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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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Tyler has two savings accounts that his grandparents opened for him. One of the accounts pay 8% annual interest, whereas the oth
Goshia [24]

Answer:

You have invested $300 at 8% and $500 at 9%.

Explanation:

From the information given you can write the following equations:

y=x+200 (1)

0.08x+0.09y=69 (2)

x is the amount invested at 8%

y is the amount invested at 9%

You can replace 1 in 2 and solve for x:

0.08x+0.09(x+200)=69

0.08x+0.09x+18=69

0.17x=69-18

x=51/0.17

x=300

Then, you can replace the value of x in 1 to find the value of y:

y=300+200

y=500

According to this, you have invested $300 at 8% and $500 at 9%.

8 0
4 years ago
Macon Vitamins sells a variety of vitamins and herbal supplements to small health food stores. Macon purchases the vitamins and
ira [324]

Answer:

The variable cost is the cost which increases or decreases with the level of output of a company. There is direct relationship between variable cost and output of a firm.

The fixed costs are the costs which remains the same with any level production.

A step cost refers to a cost which remains constant at a particular level and vary after that level.

A mixed cost is a combination of both variable and fixed cost. Such as electricity companies which charges a fixed amount as well as variable cost according to the units consumed.

Therefore, the list are as follows:

(a) Variable cost

(b) Fixed cost

(c) Variable cost

(d) Fixed cost

(e) Step cost

(f) Fixed cost

(g) Mixed cost

3 0
3 years ago
Sanborn Company has 10 employees, who earn a total of $1,800 in salaries each working day. They are paid on Monday for the five-
Black_prince [1.1K]

Answer:

Debit Salaries Expense $5,400; Credit Salaries Payable $5,400

Explanation:

Based on the information given we were told

the Company employee earn the amount of $1,800 in salaries for each working day and since they are been paid on Monday for the 5 work week ending on the previous Friday in which we Assume that year ended on December 31, which is a Wednesday this means that the Journal entry will be

Dr Salaries Expense $5,400

Cr Salaries Payable $5,400

(1,800×3)

8 0
3 years ago
1 Consumption of Fixed Capital $438 2 Taxes on Production and Imports 326 3 Compensation of Employees 2,347 4 Rents 14 5 Interes
Rufina [12.5K]

Answer:

1, 12, and 13

Explanation:

As we know that

National income = NNP at FC

And,  

GDP = GDP at MP

Now as we have to determine the GDP at MP from the national income so here considered the depreciation

So,

NNP at FC + depreciation expense -net factor income from abroad = GDP at FC

And, the statistical discrepancy is determined as gross domestic product subtract gross domestic income.

Hence, the above is the answer

3 0
3 years ago
What is the main reason that firms eventually encounter diseconomies of scale as they keep increasing the size of their store or
nexus9112 [7]

Answer:

The correct answer is option B.

Explanation:

Diseconomies of scale refer to the situation when a firm reaches that stage where increasing output causes the average cost of production to increase instead of decreasing.  

This stage comes after the firm has reaped the economies of scale. Diseconomies can arise because of external as well as internal factors.  

The main reason behind the diseconomies is that as the firms become increasingly large, it becomes difficult to efficiently coordinate production.  

With large scale production, overcrowding of machines and workers create a mismatch and causes the cost to increase. Also with large scale communication between workers and departments become less effective. All these make it difficult to coordinate the production process.  

6 0
3 years ago
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