When the demand for bikes has considerably increased with a rise in price by $10, then the profit also increases by $10 on every bike sold.
<h3>What is meant by profit?</h3>
Profit is an incentive earned by a company by selling its products at a price higher than the original cost.
From the provided situation, it has been analyzed that there is a direct relationship between price and demand, which means an increase in demand leads to a rise in prices also. This will ultimately raise the profits of a company in respect of goods sold.
Therefore, the profits are also raised by $10 in a similar way as the rise in price by $10 due to an increase in demand for bikes.
Learn more about the economic profit in the related link:
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Answer:
middle class
Explanation:
I fit in middle class because I do not struggle and my family lives comfortably but we don't have millions
Answer:
Hamlet
Hamlet can recognize a loss of $1,500 in 2020.
Explanation:
a) Data and Calculations:
Number of shares in Vanity Corporation = 1,000 common stock
Period of stockholding = 2 years
Cost of investment = $4,000
Sales proceeds from shares = $2,500
Capital loss = $1,500
b) Hamlet can use the capital loss deduction of $1,500 to reduce his other capital gains of the similar term in the first instance. Note that the capital loss is a long-term capital loss since the investment was held for two years.
Answer and Explanation:
The journal entry required to close the expense account is given below:
Income summary Dr $33,520
To Wages Expense $19,000
To Depreciation Expense $1,800
To Utilities Expense $320
To Insurance Expense $700
To Maintenance Expense $9,000
To Income Tax Expense $2,700
(being the expenses accounts are closed)
