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denis-greek [22]
4 years ago
7

"Snoop Company sells collectibles. The following information summarizes Snoop Company's operating activities for the most recent

year: Merchandise inventory, beginning $12,000 Merchandise inventory, ending 6,000 Purchases 97,000 Operating expenses 6 2,000 Sales revenue 195,000"
What is the operating income for the​ year? (Round your answer to the nearest whole​ dollar.)

A.

$274,000

B.

$320,000

C.

$206,000

D.
Business
1 answer:
Mkey [24]4 years ago
4 0

Answer:

The answer is $30000

Explanation:

                                                                      $                                $

Sales                                                                                             195000

<u>Less cost of sales</u>

Opening stock                                          12000

<u>Add</u> purchases                                         <u> 97000</u>

                                                                   109000

<u>Less </u>closing stock                                      <u>6000</u>

                                                                                                       <u>103000</u>

Gross profit                                                                                     92000

<u>Less</u> operating expenses                                                              <u>62000</u>

Operating income                                                                           <u>30000</u>

The operating income is<u> $30000</u>

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5 0
2 years ago
EZ Electronics Inc., Neo Digital Inc., and Techno Products Corp. are all companies that manufacture and sell consumer electronic
VikaD [51]

Answer is Industry

Explanation:

An industry is a group of companies whose primary business activities like production, marketing, procurement and product design are related. In order words, an industry is a group of companies that sells related goods and services to satisfy similar customer needs in a particular economy.

Since EZ Electronics Inc., Neo Digital Inc., and Techno Products Corp., are all grouped as manufacturers and sellers of consumer electronics, it describes their similarities, of which their relative attractiveness or consumer preference can be compared with each other. Therefore, they are a part of an industry.

8 0
3 years ago
In February, X City ordered $550,000 of supplies. On March 17th it received all of the ordered supplies and an invoice of $551,0
Neporo4naja [7]

Answer:

B. Debit Budgetary Fund Balance -- Reserve for Encumbrances for $550,000.

Explanation:

X City made an order for goods worth $550,000 and when the goods were received the invoice states $551,000. The company should indicate in the invoice the correct amount received and work with that.

Reserve for encumbrances is an account that contains funds that have been reserved for a particular purpose. In this case since the order was made in February, the funds of $550,000 would have been put in this account.

On receipt of the goods we debit Budgetary Fund Balance -- Reserve for Encumbrances for $550,000 (the correct value of goods received).

4 0
3 years ago
Most countries, including the United States, import substantial amounts of goods and services from other countries. Yet the chap
Tju [1.3M]

Answer:

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COMPARED TO NET EXPORTS, COUNTRIES LIKE THE UNITED STATES OF AMERICA HAVE A LOWER NET IMPORT WHICH GIVES THEM A POSITIVE BALANCE OF TRADE.

Explanation: THE VOLUME OF IMPORT IS NOT THE MAIN CONCERN, THE MAIN CONCERN IS THE VOLUME OF NET IMPORT COMPARED TO THE VOLUME OF NET EXPORT COUNTRIES LIKE THE UNITED STATES OF AMERICA HAVE A HIGHER NET EXPORT THAN NET IMPORT WHICH GIVES THEM TRADE ADVANTAGE AND A POSITIVE BALANCE OF TRADE. With a good balance of trade a country like the United States of America will maintain and enjoy a high standard of living as the volume of imports is always lower than the value of what is exported.

3 0
3 years ago
Why do you think the accounting requirements for job-order costing are more demanding than those for process costing
klasskru [66]

Since there is a cost involved in allocating the specific material and labor to the product, job order cost systems are sometimes more expensive to operate than a straightforward process costing system.

<h3>What is job order costing?</h3>

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Job order costing can be used to determine if a job is profitable.  Efficient task order costing enables businesses to generate bids that are competitive while being profitable.

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8 0
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