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vladimir2022 [97]
3 years ago
5

The most recent comparative balance sheet of Giacomelli Corporation appears below: Which of the following classifications of cha

nges in balance sheet accounts as sources and uses is correct? Select one: a. The change in Accounts Payable is a source; The change in Accrued Wages and Salaries payable is a use b. The change in Accounts Payable is a use; The change in Accrued Wages and Salaries payable is a use c. The change in Accounts Payable is a source; The change in Accrued Wages and Salaries payable is a source d. The change in Accounts Payable is a use; The change in Accrued Wages and Salaries payable is a source
Business
1 answer:
Delvig [45]3 years ago
8 0

Answer:

The correct option is B: "The change in Accounts Receivable is a source; The change in Inventory is a use"

Explanation:

However, you will need to look at the asset section as well in order to determine the correct response to this question statement. Depending on how the accounts receivable and inventory changes, you will be able to ascertain which is a source and which is a use. For instance, if the balance in Accounts Receivable and the Inventory has increased, the change is a use. And vice versa.

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Arreaga Corp. has a tax rate of 40 percent and income before non-operating items of $928,000. It also has the following items (g
Sedbober [7]

Answer: $324,800

Explanation:

It is a general Principle that when calculating income tax expense, that the Extraordinary loss is treated separately because it is not a usual thing.

The income gained from changing the Accounting principle is not included as well.

The Taxable income to be recorded therefore is,

Taxable income = Income + Gain on disposal - Unusual loss (due to its infrequency)

Taxable income = 928,000 + 32,000 - 148,000

Taxable income = $812,000

Tax expense would therefore be,

= 812,000 * 40%

= $324,800

$324,800 is the amount of income tax expense Arreaga would report on its income statement.

3 0
3 years ago
Vincent operates a scenic tour business in Boston. He has one bus which can fit 50 people per tour and each tour lasts 2 hours.
mixas84 [53]

Answer:

There is some information missing, and when I looked for it I found similar questions but the demand was already given and the question was about Vincent's total daily income.

Passenger                  Price                  Daily demand

Adults                          $18                        70

Children                      $10                        25

Senior citizens            $12                        55

total                                                           150

total revenue per day = ($18 x 70) + ($10 x 25) + ($12 x 55) = $1,260 + $250 + $660 = $2,170

total operating costs per day = (150 / 50) x $450 = $1,350

operating income per day = $2,170 - $1,350 = $820

6 0
2 years ago
Quantities on hand at the end of one month may not be sufficient to last until the next month's count. If the company has taken
agasfer [191]

Answer:

True

Explanation:

The correct option is - True

Reason -

When the company is considering the quantities in stock available at the end of the month in duly setting their reorder level that indicates it creates buffer stock in company's account and not following just-in-time model, whereby the quantity being ordered when there is demand for the same.

Hereby the investment cost occurred while maintaining the inventory will be higher as comparison to just-in-time inventory model as the money is  blocked in the inventory and it will be recovered only when the inventory being sold.

3 0
2 years ago
Prepare a monthly flexible selling expense budget for Cottonwood Company for sales volumes of $300,000, $350,000, and $400,000,
rodikova [14]

Answer:

Sales volumes                            <u>   $300,000  </u>    <u> $350,000 </u>     <u> $400,000</u>

Total selling expenses                <u>  $541,500  </u>    <u>  $595,750 </u>    <u>  $650,000 </u>

Explanation:

Basically, a flexible budget can be described as a budget that adjusts with changes in volume or activity.

Therefore, monthly flexible selling expense budget for Cottonwood Company which adjusts with sales volumes can be prepared as follows:

Cottonwood Company

Monthly Flexible Selling Expense Budget

For the Month .....

<u>Details</u><u>                                                    $                      $                      $      </u>

Sales volumes                             <u>   300,000  </u>        <u> 350,000 </u>     <u> 400,000</u>

<u>Variable selling expenses:</u>

Sales comm. (6% of sales)                18,000              21,000           24,000

Shipping exp. (1% of sales)                 3,000               3,500             4,000

Misc. selling exp. (1.5% of sales)        4,500               5,250             6,000

<u>Fixed selling expenses:</u>

Sales manager's salary                  120,000            120,000         120,000

Advertising expense                       90,000             90,000           90,000

Misc. selling expense                <u>        6,000   </u>       <u>      6,000  </u>      <u>     6,000  </u>

Total selling expenses               <u>   541,500  </u>        <u>  595,750 </u>      <u>  650,000 </u>

8 0
3 years ago
hen entry barriers into a market are low, firms will tend to earn zero economic profit in the long run because a. profit-seeking
tamaranim1 [39]

Answer:

The correct answer is B

Explanation:

Economic profit is the difference among the revenue received from the sale of the output and the cost of all inputs used and opportunity cost.

Zero economic profit, it is the situation where the firm is earning the same if its resources were employed in the next alternative which is best.

When the entry barriers in the market are low, then the firm will have the tendency of having a zero economic profit in the period of long run, as the profit which is short run will attract the extra suppliers which will result in down in the market price of the product.

3 0
3 years ago
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