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krok68 [10]
3 years ago
14

g Let D1 represent the demand curve for premium seats to the Broadway hit Hamilton, and let S1 represent the supply curve for th

ese seats. If the producers of the show charge $497.50 for a premium seat, the scalpers will charge (a) $ , which is (b) $ more than the price listed at the theater box office (give your answer to two decimals).
Business
1 answer:
natali 33 [55]3 years ago
3 0

Answer:

(a) $ 1200

(b) $ 702.5

Explanation:

In the demand and supply curve, the price of goods and services changes with respect to market conditions such as scarcity and consumers' needs. In the problem, if the producers charge about $497.50, the scalper will definitely charge a price higher than that of the producers, in this case, $1200. Thus, this is $702.5 (i.e. $1200 - $497.50) more than the producers' charge.

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Answer:

Net income  = $725,625    

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The multiple-step income statement refers to an income statement that displays gross profit obtained as sales revenue minus cost of goods sold, and also shows an organization's operating revenues and operating expenses separately from its nonoperating revenues or gains and expenses or losses.

The multiple-step income statement can be prepared as follows:

Rollins Inc.

multiple-step income statement

For the Year Ended December 31, 2021

<u>Details                                                      $                             $             </u>

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Cost of goods sold                                                    <u>   (3,950,000)   </u>

Gross profit                                                                     1,450,000

<u>Operating expenses:</u>

Selling expense                                 (350,000)

General and admin expense          <u>   (250,000)   </u>

Total operating expenses                                            <u>  (600,000)  </u>

Operating income                                                            850,000

<u>Interest revenue (expense):</u>

Interest revenue                                     37,500

Interest expense                                 <u>  (20,000) </u>

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Total other compreh. income (loss)                             <u>   100,000  </u>

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Income taxes (w.1)                                                        <u>   (241,875)   </u>

Net income                                                                   <u>   725,625    </u>

Earnings per share (w.2)                                                      7.26

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w.1: Income taxes = Income before tax  * Effective tax rate = $967,500 * 25% = $241,875

w.2: Earnings per share = Net income / Number of shares of stock outstanding throughout the year = $725,625 / 100,000 = $7.26

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