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Crank
3 years ago
6

MC Qu. 166 Joe Jackson opened Jackson's... Joe Jackson opened Jackson's Repairs, Inc. on March 1 of the current year. During Mar

ch, the following transactions occurred and were recorded in the company's books: Jackson invested $25,000 cash in the business. Jackson contributed $100,000 of equipment to the corporation. The company paid $2,000 cash to rent office space for the month. The company received $16,000 cash for repair services provided during March. The company paid $6,200 for salaries for the month. The company provided $3,000 of services to customers on account. The company paid cash of $500 for monthly utilities. The company received $3,100 cash in advance of providing repair services to a customer. Based on this information, net income for March would be: A. $8,400. B. $5,300. C. $13,400. D. $10,300. E. $13,500.
Business
1 answer:
____ [38]3 years ago
6 0

Answer:

D. $ 10,300

Choice D is correct:  Net income = $ 10,300

Explanation:

Cash Received =                                 $ 16000

Less Rent Paid=                                    ( $ 2000)

Add income =                                          $ 3000

Less Salaries for the month of March = ($ 6200)

Less utilities paid                                       ($ <u>500)</u>

<u>Net income=</u>                                               $ 10,300

Treatments.

Net income is found by deducting expenses from revenues earned

$ 100,000 is the retained earnings so it is not accounted for net income.

Equipment is an asset so it is not accounted for net income.

Cash received is the revenue so it is accounted.

Rent is an expense account so it is subtracted.

Income for service $ 3000 provided is also taken into account on matching principle basis.

Advance received will be adjusted when the services will be rendered on matching principle.

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D. Demand is greater than supply
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Tom tries to sell his classic car to Victoria for $12,000. Tom tells Victoria, "I paid $12,000 for the car in 1978 and it's wort
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B) Tom's statements provide grounds to set the contract aside.

Explanation:

When we are talking about setting a contract aside, it means that the contract is voidable. A voidable contract is valid until one of the parts decides to void it. In this case, if Victoria decides to purchase Tom's car and later discovers that he lied about the price, she can void the contract and return the car to get her money back.

What Tom is doing is basically lying about the material facts of the product that they are bargaining and it represents a valid reason for voiding the contract.

5 0
3 years ago
Economic efficiency requires that a natural monopoly's price be: Select one: A. equal to marginal cost where it intersects the d
slavikrds [6]

Answer: A. equal to marginal cost where it intersects the demand curve

Explanation:

In a pure competition, the market is efficient because it balances demand and supply and gives an equilibrium price that takes both of them into account.

In this market, the price is equal to the marginal revenue of a firm and the profit maximizing level of production is where the marginal revenue intersects the marginal cost.

The efficient level is therefore where price equals marginal cost. The same goes for a natural monopoly. If economic efficiency is to be achieved, the natural monopoly's price must equal the marginal cost at the equilibrium price.

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Richard suspects his supervisor of unethical accounting practices. However, hedoes not want to lose his job if he reports the su
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7 0
3 years ago
For what range in marginal cost will the firm continue to charge a price of $60?
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Range for marginal cost  =  $20 to $50

Since at the price of $60 total Marginal revenue on demand curve two  =  $20

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Hence $60 for the product is optimum for the range of marginal cost from $20 to $ 50.

Since the optimum level of price is where marginal cost is equal to marginal revenue.

The marginal cost of production includes all costs that vary with that level of production. For example, if a company needs to build an entirely new factory to produce more goods, the cost of building the factory is the marginal cost.

Marginal Cost = Change in Total Cost / Change in Quantity. Change in Total Cost = Total Cost of Manufacturing Including Additional Units – Total Cost of Manufacturing Regular Units. Quantity Change = Full Quantity Product with Additional Units - Full Quantity Product in Regular Units.

Learn more about Marginal Cost here: brainly.com/question/17230008

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5 0
2 years ago
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