1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Irina-Kira [14]
3 years ago
9

Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Fees earned $900,

000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Prepare an income statement for the year ended May 31, 2018. Paradise Travel Service Income Statement For the Year Ended May 31, 2018
Business
1 answer:
Virty [35]3 years ago
6 0

Answer:

Net income is $135,00 from the income statement.

Explanation:

In the Income Statement for a particular year, all expenses all expenses for the year are deducted from the income to arrive at net income for that year. Based this, we have:

Paradise Travel Service Income Statement For the Year Ended May 31, 2018

<u>Details                                         ($)   </u>

Fees earned                          900,000

Office expense                    (300,000)

Miscellaneous expense         (15,000)

Wages expense                  <u> (450,000) </u>

Net income                          <u>  135,000 </u>

Therefore, net income is $135,00 from the income statement.

You might be interested in
Which of the following statements about high-LPC leaders is most likely true?
Lapatulllka [165]

Answer:

D. They are primarily satisfied by establishing and maintaining close interpersonal relationships.

6 0
3 years ago
Wordmill Publications purchased a printing machine for $40,000 on January 1, 20X1. On December 31, 20X5, it sold the printing ma
Diano4ka-milaya [45]

Answer:

d. The gain of $5,000 is deducted in the operating activities section of the statement of cash flows.

Explanation:

Printing machine is fixed Asset and gain on sale of fixed assets are deducted in operating activities before changes in working capital as it is non operating income and these are deducted from the figure of net profit which is shown in operating activities.

8 0
2 years ago
Normative economic analysis involves: Group of answer choices value judgments. purely descriptive statements. testable hypothese
nlexa [21]

The normative economic analysis involves <u>value judgments and opinions.</u>

<h3><u>By normative economic analysis, what do you mean?</u></h3>

Normative economics is an approach to the study of economics that expresses normative or ideologically prescriptive judgments on economic development, investment initiatives, claims, and scenarios.

Normative economics is heavily concerned with value judgments and declarations of "what ought to be" rather than facts based on cause-and-effect statements, in contrast to positive economics, which is dependent on objective data analysis. It reflects ideological opinions regarding potential outcomes for economic activity in the event that public policy changes. It is impossible to verify or validate normative economic claims.

Learn more about normative economics with the help of the given link:

brainly.com/question/17352984

#SPJ4

6 0
1 year ago
g Overhead costs are assigned to production using an overhead application rate, whereas no such "application rate" is used to as
Hoochie [10]

Answer:

Overhead costs are assigned to production using an overhead application rate, whereas no such "application rate" is used to assign the costs of direct materials and direct labor to production. The reason for this difference in procedures is that:

Overhead is an indirect cost which cannot be traced easily and directly to specific units of product.

Explanation:

Manufacturing overhead costs are not direct costs.  They are not generally traceable to units of products.  They include such indirect costs as Depreciation Expense, Property Taxes, Indirect Labor, Indirect Materials, etc.  No unit of product can be ascribed such costs except as an approximation.

7 0
3 years ago
Comparing the horizontal analysis of​ McDonald's financial statements to the horizontal analysis of Burger​ King's financial sta
Sergio039 [100]

Answer:

The answer is B) benchmarking

Explanation:

Benchmarking is a process that involves measuring one company's success against other similar companies to discover if there is a gap in performance that can be closed by improving  performance.

8 0
2 years ago
Other questions:
  • As you play a Star Trek video game, you track all of the Romulan warships as they fly across the screen, attacking your ship, th
    14·1 answer
  • Advertisers sometimes use words that invite viewers to make an erroneous interpretation; they appear to promise something but in
    5·1 answer
  • One of the three basic questions: concerned with the distribution of goods and services
    8·1 answer
  • Concord Company pays cash dividends of $670. The entry for this transaction will include a debit of $670 to
    10·1 answer
  • Why in the fudge does trump (a literall orange) think hes the best person ever
    6·2 answers
  • Which of the following items is a wardrobe essential for both men and women?
    6·1 answer
  • ABC Corporation makes a range of products. Management is considering a special order for 700 units of product J45 at $50 each. T
    8·1 answer
  • Please Help!
    13·1 answer
  • Zachary Corporation produces products that it sells for $18 each. Variable costs per unit are $6, and annual fixed costs are $24
    12·1 answer
  • How do i color clay without food coloring or paint
    7·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!