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Lera25 [3.4K]
3 years ago
15

Rescooperate Ice Cream Shop recently analyzed their books. They found that in the past year, they made $100,000 selling ice crea

m and spent $75,000 on supplies and factory space. The remaining $25,000 represents
A. profit.
B. loss.
C. revenue.
D. expense.
Business
1 answer:
kherson [118]3 years ago
7 0

Answer:

A. profit.

Explanation:

We know,

Net Income (profit) = Sales revenue - the cost of goods sold and operating expenses

Here,

The Ice Cream shop made $100,000 on sales revenue. However, the expenses of the shop include supplies and factory space, i.e., rent expense is $75,000.

Therefore, Net Income (profit) = $100,000 - $75,000 = $25,000

Since the sales revenue exceeds the expenses, the company gets a profit. So, <em>option A</em> is the answer.

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Pls help in accounting
solmaris [256]

Based on the given transactions in July, the journal entry to record the payment of rent on July 31st is:

Date                  Account Title                                      Debit            Credit

July 31st            Rent expense                                 $3,000

                         Prepaid Expenses - Rent expense                         $3,000

<h3>How to write the journal entry for prepaid expenses?</h3>

Accounting uses the accrual basis which means that expenses are only recognized when they have been incurred and not when they are paid for. If you paid $40,000 for rent and yet your monthly rent is $5,000, only the $5,000 will be recognized as rental expense. The rest of the money is treated as a prepaid expense.

When another month elapses, then the other amount of rent can be recognized as is the case here. The month ended on July 31st and there was a need to record rental expense and so it was recorded at the rent expense of $3,000.

The journal entry would therefore show Rent Expense account is debited and the Prepaid Expenses account is credited to show it is reducing.

Full question is:

Record the journal entry to represent the payment of rent.

Find out more on prepaid expenses at brainly.com/question/27961230

#SPJ1

4 0
10 months ago
Osé is afraid to ask Tina on a date because he fears she will say no. José is experiencing A. Negative self-talk. B. Positive se
levacccp [35]
A. He is experiencing negative self talk. He is trying to logically predict the outcome of the situation.
7 0
3 years ago
Name two sources of finance a business could use for marketing their products and services.
shepuryov [24]
I can use Logos and Flyers And Do presentations
4 0
3 years ago
A book of mass 5 kg rests on a plank. You tilt one end of the plank and slowly increase the angle of the tilt. The coefficient o
s344n2d4d5 [400]

Answer:

The maximum angle of tilt is 26.56°.

Explanation:

Given that,

Mass of book = 5 kg

Coefficient of static friction = 0.50

The normal force of plank on book

F_{n}=mg\cos\theta

The friction force holding book against moving

f_{\mu}=\mu F_{n}....(I)

The force induced by gravity is

F_{g}=mg\sin\theta....(II)

We need to calculate the angle

Now, both forces are equal

f_{\mu}=F_{g}

\mu\ mg\cos\theta=mg\sin\theta

Put the value into the formula

0.50\times5\times9.8\cos\theta=5\times9.8\sin\theta

\tan\theta=\dfrac{0.50\times5\times9.8}{5\times9.8}

\theta=\tan^{-1}{0.5}

\theta=26.56^{\circ}

Hence, The maximum angle of tilt is 26.56°.

4 0
2 years ago
Read 2 more answers
M. Fields, Inc. wishes to accumulate $1,000,000 to be used to pay off a loan at the end of 10 years. How much will M. Fields dep
sveticcg [70]

Answer:

c) $56,984

Explanation:

First, kindly find attached the completion of the question including the multiple choices below

Round your answer to the nearest dollar.

Select the appropriate factor for your calculation:

Future Value of $1: 3.10585

Future Value of an Annuity of an Ordinary Annuity: 17.54874

a) 45,586  b) $33,334  c) $56,984  d)$26,432

Solution

First, we pull out important information as follows

The future value of the accumulation is $1,000,000, therefore, the future value of the ordinary annuity (17.54874) will be used.

Secondly,we now need to calculate the amount to be invested now, to bring an accumulation of $1,000,000, which we call x

The future value= x ( Future Value of an Annuity of an Ordinary Annuity)

= 1,000,000 = x (17.54874)

= $1,000,000 = 17.54874x

x= $1,000,000 / 17.54874

The amount to invest = $56,984

4 0
3 years ago
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