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Andru [333]
3 years ago
13

Nu Company reported the following pretax data for its first year of operations. Net sales 2,870 Cost of goods available for sale

2,490 Operating expenses 780 Effective tax rate 20 % Ending inventories: If LIFO is elected 960 If FIFO is elected 1,260 What is Nu's net income if it elects FIFO?
Business
1 answer:
Dmitriy789 [7]3 years ago
7 0

Answer:

Net income = $688

Explanation:

If Nu elects FIFO, we have:

Cost of good sold = Cost of goods available for sale -  Ending inventories = 2,490 - 1,260 = $1,230

Gross profit =  Net sales - Cost of good sold = 2,870 - 1,230 = $1,640

Net operating income = Gross profit - Operating expenses = 1,640 - 780 = $860

Tax = $860 × 20% = $172

Net income = $860 - $172 = $688

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Identify the appropriate step in the communication process.
Gnesinka [82]

Answer:

The correct answer is letter "A": Sender encodes message.

Explanation:

Communication is the process of transmitting information from one party to another. The communication process has five (5) steps: <em>encoding, planning, medium, decoding, </em>and <em>feedback</em>. In the encoding step, the idea to be transmitted is schemed in letters, words or symbols without sending them to the channel.

Thus, <em>by writing a recommendation report, Crystal Jenkins is in the encoding stage of communication.</em>

4 0
3 years ago
What will happen to the firms equilibrium wage rate when the supply of labour decrease from 25 to 15? Explain with the help of d
Tpy6a [65]

Answer:

Wage rate = $960

Explanation:

Supply of labor is the number of hours workers are willing to work at a given real wage rate. When wage rate increases, supply of labor also increases because more people are encouraged as now they can obtain a higher income. When wage rate decreases, labor supply also decreases.

<em><u>View diagram</u></em>

In this case, however, there has been a decrease in supply, causing the supply curve to shift from S to S1. This can be due to many reasons such as migration, increase in minimum working age or increase in interest in education causing more people to study. When the supply of labor falls, there are less people available for work. Thus, demand exceeds supply, causing a shortage. Hence, the pressure causes price, i.e. wage rate to increase. To determine by how much the increase is, cross-multiplication can be used:

At 25 laborers, wage rate is $600 (25 = 600)

At 15 workers, wage rate is X (15 = X)

We now substitute for X, which is the amount by which wage rate will increase.

25 / 600 = 15 / X

Thus, 25X = 9000 (600 x 15)

9000 / 25 = X

X = 360.

Hence, wage rate at 15 laborers is 600 + 360 = $960

3 0
3 years ago
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $420,000; Allowance for Doub
Fiesta28 [93]

Answer and Explanation:

The computation is shown below:

a. Amount of adjusting entry for uncollectible accounts

= Estimated balance of Allowance for Doubtful Accounts + debit balance

= $16,400 + $4,000

= $20,400

b. Adjusted balances

For account receivable

= account receivable

= $420,000

For allowance for doubtful debts

= Estimated amount

= $16,400

For bad debts

= AMount of adjusting entry

= $20,400

c. Net realizable value

= Account receivable balance - estimated balance of Allowance for Doubtful Accounts

= $420,000 - $16,400

= $403,600

8 0
3 years ago
An blank is a statement used to communicate ones feelings in a nonconfrontational manner.​
Vaselesa [24]

Answer:

An art

Explanation:

An art is a blank is a statement used to communicate ones feelings in a nonconfrontational manner.​

3 0
3 years ago
Feedback is important in improving your performance, and we should solicit feedback, and not just wait until someone provides us
Serhud [2]

Answer:

The given statement is "True".

Explanation:

  • Feedback would be a significant aspect in improving the accomplishment or organization's success.
  • Requesting or waiting for such feedback might contribute to less and less input, although the organization must request for input, this same person might communicate with the organization by requesting comments.

Thus the above is the correct answer.

8 0
2 years ago
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