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3 years ago

Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.)

Business

1 answer:

Mila [183]3 years ago

8 0

Answer: Cost of Goods sold

Explanation:

Common size analysis refers to making all entries in the income statement, a percentage of sales for that year.

Current Year Prior Year

Sales 100% 100%

Cost of Goods sold 75.7% 46.5%

Gross Profit 24.3% 53.5%

Operating expenses 17.3% 35%

Net Income 7.0% 18.5%

Looking at the percentages above, one can see that the COGS increased the most from the previous year by going from 46.5% to 75.7% representing an increase of 29.2%.

This had the most impact on Net income as it substantially reduced Gross profit.

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According to the consumer bill of rights, the idea that consumers' interests should receive full and sympathetic consideration i

Serga [27]

Answer:

right to the consumer.

Explanation:

According to the customer bill of rights, in this doctrine the consumers' enthusiasm should obtain adequate and compassionate deliberation in the formulation of the government strategy is identified as the right to the consumer. Proceeding from March 15 the year 1962, President John F. Kennedy portrayed a conversation to the Congress of the US in which the president extolled 4 fundamental customer powers, following described as Consumer Bill of Rights. The UN by the UN guide-manual for Consumer Protection extended those into 8 equities, and consequently, Consumers International affirmed those equities as law and began identifying on 15 of the March as World Consumer Rights.

3 0

3 years ago

Use the following information to answer the question. There are three firms in an economy: X, Y, and Z. Firm X buys $200 worth o

Kamila [148]

Answer:

$2,775

Explanation:

The computation of the GDP of the economy is given below:

But before that the total value sold by three firms would be determined

Total amount of goods sold by X:

= X sells to Y + X sells to Z

= $150 + $75

= $225

Total amount of goods sold by Y:

= Y sells to X + Y sells to Z

= $200 + $50

= $250

Total amount of goods sold by Z:

= Z sells to X + Z sells to Y

= $300 + $250

= $550

Now

Amount of goods generated by X

= units of output × cost per unit

= 250 units × $4

= $1,000

Value of goods generated by Y

= units of output × cost per unit

= 300 units × $6

= $1,800

Value of goods generated by Z

= units of output × cost per unit

= 500 units × $2

= $1,000

Now GDP is

= [Goods generated by X - Valued added by X] + [Goods generated by Y - Value added by Y] + [Goods generated by Z - Value added by Z]

= [$1,000 - $225] + [$1,800 - $250] + [$1,000 - $550]

= $775 + $1,550 + $450

= $2,775

5 0

3 years ago

Jimmy Company’s cash balance at the end of the month was $8,500. After comparing the company’s records with the monthly bank sta

Elodia [21]

Answer:

The answer is C) $7,970.

Explanation:

We have 04 reconciling items as below:

- Outstanding checks $800: this amount was already recorded in the Cash account of the company once the check was written; thus, the Cash ending balance has already reflected this amount.

- Deposits in transit $700: this amount was already recorded in the Cash or Cash-equivalent account of the company once the deposit was made; thus, the Cash ending balance has already reflected this amount.

- Bank service charge $30: fees paid to banking activities and are deducted without informing to the company. Thus, this deduction in cash is not reflected in the Cash account.

- NSF check $500: this was recorded as the increase in Cash account by the company once the check was written by the person/entity to the company. However, the writer's account balance was not sufficient to honor this check amount to the company; thus Cash Account at the end of the period should reduced by $500. Instead, this $500 may be recorded in Account Receivable account.

Thus, the adjusted cash balance = 8,500 - 30 - 500 = $7,970.

7 0

3 years ago

Bono was kicked out of the band U2 for failing to attend rehearsals on time and constantly cutting the strings of Adam Clayton b

never [62]

Answer:

Explanation:

He was fired for constantly missing rehearsals which is a duty of his role as an employee of U2

6 0

2 years ago

Under the FLSA, regular rate of pay does not include: A. vacation pay. B. severance pay. C. overtime pay. D. earned bonuses. E.

Galina-37 [17]

Answer:

The correct answer is A

Explanation:

FLSA stands for Fair Labor Standard Act, which is defined as the act that usually requires, the covered non- exempt employees to receive the overtime pay, at least 1 and 1/2 times of their regular pay for the time they worked in excess of the 40 hours per week of the work.

The regular rate is defined as the remuneration which involves all the employment remuneration that are subject to the exclusions mentioned in the Section 7 under sub section (e) of the FLSA.

So, the vacation pay is the one which is not involved in the regular rate as any time earned gained over 40 along with the vacation is the straight time which will not be paid.

5 0

3 years ago