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12345 [234]
2 years ago
10

A trading firm ABC, Inc. has been in continuous existence for the past 20 years. In the year 2004 it purchased 2000 baseball bat

s for $ 6 each and sold 1700 of these for $10 each. What was the profit or loss of the firm in 2004
Business
1 answer:
OlgaM077 [116]2 years ago
5 0

Answer: $6,800

Explanation:

Profit (loss) = Revenue - Cost of goods sold

Cost of goods sold = Purchases - closing stock

= (2,000 * 6) - (300 * 6)

= $10,200

Total Revenue:

= 1,700 * 10

= $17,000

Profit = Revenue - cost of goods sold

= 17,000 - 10,200

= $6,800

<em />

<em>(closing stock is 300 because 1,700 units were sold)</em>

You might be interested in
Purple Rose Corporation reported pretax book income of $500,000.
Vikentia [17]

Answer: $68,000

Explanation:

Let us assume that we are given a tax rate of 34% to use in computing the question. Therefore, Purple Rose's current income tax expense or benefit will be:

Pre-tax book income = $500,000

Less: Tax depreciation = $300,000

Net Income = $500,000 - $300,000 = $200,000

Current income tax expenses at 34% will then be:

= 34% × Net income

= 34/100 × $200,000

= $68,000

5 0
3 years ago
Maple Products is a manufacturer of electronic goods that markets its products in several countries across the world. The compan
Anton [14]

Answer:

C. serviceability

Explanation:

7 0
3 years ago
Parts of the retail industry in which a small number of businesses control a large portion of the market represent __________.
solniwko [45]

The answer to your question is "Oligopolies."

An oligopoly is a market form where a market is controlled by a few large sellers or businesses.  The type of market is going to effect the price in one of two ways.  The first possibility is that the few businesses will work together, or collude, in order to establish higher than normal prices.  The second possibility is that there will be fierce competition between the few sellers, which will result in a high level of competition and lower prices.

8 0
3 years ago
In the late nineteenth century, what helped narrow the gradations of freedom amongst white Americans? a. Indentured servitude ha
ElenaW [278]

In the late nineteenth century, Judith Sergeant Murray wrote about women’s intellect being equal- this helped narrow the gradations of freedom amongst white Americans.

Option: B

Explanation:

In the late nineteenth century there was a conflict in between white Americans about the freedom. Their fight against each other graded by the help of writer and other professionals who wrote about their strong points. Judith Sergeant Murray who was an American writer and advocate wrote about women's right.

Gender discrimination, women's right, feminism was the core area of writing in Judith Sergeant Murray's work. He compared women's ability with man's, their imagination, decision making capacity, judgemental motives etc.

5 0
3 years ago
Which of the following statements are true about the chart of accounts? (You may select more than one answer. Single click the b
Anna71 [15]

Answer:

The following statements are true about the chart of accounts:

a. Different companies use different charts of accounts based on individual company need.

c. The chart of accounts should be ordered in a logical sequence based on type of account.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Which of the following statements are true about the chart of accounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

a. Different companies use different charts of accounts based on individual company need.

b. The chart of accounts contains the balance of all of the accounts in a ledger.

c. The chart of accounts should be ordered in a logical sequence based on type of account.

d. The chart of accounts can be ordered in any sequence because they are not formal financial systems.

The explanation of the answer is now provided as follows:

A chart of accounts can be described as a list of financial accounts that an accountant sets up for an organization and makes available to the bookkeeper for inputting transactions into the general ledger.

Therefore, the chart of accounts for each account type should be organized in a logical sequence. Depending on the needs of the business, different organizations employ different charts of accounts.

Based on the explanation above, the following statements are true about the chart of accounts:

a. Different companies use different charts of accounts based on individual company need.

c. The chart of accounts should be ordered in a logical sequence based on type of account.

8 0
3 years ago
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