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3 years ago

Match each term with the correct definition.

Business

1 answer:

JulijaS [17]3 years ago

6 0

Answer:

1. Economics - The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.

2. Opportunity cost - The next-best thing that must be forgone in order to produce one more unit of a given product.

3. Marginal analysis - Making choices based on comparing marginal benefits with marginal costs.

4. Utility - The pleasure, happiness, or satisfaction obtained from consuming a good or service.

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2 years ago

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4 years ago

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3 years ago

Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-st

eduard

Answer:

Part a

Blossom Company

Income statement for the year 2014 - multiple-step form

$000

Sales revenue 97,088

Less Cost of goods sold (61,158)

Gross Profit 35,930

Less Operating Expenses :

Administrative expense

Officers' salaries 5,488

Depreciation of office furniture and equipment 4,548 (10,036)

Selling expense :

Delivery expense 3,278

Sales commissions 8,568

Depreciation of sales equipment 7,068 (18,914)

Operating Income (Loss) 6,980

Less Non Operating Expenses :

Income tax 9,658

Interest expense 2,448 (12,106)

Net Income (Loss) (5,126)

Part b

Blossom Company

Income statement for the year 2014 - single-step form

$000

Sales revenue 97,088

Less Cost of goods sold (61,158)

Gross Profit 35,930

Less Expenses :

Officers' salaries 5,488

Depreciation of office furniture and equipment 4,548

Delivery expense 3,278

Sales commissions 8,568

Depreciation of sales equipment 7,068

Income tax 9,658

Interest expense 2,448 (41,056)

Net Income (Loss) (5,126)

Explanation:

The multiple-step form shows the Operating Income and Net Income separately by grouping expenses as either operating and non-operating expenses.

The single-step form shows all expenses under one category and no grouping of expenses as either operating or non-operating.

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3 years ago

Han Corp's sales last year were $425,000, and its year-end receivables were $52,500. The firm sells on terms that call for custo

Zina [86]

Answer:

d. 15.09

Explanation:

425,000 sales

52,500 AR

year of 365 days

Days Sales Outstanding

$\frac{52,500}{425,000}\times 365 = 45.088 = 45.09$

Average days late

$Days \: Sales \: Outstanding - \: Allowed \: credit \: period = average \: days \: late$

45.09 - 30 = 15.09

in average customer pays within 45 days.

That is 15.09 days above the allowed credit period.

4 0

4 years ago