The equation for the income statement is Revenues - Cost of goods = Net income. The three major items reported on the income statement are net income, gross profits, and operating income.
The income statement is a statement of the profits and losses of a firm. It consists of three income statements. The Net income is derived by deducting the expenses of the firm from its revenues (Net income = Revenue - Expenses). It may also be calculated by adding the operating income with the non-operating items.
Gross profit is arrived at by subtracting the expenditure made on the products that were sold from the revenue of a firm. The Operating income is the result of subtracting the operating expenses from the gross profit.
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A hypothesis, which is the theory that will be tested and either explained or disproved during the course of the research.
In this case the perfect tender rule
b. does not apply.
Explanation:
The perfect tender rule has certain exceptions where it cannot be applied to the tender parties and the probates of the tender.
If there is a government ruling against the use of certain products that are necessary for the tender to be completed and the outlaw happens after the tender is signed but before it is completed as a consignment then it cannot be done.
This would come under the ambit of an emergency where the governed ruling makes such deals null and void.
Answer:
Conversion costs: d. $384,200
Explanation:
Conversion costs are the costs incurred on activities that convert raw material to finished goods. Conversion costs are calculated by using following formula:
Conversion costs = Direct labor + Factory overhead.
In the case: Direct labor are $196,300; Factory overhead are $187,900
Therefore:
Conversion costs = $196,300 + $187,900 = $384,200
Answer: sunk costs don't increase as driving increases.
Explanation: sunk costs are irrelevant costs because they have already occured in the past and cannot be avoided. Sunk costs thus do not differ between alternatives, and are unavoidable. The calculation for insurance and other sunk costs are likely not based on the amount of rides the Uber picks up, but rather calculated at a constant rate. So regardless of whether or not the rider pays more or less than the $.50 on the insurance, this will not have any effect on the insurance that is constant and has likely already been paid out.
