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kvasek [131]
2 years ago
6

The following revenue and expense account balances were taken from the Income Statement columns of the end-of-period spreadsheet

for Fraser Services Co. for December 31: Accounts Amount Depreciation Expense $4,950 Insurance Expense 2,900 Miscellaneous Expense 1,200 Rent Expense 24,000 Service Revenue 92,500 Supplies Expense 3,150 Utilities Expense 5,000 Wages Expense 63,750 Required: Prepare an income statement. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement. For those boxes in which you must enter negative numbers use a minus sign. X Labels and Amount Descriptions Labels For the Year Ended December 31 Operating expenses Amount Descriptions Net income Net loss Total operating expenses X Income Statement Prepare an income statement. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement. For those boxes in which you must enter negative numbers use a minus sign.
Business
1 answer:
kotegsom [21]2 years ago
6 0

Answer:

Explanation:

<u>Income Statement of Fraser Services CO. for the year ended as at December 31</u>

<u>Accounts                        Amount        </u>

Revenue                       92,500

Depreciation                - 4,950

Insurance                     - 2,900

Miscellaneous             - 1,200

Rent                              - 24,000

Supplies expense       - 3,150

Utilities                         - 5,000

Wages                           - 63.750

X Total operating expense  104 950

X Net loss                             - 12 450                                    

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The answer about A static budget would be

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The static budget is intended to be fixed and unchanged throughout the period, regardless of fluctuations that may affect the results.

For example, under a static budget a company would establish an anticipated expense, say $ 30,000 for a marketing campaign, for the duration of the period. It is then up to the managers to adhere to that budget, regardless of how the cost of generating that campaign really stays during the period.

This type of budgeting is limited by the ability of an organization to accurately forecast what its needs are, how much it will spend to meet them and what its operating income will be during the period. Static budgets can be more effective for organizations that have highly predictable sales and costs, and for shorter periods of time.

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2 years ago
A salesperson working for a firm that operates on the basis of exclusive sales territories must _____.
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There are two people in the economy: Martha and Charlie. There are two goods in the economy: books and wine. Martha is endowed w
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Explanation:

According to the question, book is denoted with b whereas, wine is denoted with w.

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The Utility function for Charlie is- U\left ( b,w \right )=bw

P_{b} = $1 : P_{w} = $4

At pareto-optimality,

MRS_{bw}=\frac{P_{b}}{P_{w}}\\\frac{w}{b}=\frac{1}{4}\\4w=b\\

The budget constraint,

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3 years ago
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