120,000
The Addition of both Outlets/Offices Break Even Sales is less than the Company-wide because the Offices don't share in the Common Fixed Expense as these are specific to Group reporting.
Explanation:
