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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.

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Inventories are part of investment and therefore included in gdp because
Natasha_Volkova [10]

Answer:

Explanation:

Inventories are part of investment and therefore included in GDP because firms produce goods and these goods may be unsold at the time GDP is computed

The value added method of calculating GDP recognizes inventory. Value added from raw materials to work in process and to finished goods are part of what goes into the computation of GDP

7 0
3 years ago
What is a government department business?
Len [333]

Answer:

A government department is a sector of the UK government that deals with a particular area of interest. Government departments are either ministerial or non-ministerial departments.

Ministerial departments are led politically by a Government Minister, usually called a ‘secretary of state’ and supported by a team of junior ministers and civil servants, themselves led by a Senior Civil servant known as a permanent secretary, in charge of administrative management. Ministerial departments cover matters requiring direct political oversight, such as the Department for Transport or the Foreign Office.

Explanation:

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5 0
3 years ago
For each price in the following table, calculate the firm's optimal quantity of units to produce, and determine the profit or lo
8090 [49]

Total variable cost is -44000 ,0, 244000.

TR = P * Q

TC = FC + VC

Profit = TR - TC

Price Q                        TR                       FC              VC

10      6000 6000 * 10 = 60000 44000 =10 * 6000 = 60000    

16 8000 16 * 8000 = 128000 44000 =10.5 * 8000 = 84000

40 12000 40 * 12000 = 480000 44000 =16*12000 = 192000

Profit

-44000

0

244000.

The main goal of a perfect competitor to maximize profits is to calculate the optimum production level where marginal cost (MC) = market price (P). As shown in the graph above, the point of profit maximization is where the MC intersects the MR or P.

This is the output when the marginal revenue from the last sold unit is equal to the marginal cost to produce it.

In order to maximize profits, companies need to produce in a place where marginal revenue and marginal cost are equal. The company's marginal production cost is $ 20 per unit. If the company produces 4 units, its marginal revenue is $ 20. Therefore, the company needs to produce 4 production units.

Learn more about profit or loss here: brainly.com/question/13799721

#SPJ4

8 0
1 year ago
Your job pays you only once a year for all the work you did over the previous 12 months. Today, December 31, you received your s
s344n2d4d5 [400]

Answer:

Final Value= $4,216,869

Explanation:

Giving the following information:

You have decided that one year from today you will begin depositing 10 percent of your annual salary in an account that will earn 9.2 percent per year. Your salary will increase at 3 percent per year throughout your career. Your salary is $52,000

Your retirement is in 40 years.

We need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A=annual payment= 5,200

i= 9.2% interest + 3% year increase= 12.2%

n=40

FV= {5,200*[(1.122^40)-1]}/0.122

FV= $4,216,869

6 0
3 years ago
On January 1, a company borrowed cash by issuing a $300,000, 5%, installment note to be paid in three equal payments at the end
Stella [2.4K]

Answer & Explanation:

1- What would be the amount of each installment?

The principal to be paid in each instalment = $300,000/3 = $100,000

1st instalment = $300,000*5% + $100,000 = $115,000

2nd instalment = $200,000*5% + $100,000 = $110,000

3rd installment = $100,000*5% +$100,000 = $105,000

2- Prepare an amortization table for the instalment note.

Please see excel in attachment  

3- Prepare the journal entry for the second installment payment.

Debit loan payables account: $100,000

Debit Interest expenses: $10,000

Credit cash: $110,000

Download xlsx
5 0
3 years ago
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