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Vlad [161]
3 years ago
10

McGinnis Construction is a cash-basis company with a fiscal year-end of June 30. McGinnis’ employees earn a normal weekly wage o

f $12,500 during a five-day work week. June 30 falls on a Thursday for the current year. McGinnis also performed services of $40,900 during the last four days of June, but they are not paid in full until July 8. As a result of operations, there will be an ________ of McGinnis’ net income for the most recent fiscal year of:
Business
1 answer:
viva [34]3 years ago
5 0

Answer:

As a result of operations, there will be an understatement of McGinnis’ net income for the most recent fiscal year of 30900

Explanation:

Services             40900

Weekly wage     10000

FY end on June  30900

The cash basis is a method of recording accounting transactions for revenue and expenses only when the corresponding cash is received or payments are made. Thus, you record revenue only when a customer pays for a billed product or service, and you record a payable only when it is paid by the company

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Free trade areas that have a common external trade policy, but don't allow for the free movement of people and capital are calle
Pachacha [2.7K]

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common markets

Explanation:

8 0
3 years ago
"during its first year of business, xyz inc. purchased $1,600 of supplies. by the end of the year, only $500 of supplies remain
algol [13]

The correct answer is $500.

An adjusted trail balance is prepared at the end of the accounting period. On this statement you will have what the value of the supplies in inventory is on the last day of the accounting cycle. In this example there are $500 worth of supplies left, which is why it is the correct answer.

6 0
3 years ago
How can a renter reduce the amount of money he or she spends on monthly
DIA [1.3K]

Answer:

Option C.

Explanation:

From the options given above, the correct way a renter can reduce their rent it to get a roommate or roommate. Getting just one roommate can help to reduce your basic living expenses by 30%.

This is achievable because various costs like rent, utilities, and even groceries can be shared among the roommates.

The only downside to this method is the lack of privacy that comes with having roommates. But in general, having roommates is a sure way for renters to spend less, or live in a nicer location.

4 0
3 years ago
The Boeing Company buys $3 million worth of steel, $2.5 million worth of computer hardware and software, and $1 million worth of
astraxan [27]

Answer:

The value added by Boeing is equal to:A)$3.5

Explanation:

Value added is the difference between the price of product or service and the cost of producing it.

Steel           3,0M

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Tools            1,0M

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3 0
3 years ago
Kevin plans to go to college after he graduates from high school. The tuition is $8,000 a year, and room, board, and books cost
blondinia [14]

Answer:

$30,000

Explanation:

Opportunity costs refers to the incomes or benefits a person, business or investor loses or forgone when one alternative is chosen over another.

Since Kelvin will lose earnings of $30,000 a year from a full-time job if Kevin decides to attend college, this $30,000 a year is therefore the opportunity cost.

8 0
3 years ago
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