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Tatiana [17]
3 years ago
6

Using the information below, calculate net income for the period:

Business
1 answer:
kkurt [141]3 years ago
4 0

Answer:

See explanation

Explanation:

The correct choice is not available : Net Income is $511,000

We determined this as follows :

<u>Income Statement for the ended December 31</u><u>  </u>

Sales                                                                                      $1,323,000

Less Cost of Sales

Opening Finished Goods Inventory               $55,000

Add Cost of goods manufactured                $559,000

Less Ending Finished Goods Inventory        ($60,000)     ($554,000)

Gross Profit                                                                             $769,000

Less Expenses

Operating expenses                                                             ($258,000)

Net Income                                                                               $511,000

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he following information relates to the manufacturing operations of the Abbra Publishing Company for the year: Beginning Ending
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Answer:

Purchases= $1,091,000

Explanation:

Giving the following information:

Beginning Raw materials inventory = $549,000

Ending Raw materials inventory= $612,000

The raw materials used in production= $1,028,000.

<u>To calculate the raw material purchased, we need to use the following formula:</u>

Purchases= production + ending inventory - beginning inventory

Purchases= 1,028,000 + 612,000 - 549,000

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Richard and Alice are divorced and under the terms of their written divorce agreement signed on December 30, 2011, Richard was r
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Answer:

$10,800

Explanation:

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Alice's gross income = 12 x ($1,500 - $600) = 12 x $900 = $10,800

The extra money that Richard gave Alice that was not part of the divorce settlement is not included in her gross income, since it is included in Richard's gross income.

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3 years ago
Alex's country was once communist, but now allows limited private ownership of companies, and lets market forces determine produ
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Alex's country was once communist, but now allows limited private ownership of companies, and lets market forces determine production and pricing decision is the kind of 'Market Socialist' economy.

Market socialism, sometimes known as liberal socialism, is an economic system that strikes a balance between free enterprise and socialist planning. In this system, businesses are publicly owned, but output and consumption are determined by the market rather than by governmental planning.

In real life, Market socialism components have been present in a number of different economies. A version of market-based socialism, based on socially owned cooperatives, workers' self-management, and market allocation of capital, is usually regarded as having existed in the former Socialist Federal Republic of Yugoslavia.

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8 0
1 year ago
Present values Suppose going to college costs 20,000 a year. The average earnings of a highschool graduate are 20,000 a year. By
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Answer:

Annual benefit from college education (Increase in earnings) = $50,000 - $20,000 = $30,000

<em>Assuming 4 years of college study period</em>

<u>The net present value of a college education if the interest rate is 10% is as follows</u><u>:</u>

Net present value = PV of benefits - PV of costs

Net present value = Annual benefit*P/A(10%,4) - Annual costs of attending college*P/A(10%,4)

Net present value = 30,000 * P/A(10%,4) - 20,000 * P/A(10%,4)

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3 years ago
Read the following descriptions of several different environments. Based on the information given, sort each environment into th
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Answer:

Have been mechanical weathering to prevail.

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An uplifting dry cold atmosphere wherein material is eliminated out of an inherent pluton / intrusive igneous rock by erosion.

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A warm and wet atmosphere with annual precipitation above normal and many turbulent seasons annually.

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