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KatRina [158]
3 years ago
8

A company had credit sales of $ 35 comma 000 and cash sales of $ 25 comma 000 during the month of May. Also during​ May, the com

pany paid wages of $ 24 comma 000 and utilities of $ 9 comma 000. It also received payments from customers on account totaling $ 4 comma 600. What was the​ company's net income for the​ month?
Business
1 answer:
Likurg_2 [28]3 years ago
7 0

Answer:

The​ company's net income for the​ month was $27 comma 000

Explanation:

Net income = Total Sales - total expense

During the month of May,

Total Sales = credit sales + cash sales = $35,000 + $25,000 = $60,000

The company paid wages of $ 24 comma 000, the wages expense was $ 24 comma 000.

The company paid utilities of $ 9 comma 000, the utilities expense was $ 9 comma 000

Total expense = wages expense + utilities expense = $24,000 + $9,000 = $33,000

The payment that the company received from its customer was not the sales or expense. It made increase cash and reduce account receivable.

Net income = $60,000 - $33,000 = $27,000

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Mardee represented condo owner carol, and they signed an exclusive agency listing agreement. If carol found her own buyer, would
Sophie [7]

If carol found her own buyer, would she owe mardee a commission option (c)i.e, No, because Carol found her own buyer.

A sales commission is a payment made to an employee after they successfully complete a task, typically selling a predetermined volume of goods or services. Sales commissions are a common incentive used by employers to boost employee productivity. A commission can be paid instead of or in addition to a salary.

Employers provide a commission to entice workers, increase productivity, increase sales, and draw in new clients. In many areas, like the automotive and real estate sectors, commission-based pay is the norm for sales and marketing positions.

The complete question is:

Mardee is representing Carol in the sale of her condo, and they've signed an exclusive agency listing agreement. If Carol finds her own buyer, does she owe Mardee a commission?

a.)No, because Carol is not a real estate licensee.

b.)Yes, because they have an exclusive agency listing agreement.

c.)No, because Carol found her own buyer.

d.)Yes, but she only owes the listing commission.

To know more about commission refer to:   brainly.com/question/957886

#SPJ4

3 0
1 year ago
Virtue Products Inc., a large conglomerate, procures a few component parts from external suppliers and also manufactures some of
Anton [14]

Answer:

C) Taper integration

Explanation:

Taper integration refers to a combination of vertical integration and market exchange. In this case the company is vertically integrating both its upstream and downstream operations.

Upstream operations refers to suppliers, and the company is producing some of the supplies that it needs.

Downstream operations refers to distribution channels, and the company is selling its products directly to final customers.

3 0
2 years ago
Risk factors A. can be biological, psychological, or social. B. are best conceptualized as being mostly biological.
pashok25 [27]

Answer:

The correct answer is letter "A": can be biological, psychological, or social.

Explanation:

Risk factors can determine future outcomes and most likely are negatives. Those outcomes are the results of biological, psychological and social influences. On the other hand, protective factors are characteristics that lower the possibility that the outcome will be negative. Both risk and protective outcomes do not change over time.

5 0
3 years ago
Suppose Hank and Tony can both produce corn. If Hank's opportunity cost of producing a bushel of corn is 2 bushels of soybeans a
Alex787 [66]

Answer:

The correct answer is option a.

Explanation:

Comparative advantage refers to the situation where an individual, firm, or nation can produce a good at a comparatively lower opportunity cost.  

It is given here that,

Hank's opportunity cost of producing a bushel of corn = 2 bushels of soybeans  

And,

Tony's opportunity cost of producing a bushel of corn = 3 bushels of soybeans

We see that Hank has a lower opportunity costs in the production of corn. So we can say Hank has a comparative advantage in the production of corn. Or in other words, Hank specializes in the production of corn.

7 0
3 years ago
If a business closes its accounts only at year-end
Levart [38]

Answer:

The correct answer is letter "D": Revenue and expense accounts reflect year-to-date amounts throughout the year.

Explanation:

Most firms close their accounts by the end of the year because of accounting reporting purposes. It does not imply throughout the year the firm will not be able to make reports of their performance. They actually can but closing the account relevant for the report requested. <em>By closing the accounts only by the end of the year, the revenue and expense accounts will show annual calculations in the upcoming period books.</em>

3 0
2 years ago
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